USDC Stablecoin Maker Circle将其IPO倾倒到Coinbase或Ripple

Circle是320亿美元的USDC Stablecoin背后的公司，现在正在悄悄地考虑倾销其长期呼吁的IPO

According to Fortune, sale talks between Circle and both Coinbase and Ripple have been ongoing since early April.

根据《财富》的报道，自4月初以来，Circle与Coinbase和Ripple之间的销售谈判一直在进行。

As part of its effort to go public, Circle filed paperwork with the Securities and Exchange Commission to sell up to 140 million shares of common stock in a common stock offering. It is also applying to list its shares on the New York Stock Exchange under the ticker symbol "COIN."

为了公开努力，Circle向美国证券交易委员会提交了文书工作，以出售多达1.4亿股普通股的普通股。它还申请将其在纽约证券交易所的股份列出，下面是股票符号“硬币”。

These discussions haven’t been made public by any of the companies involved. Circle still claims it’s going ahead with the IPO, but there’s no pricing yet, no official roadshow, no confirmed timeline. It’s a paper filing, not a commitment.

这些讨论尚未公开。 Circle仍然声称这是IPO的继续，但是尚无定价，还没有官方路演，没有确认的时间表。这是纸上的归档，而不是承诺。

Coinbase gets first dibs on Circle’s USDC bag

Coinbase在Circle的USDC袋中获得了第一个dibs

Circle and Coinbase have a long-standing partnership. Together, they launched the Centre Consortium in 2018 to handle the creation of USDC. When that setup ended in 2023, Coinbase walked away with equity in Circle, and Circle took full control of the USDC ecosystem.

Circle和Coinbase与长期的伙伴关系。他们共同于2018年成立了中心财团，以处理USDC的创建。当该设置在2023年结束时，Coinbase以圆圈的平等走开，Circle完全控制了USDC生态系统。

However, the breakup didn’t affect the cash flow. Both companies continue to split the revenue generated from interest on the reserves backing USDC.

但是，分手不会影响现金流。两家公司都继续从备用USDC的储备金中产生的收入分开。

According to the terms filed in Circle’s S-1, each party receives 50% of the remaining interest revenue—unless the USDC is held on Coinbase. In that case, Coinbase receives 100%. Recent Coinbase earnings reports indicate that a greater portion of USDC is being parked on the exchange, which translates to fatter returns for them.

根据Circle S-1提交的条款，除非Coinbase在Coinbase上举行，否则每个方获得剩余利息收入的50％。在这种情况下，Coinbase收到100％。最近的Coinbase收益报告表明，将大部分USDC停放在交易所上，这转化为较胖的回报。

But it’s not just about the money. Coinbase also has a say in who Circle does business with. If Circle wishes to sign a new revenue-sharing or distribution deal with a third party, it requires Coinbase’s approval.

但这不仅仅是钱。 Coinbase在Who Circle与之开展业务方面也有发言权。如果Circle希望与第三方签署新的收入分享或分销协议，则需要Coinbase的批准。

Furthermore, if Circle were to ever go bankrupt, Coinbase can claim partial ownership over Circle’s intellectual property. It’s a close-knit relationship. One of the four private equity execs who spoke anonymously allegedly told Fortune that: “I feel like they’re one company.”

此外，如果Circle将破产，Coinbase可以要求对Circle的知识产权进行部分所有权。这是一种紧密的关系。据称匿名发言的四位私募股权高管中的一位告诉《财富》：“我觉得他们是一家公司。”

Ripple offered billions, got turned down

波纹提供了数十亿美元，被拒绝了

Earlier in April, crypto exchange Ripple pushed to buy Circle outright for between $4 billion and $5 billion, but the bid was rejected. Ripple’s offer included both cash and XRP, the crypto token that the company created and controls.

