圆圈在IPO野心和获取兴趣之间达到微妙的平衡

随着圆圈的长期以来的IPO向前移动，幕后谈判表明可能会改变轨迹，可以重塑稳定的景观

Circle, the company behind the USDC stablecoin, is reportedly juggling interest from two crypto giants, Ripple and Coinbase, as it prepares for a potentially derailed initial public offering (IPO).

据报道，USDC Stablecoin背后的公司Circle正在为两家加密巨头Ripple和Coinbase的兴趣杂乱无章，因为它为潜在出轨的首次公开发行（IPO）做好了准备。

According to a report by Fortune, Circle is still planning to go public. However, it’s also in talks to be acquired by two of the biggest names in crypto.

根据《财富》的一份报告，Circle仍在计划公开。但是，这也是在加密货币中的两个知名人士收购的谈判中。

Two Acquisition Bidders Emerge

出现了两个收购竞标者

Insiders have hinted at Circle's openness to a takeover, especially if Coinbase were to make a "credible" offer, according to one investment banker involved in the negotiations.

一位参与谈判的投资银行家说，内部人士暗示了Circle的开放性，尤其是如果Coinbase要提出“可信”的报价。

"If Coinbase wanted to buy them, Circle would sell in a heartbeat," the banker told Fortune, highlighting the strong partnership between the two companies.

这位银行家告诉《财富》，强调了两家公司之间的牢固合作伙伴关系，“如果Coinbase想购买它们，Circle将以令人心动的销售。”

Together, they launched the Centre Consortium in 2018, which was initially responsible for issuing USDC. Later, the consortium was dissolved, leading to Coinbase acquiring an equity interest in Circle as part of the transition.

他们一起于2018年启动了中心财团，该联盟最初是为了发行USDC的原因。后来，该财团解散了，导致Coinbase作为过渡的一部分获得了Circle的权益。

The two companies also share revenue from USDC reserves equally. However, Coinbase keeps all the revenue generated when USDC is held directly on its platform, a significant source of income that has contributed to Coinbase's recent financial success.

两家公司还同样从USDC储备中分享收入。但是，Coinbase保留了USDC直接在其平台上持有的所有收入，这是Coinbase最近的财务成功的重要收入来源。

A merger would align operationally, but successful integration remains a key factor. Coinbase CEO Brian Armstrong has shown interest in strategic acquisitions but stressed the need for a clear plan for post-merger execution.

合并将在操作上保持一致，但是成功的集成仍然是一个关键因素。 Coinbase首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）对战略收购表现出了兴趣，但强调需要明确的合并后执行计划。

Earlier reports suggest that Ripple made an initial bid to acquire Circle for $4 billion to $5 billion, which was reportedly declined. Still, Ripple, with billions in its native digital asset, XRP, might return with a more competitive offer.

较早的报道表明，Ripple最初出价以40亿美元至50亿美元的价格收购Circle，这被拒绝了。尽管如此，Ripple拥有数十亿美元的数字资产XRP，可能会以更具竞争力的报价返回。

Any acquisition by Ripple would likely involve a mix of XRP and fiat, in contrast to Coinbase's proposal, which would be fully in cash. This model offers flexibility but might raise questions among regulators and market participants over valuation consistency and market impact.

与Coinbase的提议相比，Ripple的任何收购都可能涉及XRP和FIAT的组合，而Coinbase的提议将完全以现金为单位。该模型提供了灵活性，但可能会提出监管机构和市场参与者之间的问题，以了解估值一致性和市场影响。

As one of the dominant stablecoins, USDC plays a role in DeFi protocols, centralized exchanges, and cross-border payments. Any shift in its governance or ownership would affect the competitive landscape.

作为主要的稳态之一，USDC在DEFI协议，集中交易所和跨境支付中扮演角色。其治理或所有权的任何转变都会影响竞争格局。

For instance, an acquisition by Ripple would dramatically expand its influence in stablecoin markets, potentially complementing its upcoming launch of a USD-backed stablecoin (RLUSD). It would also align with Ripple's long-term goal of integrating XRP into global financial infrastructure, though some analysts believe that absorbing a company as complex as Circle could distract from Ripple's core mission.

例如，Ripple的收购将大大扩展其在Stablecoin市场中的影响力，并有可能补充其即将推出的USD支持的Stablecoin（RLUSD）。这也将与Ripple将XRP整合到全球金融基础设施中的长期目标相吻合，尽管一些分析师认为，吸收像Circle这样复杂的公司可以分散Ripple的核心使命。

If Coinbase were to succeed, it would solidify its control over both USDC's governance and distribution, further cementing its role in the digital asset economy. It could also set a new precedent for centralized exchanges, deepening their footprint in the stablecoin sector.

如果Coinbase取得成功，它将巩固其对USDC的治理和分配的控制权，从而进一步巩固其在数字资产经济中的作用。它还可以为集中式交流树立新的先例，从而加深他们在Stablecoin行业的足迹。

While Circle is still planning for its IPO, which is being prepared by Goldman Sachs and Morgan Stanley, sources suggest that the next few weeks may prove decisive, with high-level negotiations unfolding rapidly.

尽管Circle仍在计划其IPO，该IPO是由高盛（Goldman Sachs）和摩根士丹利（Morgan Stanley）准备的，但消息人士表明，接下来的几周可能会证明是决定性的，高级谈判正在迅速进行。

Whether Circle chooses to go public or be acquired by a crypto giant, the decision will undoubtedly reshape stablecoin dynamics and have implications for the broader digital asset industry.

无论Circle选择公开还是被加密货币巨头收购，该决定无疑都会重塑Stablecoin动态，并对更广泛的数字资产行业产生影响。