USDC Stablecoin的发行人Circle Internet Financial正在探索与Coinbase或Ripple的潜在销售

消息人士告诉《财富》，《财富》杂志的发行人是USDC Stablecoin的发行人Circle Internet Financial正在探索潜在的销售，这一举动可能会将公司远离计划的公开上市。

Circle Internet Financial, the issuer of the USDC stablecoin, is exploring a potential sale to either Coinbase or Ripple, according to four banking and private equity executives familiar with the matter.

据熟悉此事的四名银行和私募股权高管称，USDC Stablecoin的发行人Circle Internet Financial正在向Coinbase或Ripple进行潜在的销售。

The company had previously filed for an IPO in April.

该公司此前曾在4月提出IPO。

Its pursuit of a listing is now in question as it engages in informal acquisition talks.

现在，它追求清单是有问题的，因为它进行了非正式的收购谈判。

According to one of the executives, Circle is seeking a valuation of at least US$5 billion, be it through an IPO or a sale.

根据一位高管的说法，Circle正在寻求至少50亿美元的估值，无论是通过IPO还是出售。

However, a spokesperson for Circle stated that the company is not for sale and remains focused on its long-term goals.

但是，Circle的发言人表示，该公司不出售，并且仍专注于其长期目标。

The company also declined to comment on its conversations with potential investors.

该公司还拒绝就其与潜在投资者的对话发表评论。

Recently, there have been discussions regarding a possible sale to Coinbase, with both firms aiming to create a joint venture to issue a US dollar-linked stablecoin.

最近，已经讨论了可能向Coinbase出售的讨论，两家公司旨在创建合资企业来发行美元挂钩的Stablecoin。

The two companies had also co-founded the Centre Consortium in 2018 to oversee USDC issuance.

两家公司还于2018年共同创立了中心财团，以监督USDC发行。

The consortium was later dissolved this year, with Coinbase taking an equity stake in Circle and continuing to share revenue from USDC reserves.

该财团后来解散了今年，Coinbase在圈子中占有股权，并继续分享USDC储备金的收入。

The revenue-sharing agreement includes terms more favorable to Coinbase.

收入共享协议包括更有利于Coinbase的条款。

While both firms typically split residual income from reserves backing USDC, Coinbase receives 100% of that income when the stablecoins are held on its platform.

尽管这两家公司通常将剩余收入与支持USDC的储备分开，但在将稳定的人持有在其平台上时，Coinbase将获得100％的收入。

Coinbase also holds veto rights over new third-party partnerships that could affect its USDC earnings, along with partial rights to Circle’s intellectual property in the event of insolvency.

Coinbase还拥有对新的第三方合作伙伴关系的否决权，这些权利可能会影响其USDC的收入，以及在破产的情况下赋予Circle知识产权的部分权利。

One of the sources mentioned that the relationship between the two companies is so close that it can feel like they already operate as one.

其中一位消息人士提到，两家公司之间的关系是如此亲密，以至于感觉就像他们已经作为一家人了。

Earlier this year, there were rumors of a potential merger between Circle and crypto exchange Gemini, but those talks never materialized.

今年早些时候，有传言称Circle和Crypto Exchange Gemini之间存在潜在的合并，但是这些谈话从未实现。

According to one executive, Ripple had offered to buy Circle for about US$4 billion to US$5 billion in a deal that would involve a mix of cash and XRP, Ripple’s native token. However, the offer was declined as too low.

根据一位高管的说法，Ripple提议以约40亿美元至50亿美元的价格购买Circle，该交易将涉及现金和Ripple的本地代币XRP的混合。但是，报价被拒绝过低。

As of 31 March, Ripple held 4.56 billion XRP valued at US$11.77 billion and 37.13 billion XRP in escrow worth US$95.7 billion, according to its Q1 2025 XRP Markets Report, bringing its total XRP reserves to over US$107 billion.

根据其Q1 2025 XRP市场报告，截至3月31日，Ripple持有45.6亿XRP的价值为117.7亿美元和371.3亿XRP，价值957亿美元。

Coinbase, on the other hand, may have more financial flexibility. As of the end of March, it held US$8 billion in cash and, being a public company, has access to capital markets for further fundraising.

另一方面，Coinbase可能具有更大的财务灵活性。截至3月底，它持有80亿美元的现金，并且作为一家上市公司，可以进入资本市场进行进一步的筹款。

Coinbase CEO Brian Armstrong recently said that the company is actively evaluating M&A opportunities but emphasized that integration, not acquisition, is often the more difficult part of the process.

Coinbase首席执行官Brian Armstrong最近表示，该公司正在积极评估并购机会，但强调，整合而不是收购通常是该过程中最困难的部分。

Both companies have been active on the acquisition front.

两家公司都活跃于收购方面。

Recently, Ripple agreed to acquire prime brokerage Hidden Road for US$1.25 billion.

最近，Ripple同意以12.5亿美元的价格收购Prime Brokerage Hidden Road。

Coinbase has also made several recent acquisitions, including crypto derivatives exchange Deribit for US$2.9 billion, the team behind privacy-focused project Iron Fish, and onchain advertising platform Spindle.

Coinbase还进行了一些最近的收购，其中包括以29亿美元的价格交换加密衍生品交易所deribit，以隐私为重点的Iron Fish Project Iron Fish和OnChain广告平台主轴的团队。

As of August, both companies' stock prices have declined significantly from their peaks in 2021.

截至8月，两家公司的股价从2021年的高峰上都大幅下降。

Despite the setback, a deal could still be beneficial for both parties.

尽管遇到了挫折，但协议仍然对双方都有益。

Coinbase is looking to expand its institutional offerings, while Circle is seeking to broaden its reach beyond the USDC ecosystem.

Coinbase希望扩大其机构产品，而Circle则试图将其范围扩大到USDC生态系统之外。

A combination would create a behemoth in the rapidly growing digital asset industry.

组合将在快速增长的数字资产行业中创造庞然大物。

However, any deal would face regulatory scrutiny, especially given the recent collapse of FTX.

但是，任何交易都将面临监管审查，尤其是考虑到FTX最近崩溃。

The post Circle Internet Financial Explores Sale to Coinbase or Ripple as IPO Remains in Limbo appeared first on Fintech Singapore.

邮政互联网财务探讨了与Coinbase或Ripple的销售，因为IPO仍然处于Limbo，首先出现在新加坡金融科技上。