据报道

这可能是USD Coin（USDC）背后的公司Circle Internet Financial道路的尽头，因为据报道它正在考虑出售其业务

Stablecoin issuer Circle Internet Financial, the company behind USD Coin (USDC), is reportedly considering selling its business to major crypto players Coinbase or Ripple for at least $5 billion.

据报道，StableCoin发行人Circle Circle Internet Financial是USD Coin（USDC）的公司，据报道正在考虑将其业务出售给主要的Crypto Players Coinbase或Ripple，或以至少50亿美元的价格出售。

Circle's talks with Coinbase and Ripple

Circle与Coinbase和Ripple的对话

According to a Fortune report published Monday, Circle engaged in informal talks with potential acquirers, seeking a valuation of at least $5 billion. The discussions involved crypto exchange Coinbase, which holds a minority stake in Circle and shares revenue from USDC reserves, and Ripple Labs, which recently launched its own stablecoin RLUSD.

根据周一发表的《财富》报告，Circle与潜在的收购方进行了非正式会谈，寻求至少50亿美元的估值。讨论涉及加密交易所Coinbase，该Coinbase拥有圈子的少数股权，并分享了USDC储备金的收入，以及最近推出了自己的Stablecoin Rlusd的Ripple Labs。

Ripple made a formal offer between $4 billion and $5 billion to acquire Circle earlier this year, according to Bloomberg. The offer was declined, reportedly on the grounds that it undervalued the company. However, the possibility of a future sale remains on the table, as Ripple has not ruled out renewing its bid, and Circle continues to weigh its strategic options amid market and regulatory shifts.

据彭博社称，Ripple的正式报价在40亿至50亿美元之间，今年早些时候收购了Circle。据报道，该要约被拒绝了，理由是该公司低估了公司。但是，由于Ripple尚未排除续签的竞标，因此未来出售的可能性仍然存在，并且由于市场和监管转变，Circle继续权衡其战略选择。

IPO ambitions and corporate stance

IPO野心和公司立场

The proposed sale price aligns with the valuation Circle has reportedly sought in its IPO, for which it hired JPMorgan Chase and Citi to lead the process. The IPO filing was submitted in April 2025, though the company is said to be considering a delay due to macroeconomic conditions and regulatory uncertainties tied to U.S. trade policies.

据报道，拟议的销售价格与估值圈的IPO寻求一致，为此，它聘请了摩根大通和花旗领导这一过程。 IPO申请于2025年4月提交，尽管据说该公司正在考虑由于宏观经济状况和与美国贸易政策相关的监管不确定性而延迟。

Circle responded to the reports by stating that it "is not for sale" and remains committed to going public. The company is currently in a quiet period mandated by the U.S. Securities and Exchange Commission (SEC), restricting further public commentary on its financial plans.

Circle回应了报告，指出它“不出售”，并且仍然致力于公开。该公司目前正处于美国证券交易委员会（SEC）规定的安静时期，限制了对其财务计划的进一步公众评论。

This is not Circle's first attempt at a public listing. A 2021 effort to go public via a SPAC merger was scrapped during the market downturn in 2022. That earlier deal had valued the company at $9 billion.

这不是Circle首次尝试公开上市。 2021年在2022年的市场低迷中取消了2021年通过SPAC合并公开的努力。该公司较早的交易将该公司估值为90亿美元。

USDC market position and industry context

USDC市场地位和行业环境

The recent speculation about a potential sale comes amid rising merger and acquisition (M&A) activity in the crypto space, fueled by higher token prices and a more favorable regulatory climate under the Trump administration. Other major players like Kraken, BitGo, and Gemini are also exploring IPOs in 2025.

最近，关于潜在销售的猜测是在加密货币领域的合并和收购（并购）活动的增加，这是由于更高的代币价格和特朗普政府领导下的更有利的监管气候所推动的。 Kraken，Bitgo和Gemini等其他主要参与者也在2025年探索IPO。

USDC, Circle's flagship product, currently holds the position of the second-largest stablecoin by market capitalization, with a market cap of $60.6 billion. It trails only Tether's USDT, which dominates the market with $151.6 billion in capitalization. Coinbase remains the primary platform for USDC usage, and Circle reportedly paid around $900 million in distribution costs to Coinbase in 2024.

USDC是Circle的旗舰产品，目前凭借市值持有第二大稳定的位置，市值为606亿美元。它仅落后于系绳的USDT，该公司以1.516亿美元的资本化主导了市场。 Coinbase仍然是USDC使用情况的主要平台，据报道，Circle在2024年向Coinbase支付了约9亿美元的分销成本。

USDC and USDT are currently dominating the stablecoin sector.

USDC和USDT目前正在主导Stablecoin行业。

As the stablecoin market continues to evolve, Circle's strategic decisions—whether to pursue a public listing or remain open to acquisition offers—could significantly impact the landscape of crypto payments and digital finance.

随着Stablecoin市场的不断发展，Circle的战略决策（无论是追求公共上市还是对收购报价都开放）可能会严重影响加密付款和数字融资的格局。