Circle Internet Financial, the second-largest stablecoin issuer, is seeking an acquirer with a minimum valuation of $5 billion, according to Fortune on Monday.
According to The Block on the 19th (local time), Fortune reported on Monday that Circle Internet Financial, the second-largest stablecoin issuer, is seeking an acquirer with a minimum valuation of $5 billion. The sale negotiations, which reportedly involve long-time partner Coinbase and recent stablecoin competitor Ripple, are taking place while this San Francisco-based startup is still pursuing a listing.
In April, Circle submitted an IPO preliminary document with an undisclosed valuation. At the end of that month, Ripple, which has recently shown acquisition moves, proposed to pay between $4 billion and $5 billion to acquire Circle. Circle was reportedly rejected this bid as too low at the time.
In 2022, amid the cryptocurrency bear market, Circle canceled a SPAC merger plan that could have valued the company at $9 billion.
The company joined the ranks of numerous established cryptocurrency firms that have expressed interest in listing, including Kraken exchange and BitGo custodian, after Donald Trump's presidency. However, some experts are questioning this trend, especially if Trump's economic agenda might reduce market appetite for new public offerings.
Trump has particularly pressured legislators to pass a stablecoin bill before the end of summer.
Circle and Coinbase have maintained a long partnership since the formation of the CENTRE Consortium, which initially managed the USDC stablecoin. USDC is the most used stablecoin on Coinbase, and Circle paid Coinbase approximately $900 million in circulation costs in 2024.
Coinbase, which is in the acquisition market including Deribit derivatives exchange and IronFish privacy platform, will be the first pure cryptocurrency company to join the S&P 500 index.
Ripple recently launched the RLUSD stablecoin on Kraken, integrating it into the exchange's payment platform.
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