4月初，加密货币交易所（Crypto Exchange Ripple）推动以40亿至50亿美元的价格直接购买Circle，但竞标被拒绝。 Ripple的报价包括现金和XRP，该公司创建和控制的加密代币。

As of March 31, Ripple held 4.56 billion XRP, valued at $11.77 billion, and another 37.13 billion XRP, worth $95.7 billion, was being held in escrow, according to its Q1 2025 XRP Markets Report. This gives Ripple a strong balance sheet.

截至3月31日，Ripple持有45.6亿XRP，价值117.7亿美元，另外371.3亿XRP，价值957亿美元，在托管中持有。这使波纹具有强大的资产负债表。

However, apparently not strong enough to interest Circle.

但是，显然不足以兴趣圈子。

Compare that to Coinbase, which has options beyond crypto. As of March 31, Coinbase had $8 billion in cash, according to its most recent 10Q filing. Being a public company gives Coinbase more tools to fund a deal since it can raise capital through debt, equity, or private placements if it needs to.

将其与Coinbase进行比较，后者还有超越加密货币的选项。截至3月31日，Coinbase的现金为80亿美元，根据其最新的10Q文件。作为一家上市公司，Coinbase提供了更多的工具来资助交易，因为如果需要，它可以通过债务，股权或私人安置来筹集资金。

One banker involved told the publication that even though Ripple has money, Coinbase still looks more attractive.

一位参与的银行家告诉该出版物，即使Ripple有钱，Coinbase仍然看起来更具吸引力。

When asked directly by Fortune about a possible deal with Circle, Brian Armstrong, CEO of Coinbase, replied:

当Fortune直接询问与Circle的可能协议时，Coinbase的首席执行官Brian Armstrong回答：

“They’re going public doesn’t change anything about our commercial relationship with Circle. But in terms of other deals we might consider in the future… nothing to announce today.”

“他们将公开宣传我们与Circle的商业关系。但是，就我们将来可能考虑的其他交易而言，今天没有什么可宣布的。”

Brian admitted that Coinbase is always looking for M&A deals but said they don’t take on everything. “The hard part of buying a company is actually successfully integrating it.”

布莱恩（Brian）承认，Coinbase一直在寻找并购交易，但说他们并不承担一切。 “购买公司的困难实际上是成功地整合了公司。”

Coinbase, which went public itself in 2021 through a direct listing, is joining the S&P 500 on May 19. That news made Coinbase stock jump 25% last week, although it’s still trading well below its December peak of $349.75. As of Monday, shares were trading around $265, putting Coinbase’s market cap at $56 billion.

Coinbase于2021年通过直接上市公开发行，并于5月19日加入标准普尔500指数。该消息使Coinbase股票上周增长了25％，尽管它的交易仍远低于其12月的峰值349.75美元。截至周一，股票的交易约为265美元，使Coinbase的市值达到了560亿美元。

Both Coinbase and Ripple have been spending big. Ripple just bought Hidden Road, a crypto prime brokerage, for $1.25 billion. Coinbase, earlier this month, spent $2.9 billion acquiring Deribit, a platform for crypto derivatives.

Coinbase和Ripple的支出都很大。 Ripple刚刚以12.5亿美元的价格购买了Crypto Prime Brokerage的Hidden Road。本月初，Coinbase花费了29亿美元收购Deribit，这是一个用于加密衍生品的平台。

In May, they bought the team behind Iron Fish, and back in January, they picked up Spindle, a project focused on on-chain ads and attribution.

5月，他们购买了铁鱼背后的团队，在一月份，他们拿起了一个侧重于链接广告和归因的项目。

The IPO market itself has been mostly dead since 2021. But it got a bit of life last week when eToro went public and jumped 29% on its first day, raising $620 million at $52 per share. That pop might give Circle some reason to move forward. But not everyone is convinced.

自2021年以来，IPO市场本身就已经死亡。但是上周埃托罗（Etoro）上市并在第一天上涨了29％，筹集了62.2亿美元，每股52美元筹集了62.2亿美元。该流行音乐可能会给圈子一些前进的理由。但是并不是每个人都相信。