USDC Stablecoin Maker Circle將其IPO傾倒到Coinbase或Ripple

Circle是320億美元的USDC Stablecoin背後的公司，現在正在悄悄地考慮傾銷其長期呼籲的IPO

According to Fortune, sale talks between Circle and both Coinbase and Ripple have been ongoing since early April.

根據《財富》的報導，自4月初以來，Circle與Coinbase和Ripple之間的銷售談判一直在進行。

As part of its effort to go public, Circle filed paperwork with the Securities and Exchange Commission to sell up to 140 million shares of common stock in a common stock offering. It is also applying to list its shares on the New York Stock Exchange under the ticker symbol "COIN."

為了公開努力，Circle向美國證券交易委員會提交了文書工作，以出售多達1.4億股普通股的普通股。它還申請將其在紐約證券交易所的股份列出，下面是股票符號“硬幣”。

These discussions haven’t been made public by any of the companies involved. Circle still claims it’s going ahead with the IPO, but there’s no pricing yet, no official roadshow, no confirmed timeline. It’s a paper filing, not a commitment.

這些討論尚未公開。 Circle仍然聲稱這是IPO的繼續，但是尚無定價，還沒有官方路演，沒有確認的時間表。這是紙上的歸檔，而不是承諾。

Coinbase gets first dibs on Circle’s USDC bag

Coinbase在Circle的USDC袋中獲得了第一個dibs

Circle and Coinbase have a long-standing partnership. Together, they launched the Centre Consortium in 2018 to handle the creation of USDC. When that setup ended in 2023, Coinbase walked away with equity in Circle, and Circle took full control of the USDC ecosystem.

Circle和Coinbase與長期的伙伴關係。他們共同於2018年成立了中心財團，以處理USDC的創建。當該設置在2023年結束時，Coinbase以圓圈的平等走開，Circle完全控制了USDC生態系統。

However, the breakup didn’t affect the cash flow. Both companies continue to split the revenue generated from interest on the reserves backing USDC.

但是，分手不會影響現金流。兩家公司都繼續從備用USDC的儲備金中產生的收入分開。

According to the terms filed in Circle’s S-1, each party receives 50% of the remaining interest revenue—unless the USDC is held on Coinbase. In that case, Coinbase receives 100%. Recent Coinbase earnings reports indicate that a greater portion of USDC is being parked on the exchange, which translates to fatter returns for them.

根據Circle S-1提交的條款，除非Coinbase在Coinbase上舉行，否則每個方獲得剩餘利息收入的50％。在這種情況下，Coinbase收到100％。最近的Coinbase收益報告表明，將大部分USDC停放在交易所上，這轉化為較胖的回報。

But it’s not just about the money. Coinbase also has a say in who Circle does business with. If Circle wishes to sign a new revenue-sharing or distribution deal with a third party, it requires Coinbase’s approval.

但這不僅僅是錢。 Coinbase在Who Circle與之開展業務方面也有發言權。如果Circle希望與第三方簽署新的收入分享或分銷協議，則需要Coinbase的批准。

Furthermore, if Circle were to ever go bankrupt, Coinbase can claim partial ownership over Circle’s intellectual property. It’s a close-knit relationship. One of the four private equity execs who spoke anonymously allegedly told Fortune that: “I feel like they’re one company.”

此外，如果Circle將破產，Coinbase可以要求對Circle的知識產權進行部分所有權。這是一種緊密的關係。據稱匿名發言的四位私募股權高管中的一位告訴《財富》：“我覺得他們是一家公司。”

Ripple offered billions, got turned down

波紋提供了數十億美元，被拒絕了

Earlier in April, crypto exchange Ripple pushed to buy Circle outright for between $4 billion and $5 billion, but the bid was rejected. Ripple’s offer included both cash and XRP, the crypto token that the company created and controls.

