Circle可能会在Coinbase或Ripple的潜在收购中静音其IPO计划

USDC的Stablecoin发行人Circle可能会在Coinbase或Ripple的潜在收购中静音其首次公开募股（IPO）计划。

Circle, the stablecoin issuer of USDC, may mute its initial public offering (IPO) plans amid a potential buyout by either Coinbase (NASDAQ:COIN) or Ripple (NYSE:RIVN). According to a Fortune report, Circle was seeking at least $5 billion, a valuation target for its IPO. Earlier in the month, Ripple reportedly bid $5B for Circle but got rejected. Some insiders believe that the crypto behemoth is willing to offer higher bids. However, Coinbase may have an upper hand in the deal, according to Jeff Roberts, a crypto editor at Fortune Magazine. "Banker sources say Coinbase is in talks to buy Circle—a likely outcome IMO given the contract between them. That contract gives COIN sweet terms like veto rights over 3rd party deals," Roberts stated. The contract in question began in 2018 when Circle and Coinbase launched the Centre Consortium, a joint collaboration to issue the USDC stablecoin. The report noted that Coinbase acquired an equity stake in Circle when the arrangement ended in 2023. But a new distribution agreement for USDC with the exchange entitles Coinbase to 50% of Circle’s USDC reserve revenues, according to an S-1/A filing with the SEC (page 101). "After deducting amounts payable to other approved participants in the USDC ecosystem, Coinbase receives 50% of the remaining payment base." In 2024, 2023, and 2022, Coinbase raked in $907 million, $691 million, and $248 million from the above contract. In fact, Coinbase was getting the biggest share from Circle’s operations. Notably, in 2024, Circle’s revenue hit $1.6 billion, but net income was about $155 million, nearly 6x lower than the payment to Coinbase. The report added that the current Coinbase deal extends beyond revenue and controls Circle’s intellectual property and bars third-party partnerships. "This includes a provision that Circle can’t form any new third-party partnership agreements that affect Coinbase’s USDC revenue without the latter’s consent, and another that gives Coinbase partial control over its intellectual property in the event of insolvency." To some, this underscored the exchange’s upper hand in the likely buyout. That said, some crypto community members bashed Circle founder Jeremy Allaire for failing to turn around the second-largest stablecoin issuer. For closure, Tether, USDT issuer and Circle’s rival, had a $13 billion net profit in 2024.

USDC的Stablecoin发行人Circle可能会在Coinbase（NASDAQ：COIN）或RIPPLE（NYSE：RIVN）的潜在收购中静音其首次公开募股（IPO）计划。根据《财富》报告，Circle正在寻求至少50亿美元的IPO估值目标。据报道，本月早些时候，Ripple竞标了5B美元，但被拒绝了。一些内部人士认为，加密庞然大物愿意提供更高的出价。但是，根据《财富》杂志的加密编辑杰夫·罗伯茨（Jeff Roberts）的说法，Coinbase可能在交易中占上风。罗伯茨说：“银行消息人士说，Coinbase正在谈判购买Circle，这可能是IMO鉴于他们之间的合同。该合同赋予了硬币甜美条款，例如第三方交易的否决权。”相关合同始于2018年，当时Circle和Coinbase成立了中心财团，这是一项联合合作，以发行USDC Stablecoin。该报告指出，当安排在2023年结束时，Coinbase获得了圈子的股权。 “在扣除了向USDC生态系统中其他批准的参与者支付的金额后，Coinbase将获得剩余付款基础的50％。”在2024年，2023年和2022年，Coinbase以9.07亿美元，6.91亿美元和2.48亿美元的收入从上述合同中赚钱。实际上，Coinbase从Circle的业务中获得了最大的份额。值得注意的是，在2024年，Circle的收入达到了16亿美元，但净收入约为1.55亿美元，比Coinbase的付款低接近6倍。该报告补充说，当前的Coinbase交易超出了收入，并控制了Circle的知识产权并禁止第三方合作伙伴关系。 “这包括一项规定，即圈子不能构成任何新的第三方合作协议，这些协议未经后者的同意，影响了Coinbase的USDC收入，而另一种则可以在破产时对其知识产权进行部分控制。”对某些人来说，这突显了可能的收购中的交易所的上风。也就是说，一些加密社区成员抨击了Circle创始人杰里米·阿莱尔（Jeremy Allaire）未能扭转第二大稳定发行人。为了关闭，Tether，USDT发行人和Circle的竞争对手在2024年获得了130亿美元的净利润。