USDC Stablecoin的发行人Circle已采取了重大步骤，朝着首次公开募股（IPO）迈出了重要一步。但是，最近的报告表明，随着该公司对Coinbase Global或Ripple的潜在销售进行非正式讨论，IPO可能面临不确定性。

据熟悉与财富交谈的谈判的消息人士称，Circle正在寻找至少50亿美元的估值，其目标与IPO相同。

Circle, the issuer of the USDC stablecoin, is making significant progress toward its initial public offering (IPO). However, recent reports suggest that the IPO may face uncertainty as the company is also engaged in informal discussions for a potential sale to either Coinbase Global (NASDAQ:COIN) or Ripple (NYSE:R).

USDC Stablecoin的发行人Circle正在朝着首次公开募股（IPO）取得重大进展。但是，最近的报告表明，随着该公司还进行非正式讨论，以向Coinbase Global（NASDAQ：COIN）或Ripple（NYSE：R）进行潜在出售，因此IPO可能面临不确定性。

According to sources familiar with the negotiations who spoke with Fortune, Circle is seeking a valuation of at least $5 billion, the same amount it is aiming for in its IPO. A banker involved in the discussions said that if Coinbase made a serious offer, Circle would likely accept it quickly, highlighting the close relationship between the two businesses.

根据熟悉与财富交谈的谈判的消息来源，Circle正在寻求至少50亿美元的估值，其目标与IPO的目标相同。参与讨论的银行家说，如果Coinbase提出了认真的提议，Circle可能会迅速接受它，从而强调了两家业务之间的密切关系。

“If Coinbase wanted to buy them, Circle would sell in a heartbeat,” the source said. Another executive added that the situation is fluid, with developments occurring on a weekly basis.

消息人士说：“如果Coinbase想购买它们，Circle将会以心跳为单位。”另一位高管补充说，这种情况是流畅的，发展每周进行。

Despite these talks, Circle is still planning for its IPO. The firm has yet to finalize the terms for the offering or launch its roadshow. Notably, both Circle and Coinbase have a history together; they co-founded the Centre Consortium in 2018, which is responsible for issuing USDC.

尽管进行了这些谈判，但Circle仍在计划其IPO。该公司尚未确定发行或推出其路演的条款。值得注意的是，Circle和Coinbase都有共同的历史。他们于2018年共同创立了中心财团，该联盟负责发行USDC。

As part of their partnership, Coinbase acquired an equity stake in Circle when the venture concluded in 2023, while Circle obtained full governance of USDC.

作为合作伙伴关系的一部分，Coinbase在2023年结束时收购了Circle的股权，而Circle获得了USDC的全部治理。

The financial arrangement between Circle and Coinbase has been mutually beneficial, with both companies sharing the revenue generated from USDC’s reserves. According to Circle’s S-1 filing, the agreement stipulates that each party will receive 50% of the residual revenue from the reserves. However, Coinbase retains 100% of the revenue when USDC is held on its platform, a situation that has likely become more prominent as Coinbase’s earnings reports indicate increasing income from this partnership.

Circle和Coinbase之间的财务安排是互惠互利的，两家公司都分享了USDC的储量产生的收入。根据Circle的S-1文件，该协议规定，各方将从储备金中获得50％的剩余收入。但是，当USDC在其平台上持有时，Coinbase保留了100％的收入，因为Coinbase的收益报告表明该合作伙伴关系增加了收入，这种情况可能变得更加突出。

Expert Claims Ripple Has Advantage

专家声称Ripple具有优势

Meanwhile, Ripple has also shown interest in acquiring Circle, reportedly offering between $4 billion and $5 billion for the company, which was deemed too low. Any potential offer from Ripple would likely involve a combination of its native cryptocurrency, XRP, and cash, utilizing Ripple’s substantial balance sheet, which includes billions of dollars in XRP.

同时，Ripple还表现出对收购Circle的兴趣，据报道，该公司的公司在40亿至50亿美元之间，这被认为太低了。利用Ripple的大量资产负债表（包括数十亿美元的XRP），Ripple的任何潜在报价都可能涉及其本地加密货币，XRP和现金的组合。

In contrast, Coinbase could fund an acquisition using cash and stock, given that it had around $8 billion in cash as of March 31, 2025. Coinbase CEO Brian Armstrong has acknowledged the company’s openness to mergers and acquisitions but noted the importance of successful integration following a purchase.

相比之下，Coinbase可以使用现金和股票进行一次收购，鉴于截至2025年3月31日，Coinbase首席执行官Brian Armstrong承认该公司对合并和收购的开放性，但指出购买后成功整合的重要性。

However, according to market expert Paul Barron’s update on social media site X (formerly Twitter) this Monday, Ripple has the edge in acquiring the stablecoin powerhouse, with a potential price tag of $9 to $11 billion.

但是，根据市场专家保罗·巴伦（Paul Barron）在社交媒体网站X（以前是Twitter）上的最新消息，Ripple在收购Stablecoin Powerhouse方面具有优势，潜在的价格为9至110亿美元。

XRP, on the other hand, is trading at $2.38, up 14% on the month. Year-to-date, the altcoin has seen triple-digit gains, outperforming the top ten largest cryptocurrencies with a 367% increase.

另一方面，XRP的交易价格为2.38美元，该月增长了14％。年初至今，Altcoin的增长率为三位数，表现优于前十名最大的加密货币，增长了367％。