Circle plans an IPO valuation of $5 billion and is in talks with Coinbase and Ripple for potential acquisitions According to Fortune, although Circle, the issuer of USDC stablecoins, submitted its IPO application in April with a target valuation of $5 billion, it has recently held informal sales talks with Coinbase and Ripple. Sources say that if Coinbase were to make a move, Circle "would not hesitate to sell", but currently Circle officials have stated that "the company is not selling" and are still sticking to their IPO plan. Ripple once proposed a $4 to $5 billion acquisition offer, but Circle deemed it too low. Ripple may use cash and XRP payments, while Coinbase can use cash and stocks to complete acquisitions. Coinbase has maintained close cooperation with Circle since its establishment of the Centre Consortium in 2018, and is deeply tied to USDC revenue sharing, governance rights, IP control, and other aspects. Analysis suggests that if the sale is ultimately successful, Coinbase would be a more natural buyer due to its strong financial capabilities and governance influence, as well as having numerous complementary interest arrangements with Circle.