4月初，加密貨幣交易所（Crypto Exchange Ripple）推動以40億至50億美元的價格直接購買Circle，但競標被拒絕。 Ripple的報價包括現金和XRP，該公司創建和控制的加密代幣。

As of March 31, Ripple held 4.56 billion XRP, valued at $11.77 billion, and another 37.13 billion XRP, worth $95.7 billion, was being held in escrow, according to its Q1 2025 XRP Markets Report. This gives Ripple a strong balance sheet.

截至3月31日，Ripple持有45.6億XRP，價值117.7億美元，另外371.3億XRP，價值957億美元，在託管中持有。這使波紋具有強大的資產負債表。

However, apparently not strong enough to interest Circle.

但是，顯然不足以興趣圈子。

Compare that to Coinbase, which has options beyond crypto. As of March 31, Coinbase had $8 billion in cash, according to its most recent 10Q filing. Being a public company gives Coinbase more tools to fund a deal since it can raise capital through debt, equity, or private placements if it needs to.

將其與Coinbase進行比較，後者還有超越加密貨幣的選項。截至3月31日，Coinbase的現金為80億美元，根據其最新的10Q文件。作為一家上市公司，Coinbase提供了更多的工具來資助交易，因為如果需要，它可以通過債務，股權或私人安置來籌集資金。

One banker involved told the publication that even though Ripple has money, Coinbase still looks more attractive.

一位參與的銀行家告訴該出版物，即使Ripple有錢，Coinbase仍然看起來更具吸引力。

When asked directly by Fortune about a possible deal with Circle, Brian Armstrong, CEO of Coinbase, replied:

當Fortune直接詢問與Circle的可能協議時，Coinbase的首席執行官Brian Armstrong回答：

“They’re going public doesn’t change anything about our commercial relationship with Circle. But in terms of other deals we might consider in the future… nothing to announce today.”

“他們將公開宣傳我們與Circle的商業關係。但是，就我們將來可能考慮的其他交易而言，今天沒有什麼可宣布的。”

Brian admitted that Coinbase is always looking for M&A deals but said they don’t take on everything. “The hard part of buying a company is actually successfully integrating it.”

布萊恩（Brian）承認，Coinbase一直在尋找併購交易，但說他們並不承擔一切。 “購買公司的困難實際上是成功地整合了公司。”

Coinbase, which went public itself in 2021 through a direct listing, is joining the S&P 500 on May 19. That news made Coinbase stock jump 25% last week, although it’s still trading well below its December peak of $349.75. As of Monday, shares were trading around $265, putting Coinbase’s market cap at $56 billion.

Coinbase於2021年通過直接上市公開發行，並於5月19日加入標準普爾500指數。該消息使Coinbase股票上週增長了25％，儘管它的交易仍遠低於其12月的峰值349.75美元。截至週一，股票的交易約為265美元，使Coinbase的市值達到了560億美元。

Both Coinbase and Ripple have been spending big. Ripple just bought Hidden Road, a crypto prime brokerage, for $1.25 billion. Coinbase, earlier this month, spent $2.9 billion acquiring Deribit, a platform for crypto derivatives.

Coinbase和Ripple的支出都很大。 Ripple剛剛以12.5億美元的價格購買了Crypto Prime Brokerage的Hidden Road。本月初，Coinbase花費了29億美元收購Deribit，這是一個用於加密衍生品的平台。

In May, they bought the team behind Iron Fish, and back in January, they picked up Spindle, a project focused on on-chain ads and attribution.

5月，他們購買了鐵魚背後的團隊，在一月份，他們拿起了一個側重於鏈接廣告和歸因的項目。

The IPO market itself has been mostly dead since 2021. But it got a bit of life last week when eToro went public and jumped 29% on its first day, raising $620 million at $52 per share. That pop might give Circle some reason to move forward. But not everyone is convinced.

自2021年以來，IPO市場本身就已經死亡。但是上週埃托羅（Etoro）上市並在第一天上漲了29％，籌集了62.2億美元，每股52美元籌集了62.2億美元。該流行音樂可能會給圈子一些前進的理由。但是並不是每個人都相信。