Circle Internet Financial Explores Sale to Coinbase or Ripple Amid Strategic Shifts

Circle Internet Financial, the issuer of the $43 billion USDC stablecoin, is currently in informal discussions to sell itself to either Coinbase or Ripple. This development comes as a significant move in the strategic direction of Circle, which has previously been the subject of acquisition attempts by Ripple.

Ripple Labs, known for its XRP cryptocurrency and blockchain-based payment solutions, has been actively pursuing the acquisition of Circle. In late April 2025, Ripple reportedly offered $5 billion for Circle, which was rejected for being too low. Ripple then increased its bid to $20 billion, demonstrating its strong interest in securing a dominant position in the stablecoin market. Acquiring Circle would grant Ripple immediate access to USDC’s extensive infrastructure, regulatory relationships, and market share, aligning with Ripple’s broader strategy to integrate blockchain technology into global finance. However, Circle’s management has expressed concerns about merging with a firm that has faced regulatory challenges, fearing it could jeopardize USDC’s reputation for compliance and transparency.

Coinbase, a longstanding partner and distributor of USDC, is also reportedly in informal talks to acquire Circle. The exchange already plays a significant role in USDC’s distribution, receiving over 60% of Circle’s interest earnings as part of their revenue-sharing arrangement. An acquisition by Coinbase would consolidate its position in the stablecoin market and provide greater control over USDC’s issuance and integration across its platform.

Despite the acquisition interests, Circle appears committed to pursuing an independent path. The company filed for an initial public offering (IPO) in April 2025, indicating its desire to remain autonomous and capitalize on its strong market position. Circle’s management believes that maintaining strategic independence is crucial for USDC’s continued growth and widespread adoption across various financial institutions and platforms.

The potential acquisition of Circle by either Ripple or Coinbase underscores the increasing importance of stablecoins in the digital asset ecosystem. As regulatory frameworks evolve and institutional adoption grows, control over leading stablecoins like USDC becomes a strategic asset. Whether Circle remains independent or aligns with a larger entity will have significant implications for the future of digital finance and the competitive dynamics within the stablecoin market.

As the situation develops, stakeholders and observers will monitor how these informal talks progress and what they mean for the broader crypto landscape.