Circle可能會在Coinbase或Ripple的潛在收購中靜音其IPO計劃

USDC的Stablecoin發行人Circle可能會在Coinbase或Ripple的潛在收購中靜音其首次公開募股（IPO）計劃。

Circle, the stablecoin issuer of USDC, may mute its initial public offering (IPO) plans amid a potential buyout by either Coinbase (NASDAQ:COIN) or Ripple (NYSE:RIVN). According to a Fortune report, Circle was seeking at least $5 billion, a valuation target for its IPO. Earlier in the month, Ripple reportedly bid $5B for Circle but got rejected. Some insiders believe that the crypto behemoth is willing to offer higher bids. However, Coinbase may have an upper hand in the deal, according to Jeff Roberts, a crypto editor at Fortune Magazine. "Banker sources say Coinbase is in talks to buy Circle—a likely outcome IMO given the contract between them. That contract gives COIN sweet terms like veto rights over 3rd party deals," Roberts stated. The contract in question began in 2018 when Circle and Coinbase launched the Centre Consortium, a joint collaboration to issue the USDC stablecoin. The report noted that Coinbase acquired an equity stake in Circle when the arrangement ended in 2023. But a new distribution agreement for USDC with the exchange entitles Coinbase to 50% of Circle’s USDC reserve revenues, according to an S-1/A filing with the SEC (page 101). "After deducting amounts payable to other approved participants in the USDC ecosystem, Coinbase receives 50% of the remaining payment base." In 2024, 2023, and 2022, Coinbase raked in $907 million, $691 million, and $248 million from the above contract. In fact, Coinbase was getting the biggest share from Circle’s operations. Notably, in 2024, Circle’s revenue hit $1.6 billion, but net income was about $155 million, nearly 6x lower than the payment to Coinbase. The report added that the current Coinbase deal extends beyond revenue and controls Circle’s intellectual property and bars third-party partnerships. "This includes a provision that Circle can’t form any new third-party partnership agreements that affect Coinbase’s USDC revenue without the latter’s consent, and another that gives Coinbase partial control over its intellectual property in the event of insolvency." To some, this underscored the exchange’s upper hand in the likely buyout. That said, some crypto community members bashed Circle founder Jeremy Allaire for failing to turn around the second-largest stablecoin issuer. For closure, Tether, USDT issuer and Circle’s rival, had a $13 billion net profit in 2024.

USDC的Stablecoin發行人Circle可能會在Coinbase（NASDAQ：COIN）或RIPPLE（NYSE：RIVN）的潛在收購中靜音其首次公開募股（IPO）計劃。根據《財富》報告，Circle正在尋求至少50億美元的IPO估值目標。據報導，本月早些時候，Ripple競標了5B美元，但被拒絕了。一些內部人士認為，加密龐然大物願意提供更高的出價。但是，根據《財富》雜誌的加密編輯傑夫·羅伯茨（Jeff Roberts）的說法，Coinbase可能在交易中佔上風。羅伯茨說：“銀行消息人士說，Coinbase正在談判購買Circle，這可能是IMO鑑於他們之間的合同。該合同賦予了硬幣甜美條款，例如第三方交易的否決權。”相關合同始於2018年，當時Circle和Coinbase成立了中心財團，這是一項聯合合作，以發行USDC Stablecoin。該報告指出，當安排在2023年結束時，Coinbase獲得了圈子的股權。 “在扣除了向USDC生態系統中其他批准的參與者支付的金額後，Coinbase將獲得剩餘付款基礎的50％。”在2024年，2023年和2022年，Coinbase以9.07億美元，6.91億美元和2.48億美元的收入從上述合同中賺錢。實際上，Coinbase從Circle的業務中獲得了最大的份額。值得注意的是，在2024年，Circle的收入達到了16億美元，但淨收入約為1.55億美元，比Coinbase的付款低接近6倍。該報告補充說，當前的Coinbase交易超出了收入，並控制了Circle的知識產權並禁止第三方合作夥伴關係。 “這包括一項規定，即圈子不能構成任何新的第三方合作協議，這些協議未經後者的同意，影響了Coinbase的USDC收入，而另一種則可以在破產時對其知識產權進行部分控制。”對某些人來說，這突顯了可能的收購中的交易所的上風。也就是說，一些加密社區成員抨擊了Circle創始人傑里米·阿萊爾（Jeremy Allaire）未能扭轉第二大穩定發行人。為了關閉，Tether，USDT發行人和Circle的競爭對手在2024年獲得了130億美元的淨利潤。