Coinbase（Coin）通过收购USDC Stablecoin背后的公司来扩展其帝国

正如《财富》（Fortune）的报道，在USDC Stablecoin背后的公司（Circle Internet Financial）报道的那样

In a move that has significant implications for the cryptocurrency industry, Circle Internet Financial, the company behind the USDC stablecoin, filed paperwork early April to advance toward a long-anticipated initial public offering (IPO), as reported by Fortune. However, despite this, insider chatter suggests the IPO may not materialize as planned.

据《财富》报道，《财富》报道的《财富报》报道的是，在对加密货币行业具有重大影响的举动中，欧元互联网财务公司（Circle Internet Financial）在4月初提交了文书工作，朝着长期以来的持续期待的首次公开募股（IPO）迈进。但是，尽管如此，Insider Chatter认为IPO可能无法按计划实现。

According to four banking and private equity insiders who spoke anonymously due to the sensitive nature of the discussions, Circle has been informally exploring a potential sale to Coinbase Global, the leading U.S.-based cryptocurrency exchange, or Ripple, the crypto payments powerhouse.

根据讨论的敏感性，匿名发言的四名银行和私募股权内部人士称，Circle一直在非正式地探索向总部位于美国领先的加密货币交易所Coinbase Global或Cripple的Coinbase Global的潜在销售，或Crypto Payments Powermane。

Circle Targets a $5 Billion Valuation

Circle的估值为50亿美元

Circle is aiming for a minimum $5 billion valuation, aligning with its goals for going public. One of the bankers familiar with the negotiations candidly remarked, “If Coinbase wanted to acquire them, Circle would agree in a heartbeat.” Another source added that the situation is fluid and subject to rapid change.

Circle的目标是至少估值50亿美元，与公开的目标保持一致。一位熟悉谈判的银行家坦率地说：“如果Coinbase想获得他们，Circle将同意心跳。”另一位消息人士补充说，这种情况是流动的，并且会发生快速变化。

Despite these behind-the-scenes talks, Circle remains firmly committed to going public. The company formally filed its S-1 registration with the SEC in April, but details like the IPO’s terms and the launch of the investor roadshow are still pending. When reached for comment, Circle emphasized in an email to Fortune that “Circle is not for sale. Our long-term goals remain the same.” Meanwhile, both Coinbase and Ripple did not respond to requests for comment.

尽管进行了这些幕后谈判，但Circle仍然坚定地公开承诺。该公司于4月正式向SEC提交了S-1注册，但是诸如IPO条款和投资者路演的启动之类的详细信息仍在审理中。当发表评论时，Circle在一封电子邮件中强调了“ Circle不出售。我们的长期目标保持不变。”同时，Coinbase和Ripple都没有回应置评请求。

A Deepening Coinbase-Circle Relationship

加深的共插圈关系

The connection between Coinbase and Circle dates back to 2018 when they co-founded the Centre Consortium to issue USDC. That partnership formally concluded in 2023, with Coinbase acquiring an equity stake in Circle while Circle took full control over USDC’s governance. Notably, they continue to split the income generated from USDC reserves—a relationship heavily tilted in Coinbase’s favor.

Coinbase和Circle之间的联系可以追溯到2018年，当时他们共同创立了中心财团颁发USDC。该合作伙伴关系在2023年正式结论，Coinbase获得了Circle的股权，而Circle完全控制了USDC的治理。值得注意的是，他们继续分裂从USDC储备中产生的收入，这一关系倾向于Coinbase的支持。

According to Circle’s S-1 filing, the two firms equally divide residual revenue from the reserves backing USDC. However, Coinbase pockets 100% of the revenue when USDC is custodied directly on its platform, a trend that’s been on the rise, as reflected in Coinbase’s latest earnings reports. These reports show a noticeable boost in income derived from the USDC partnership, fueled partly by the expansion of the overall stablecoin market.

根据Circle的S-1备案，这两家公司同样将剩余收入与支持USDC的储备金分开。但是，当USDC直接在其平台上拘留时，Coinbase口袋的收入100％，这一趋势正在上升，正如Coinbase最新的收益报告所反映的那样。这些报告表明，从USDC合作伙伴关系中获得的收入明显提高，这部分是由于整个Stablecoin市场的扩展所推动的。

Beyond revenue sharing, the current agreement hands Coinbase significant influence over Circle’s operations. For example, Circle is barred from entering any new third-party deals that could affect Coinbase’s USDC revenue without prior approval. If Circle becomes insolvent, Coinbase would gain control over some of Circle’s intellectual property assets. For these reasons, many insiders view Coinbase as the most natural suitor for Circle, with one banking executive even joking, “It feels like they’re one company.”

