圓圈在IPO野心和獲取興趣之間達到微妙的平衡

隨著圓圈的長期以來的IPO向前移動，幕後談判表明可能會改變軌跡，可以重塑穩定的景觀

Circle, the company behind the USDC stablecoin, is reportedly juggling interest from two crypto giants, Ripple and Coinbase, as it prepares for a potentially derailed initial public offering (IPO).

據報導，USDC Stablecoin背後的公司Circle正在為兩家加密巨頭Ripple和Coinbase的興趣雜亂無章，因為它為潛在出軌的首次公開發行（IPO）做好了準備。

According to a report by Fortune, Circle is still planning to go public. However, it’s also in talks to be acquired by two of the biggest names in crypto.

根據《財富》的一份報告，Circle仍在計劃公開。但是，這也是在加密貨幣中的兩個知名人士收購的談判中。

Two Acquisition Bidders Emerge

出現了兩個收購競標者

Insiders have hinted at Circle's openness to a takeover, especially if Coinbase were to make a "credible" offer, according to one investment banker involved in the negotiations.

一位參與談判的投資銀行家說，內部人士暗示了Circle的開放性，尤其是如果Coinbase要提出“可信”的報價。

"If Coinbase wanted to buy them, Circle would sell in a heartbeat," the banker told Fortune, highlighting the strong partnership between the two companies.

這位銀行家告訴《財富》，強調了兩家公司之間的牢固合作夥伴關係，“如果Coinbase想購買它們，Circle將以令人心動的銷售。”

Together, they launched the Centre Consortium in 2018, which was initially responsible for issuing USDC. Later, the consortium was dissolved, leading to Coinbase acquiring an equity interest in Circle as part of the transition.

他們一起於2018年啟動了中心財團，該聯盟最初是為了發行USDC的原因。後來，該財團解散了，導致Coinbase作為過渡的一部分獲得了Circle的權益。

The two companies also share revenue from USDC reserves equally. However, Coinbase keeps all the revenue generated when USDC is held directly on its platform, a significant source of income that has contributed to Coinbase's recent financial success.

兩家公司還同樣從USDC儲備中分享收入。但是，Coinbase保留了USDC直接在其平台上持有的所有收入，這是Coinbase最近的財務成功的重要收入來源。

A merger would align operationally, but successful integration remains a key factor. Coinbase CEO Brian Armstrong has shown interest in strategic acquisitions but stressed the need for a clear plan for post-merger execution.

合併將在操作上保持一致，但是成功的集成仍然是一個關鍵因素。 Coinbase首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）對戰略收購表現出了興趣，但強調需要明確的合併後執行計劃。

Earlier reports suggest that Ripple made an initial bid to acquire Circle for $4 billion to $5 billion, which was reportedly declined. Still, Ripple, with billions in its native digital asset, XRP, might return with a more competitive offer.

較早的報導表明，Ripple最初出價以40億美元至50億美元的價格收購Circle，這被拒絕了。儘管如此，Ripple擁有數十億美元的數字資產XRP，可能會以更具競爭力的報價返回。

Any acquisition by Ripple would likely involve a mix of XRP and fiat, in contrast to Coinbase's proposal, which would be fully in cash. This model offers flexibility but might raise questions among regulators and market participants over valuation consistency and market impact.

與Coinbase的提議相比，Ripple的任何收購都可能涉及XRP和FIAT的組合，而Coinbase的提議將完全以現金為單位。該模型提供了靈活性，但可能會提出監管機構和市場參與者之間的問題，以了解估值一致性和市場影響。

As one of the dominant stablecoins, USDC plays a role in DeFi protocols, centralized exchanges, and cross-border payments. Any shift in its governance or ownership would affect the competitive landscape.

作為主要的穩態之一，USDC在DEFI協議，集中交易所和跨境支付中扮演角色。其治理或所有權的任何轉變都會影響競爭格局。

For instance, an acquisition by Ripple would dramatically expand its influence in stablecoin markets, potentially complementing its upcoming launch of a USD-backed stablecoin (RLUSD). It would also align with Ripple's long-term goal of integrating XRP into global financial infrastructure, though some analysts believe that absorbing a company as complex as Circle could distract from Ripple's core mission.

例如，Ripple的收購將大大擴展其在Stablecoin市場中的影響力，並有可能補充其即將推出的USD支持的Stablecoin（RLUSD）。這也將與Ripple將XRP整合到全球金融基礎設施中的長期目標相吻合，儘管一些分析師認為，吸收像Circle這樣複雜的公司可以分散Ripple的核心使命。

If Coinbase were to succeed, it would solidify its control over both USDC's governance and distribution, further cementing its role in the digital asset economy. It could also set a new precedent for centralized exchanges, deepening their footprint in the stablecoin sector.

如果Coinbase取得成功，它將鞏固其對USDC的治理和分配的控制權，從而進一步鞏固其在數字資產經濟中的作用。它還可以為集中式交流樹立新的先例，從而加深他們在Stablecoin行業的足跡。

While Circle is still planning for its IPO, which is being prepared by Goldman Sachs and Morgan Stanley, sources suggest that the next few weeks may prove decisive, with high-level negotiations unfolding rapidly.

儘管Circle仍在計劃其IPO，該IPO是由高盛（Goldman Sachs）和摩根士丹利（Morgan Stanley）準備的，但消息人士表明，接下來的幾周可能會證明是決定性的，高級談判正在迅速進行。

Whether Circle chooses to go public or be acquired by a crypto giant, the decision will undoubtedly reshape stablecoin dynamics and have implications for the broader digital asset industry.

無論Circle選擇公開還是被加密貨幣巨頭收購，該決定無疑都會重塑Stablecoin動態，並對更廣泛的數字資產行業產生影響。