Circle’s IPO Plans Face Turbulence as Ripple and Coinbase Circle In

Circle’s much-anticipated IPO is no done deal. The stablecoin issuer is targeting a $5 billion public debut—but fresh reports suggest that Ripple (XRP-USD) and Coinbase (COIN) may be looking to snap it up before it hits Wall Street.

According to Fortune, informal talks between Circle and both firms are ongoing. Ripple reportedly made a $4–$5 billion offer back in April, which Circle rejected as too low. But the door’s still open, and the bidding isn’t over.

Ripple Would Use Cash and XRP for the Deal

Ripple’s offer includes a mix of cash and XRP—its native token and a key piece of its payment infrastructure. Coinbase would reportedly pay in cash and stock. That’s notable given the two firms’ long-running relationship: they co-founded the Centre Consortium in 2018 to set standards for fiat-backed stablecoins like USDC (USDC-USD).

Coinbase also directly integrates USDC into its platform, making the potential acquisition a strategic chess move.

IPO Market Recovers as Crypto Stocks Surge

Circle filed its IPO paperwork on April 1, hoping to go public by month-end. By April 4, though, it hinted that economic uncertainty could delay the timeline. Still, with crypto markets and stocks both rebounding, the window may reopen.

Tariffs have eased. Bitcoin is closing in on its all-time high. Ethereum and XRP are riding tailwinds too. The S&P 500 is up over 15% in the last month. And after eToro’s IPO soared 29%, the mood on IPO Street is far sunnier than it was just weeks ago.

This isn’t just about who buys Circle—it’s about who gets to control a central piece of crypto’s financial plumbing. Whether the firm sticks with its IPO, joins Ripple’s empire, or folds into Coinbase, the next move will be important to follow.

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