Circle, the issuer of the USDC stablecoin, is continuing preparations for a potential initial public offering (IPO), though Sources cited by Fortune indicate that the company is seeking a valuation of no less than USD 5 billion, whether through a public listing or a sale.
According to individuals familiar with the matter cited by Coinbase, a takeover bid from Ripple valued between USD 4 billion and USD 5 billion was submitted on 30 April 2025 but was turned down.
Talks with Coinbase have also taken place, although no formal offers have been disclosed. Any acquisition deal would likely involve differing terms, with Ripple expected to use a combination of cash and its native cryptocurrency XRP, while Coinbase would likely offer a mix of cash and equity.
Circle filed confidentially for an IPO on 1 April 2025, initially aiming to complete the process within the month. However, just days later, company representatives indicated that the timeline could shift in response to economic uncertainty. The move followed a downturn in the IPO market tied to the reintroduction of tariffs under the Trump administration, which had triggered market volatility.
Since then, the suspension or easing of these tariffs has led to a marked recovery in financial markets. Cryptocurrencies have also seen upward momentum, with Bitcoin nearing its previous record high of USD 109,800. Other digital assets including Ether, XRP, and Solana have also recorded notable gains.
The improving environment has renewed interest in public listings among digital asset firms. Crypto exchanges such as Gemini and Kraken are reportedly exploring IPO opportunities for 2025 or early 2026. This trend aligns with earlier forecasts from investment firms such as Bitwise, which suggested that 2025 could mark a turning point for crypto-related IPO activity.
One of the first companies to capitalise on these conditions has been Israel-based trading platform eToro. Coinbase and Circle have maintained a business relationship since 2018, when they jointly launched the Centre Consortium to help develop standards for fiat-backed stablecoins such as USDC. Coinbase also continues to list USDC on its trading platform.
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