據報導

這可能是USD Coin（USDC）背後的公司Circle Internet Financial道路的盡頭，因為據報導它正在考慮出售其業務

Stablecoin issuer Circle Internet Financial, the company behind USD Coin (USDC), is reportedly considering selling its business to major crypto players Coinbase or Ripple for at least $5 billion.

據報導，StableCoin發行人Circle Circle Internet Financial是USD Coin（USDC）的公司，據報導正在考慮將其業務出售給主要的Crypto Players Coinbase或Ripple，或以至少50億美元的價格出售。

Circle's talks with Coinbase and Ripple

Circle與Coinbase和Ripple的對話

According to a Fortune report published Monday, Circle engaged in informal talks with potential acquirers, seeking a valuation of at least $5 billion. The discussions involved crypto exchange Coinbase, which holds a minority stake in Circle and shares revenue from USDC reserves, and Ripple Labs, which recently launched its own stablecoin RLUSD.

根據周一發表的《財富》報告，Circle與潛在的收購方進行了非正式會談，尋求至少50億美元的估值。討論涉及加密交易所Coinbase，該Coinbase擁有圈子的少數股權，並分享了USDC儲備金的收入，以及最近推出了自己的Stablecoin Rlusd的Ripple Labs。

Ripple made a formal offer between $4 billion and $5 billion to acquire Circle earlier this year, according to Bloomberg. The offer was declined, reportedly on the grounds that it undervalued the company. However, the possibility of a future sale remains on the table, as Ripple has not ruled out renewing its bid, and Circle continues to weigh its strategic options amid market and regulatory shifts.

據彭博社稱，Ripple的正式報價在40億至50億美元之間，今年早些時候收購了Circle。據報導，該要約被拒絕了，理由是該公司低估了公司。但是，由於Ripple尚未排除續籤的競標，因此未來出售的可能性仍然存在，並且由於市場和監管轉變，Circle繼續權衡其戰略選擇。

IPO ambitions and corporate stance

IPO野心和公司立場

The proposed sale price aligns with the valuation Circle has reportedly sought in its IPO, for which it hired JPMorgan Chase and Citi to lead the process. The IPO filing was submitted in April 2025, though the company is said to be considering a delay due to macroeconomic conditions and regulatory uncertainties tied to U.S. trade policies.

據報導，擬議的銷售價格與估值圈的IPO尋求一致，為此，它聘請了摩根大通和花旗領導這一過程。 IPO申請於2025年4月提交，儘管據說該公司正在考慮由於宏觀經濟狀況和與美國貿易政策相關的監管不確定性而延遲。

Circle responded to the reports by stating that it "is not for sale" and remains committed to going public. The company is currently in a quiet period mandated by the U.S. Securities and Exchange Commission (SEC), restricting further public commentary on its financial plans.

Circle回應了報告，指出它“不出售”，並且仍然致力於公開。該公司目前正處於美國證券交易委員會（SEC）規定的安靜時期，限制了對其財務計劃的進一步公眾評論。

This is not Circle's first attempt at a public listing. A 2021 effort to go public via a SPAC merger was scrapped during the market downturn in 2022. That earlier deal had valued the company at $9 billion.

這不是Circle首次嘗試公開上市。 2021年在2022年的市場低迷中取消了2021年通過SPAC合併公開的努力。該公司較早的交易將該公司估值為90億美元。

USDC market position and industry context

USDC市場地位和行業環境

The recent speculation about a potential sale comes amid rising merger and acquisition (M&A) activity in the crypto space, fueled by higher token prices and a more favorable regulatory climate under the Trump administration. Other major players like Kraken, BitGo, and Gemini are also exploring IPOs in 2025.

最近，關於潛在銷售的猜測是在加密貨幣領域的合併和收購（併購）活動的增加，這是由於更高的代幣價格和特朗普政府領導下的更有利的監管氣候所推動的。 Kraken，Bitgo和Gemini等其他主要參與者也在2025年探索IPO。

USDC, Circle's flagship product, currently holds the position of the second-largest stablecoin by market capitalization, with a market cap of $60.6 billion. It trails only Tether's USDT, which dominates the market with $151.6 billion in capitalization. Coinbase remains the primary platform for USDC usage, and Circle reportedly paid around $900 million in distribution costs to Coinbase in 2024.

USDC是Circle的旗艦產品，目前憑藉市值持有第二大穩定的位置，市值為606億美元。它僅落後於繫繩的USDT，該公司以1.516億美元的資本化主導了市場。 Coinbase仍然是USDC使用情況的主要平台，據報導，Circle在2024年向Coinbase支付了約9億美元的分銷成本。

USDC and USDT are currently dominating the stablecoin sector.

USDC和USDT目前正在主導Stablecoin行業。

As the stablecoin market continues to evolve, Circle's strategic decisions—whether to pursue a public listing or remain open to acquisition offers—could significantly impact the landscape of crypto payments and digital finance.

隨著Stablecoin市場的不斷發展，Circle的戰略決策（無論是追求公共上市還是對收購報價都開放）可能會嚴重影響加密付款和數字融資的格局。