除了收入共享之外，目前的协议将对Circle的业务进行重大影响。例如，禁止Circle进入任何可能影响Coinbase USDC收入未经事先批准的新的第三方交易。如果Circle变得无力偿债，Coinbase将对Circle的某些知识产权资产进行控制。由于这些原因，许多内部人士将Coinbase视为Circle最自然的求婚者，一位银行主管甚至开玩笑说：“感觉就像是一家公司。”

Ripple’s Bid and Financial Firepower

Ripple的出价和财务火力

Ripple, however, is no minor contender. Armed with a substantial war chest, Ripple reportedly offered between $4 billion and $5 billion to acquire Circle—a bid Circle ultimately declined, considering it undervalued the company. Bloomberg reported this in April and has since been independently verified by Fortune.

但是，波纹不是次要的竞争者。据报道，带有大量的战争箱，据报道，它提供了40亿至50亿美元的收购圈子，这是一个竞标圈最终下降，考虑到该公司被低估了该公司。彭博社在4月份报告了这一点，此后已通过《财富》（Fortune）独立核实。

Ripple’s offer would likely combine XRP, the native cryptocurrency it developed, alongside cash. According to Ripple’s Q1 2025 XRP Markets Report, the firm holds about 4.56 billion XRP (valued at approximately $11.77 billion) and another 37.13 billion XRP ($95.7 billion) in escrow as of March 31.

Ripple的报价可能将XRP（它开发的本地加密货币）与现金结合在一起。根据Ripple的第1季度2025 XRP市场报告，该公司持有约45.6亿XRP（价值约117.7亿美元），截至3月31日，该公司持有托管的371.3亿XRP（957亿美元）。

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However, Coinbase can wield a more diversified arsenal, with $8 billion in cash on its balance sheet as of its March 31 10Q filing. As a publicly traded company, Coinbase may raise additional capital through debt issuance or stock offerings. One banker familiar with the situation commented that although Ripple’s balance sheet is “pretty meaningful,” Coinbase’s position as a public company gives it an edge in the eyes of many investors.

但是，Coinbase可以使用更多元化的武器库，截至3月31日10Q文件，其资产负债表上有80亿美元的现金。作为一家公开交易的公司，Coinbase可以通过发行债务或股票筹集额外的资本。一位熟悉这种情况的银行家评论说，尽管Ripple的资产负债表“相当有意义”，但Coinbase作为上市公司的地位使其在许多投资者眼中的优势。

When questioned about the possibility of acquiring Circle, Coinbase CEO Brian Armstrong told Bloomberg on May 14 that he remains enthusiastic about Circle’s success. While the IPO does not impact the companies’ existing commercial relationship, Armstrong acknowledged that future deals remain open-ended, though there was “nothing to announce today.” Armstrong highlighted Coinbase’s cautious M&A strategy, noting that while they have the financial resources, the real challenge is integrating acquired companies.

当询问获得圈子的可能性时，Coinbase首席执行官Brian Armstrong于5月14日对彭博社说，他对Circle的成功仍然充满热情。尽管IPO不影响公司现有的商业关系，但阿姆斯特朗承认未来的交易仍然开放，尽管“今天没有什么可宣布的”。阿姆斯特朗（Armstrong）强调了Coinbase谨慎的并购策略，并指出，尽管他们拥有财务资源，但真正的挑战是整合被收购的公司。

IPO Momentum and Broader Market Context

IPO动量和更广泛的市场环境

Interestingly, Coinbase has been basking in market success, particularly after news broke that it would join the S&P 500 on May 19. That announcement propelled Coinbase shares to surge over 25% last week, although the stock remains below its December 52-week high of $349.75. By Monday afternoon, Coinbase was trading around $2

有趣的是，Coinbase一直在市场上获得成功，尤其是在有消息传出将于5月19日加入标准普尔500标准普尔500号之后。该公告推动了上周的Coinbase股票增长超过25％，尽管该股票仍低于其12月52周高的349.75美元。到星期一下午，Coinbase交易约2美元