Circle Shuts Down Rumors : No Coinbase or Ripple Acquisition Ahead

Circle, the USDC issuer, breaks the silence

Despite recurring rumors of an acquisition by a major player in the industry, Circle, the developer of the stablecoin USDC, has categorically denied any plans to sell the company. The group has reaffirmed its commitment to continue its growth trajectory, including a public listing planned for the coming years.

Following speculations from a Seeking Alpha article, Circle wanted to clarify its position. “We are not for sale. Our long-term goals remain unchanged,” a company spokesperson told PYMNTS. This statement comes after reports of a Ripple acquisition offer of between 4 and 5 billion dollars, which Circle deemed inadequate.

While Ripple and Coinbase have shown continued interest in acquiring Circle, the group seems determined to proceed with its public listing, initiated in April 2024. Investment banks have been appointed to facilitate this process, although the exact IPO date has not been disclosed yet.

A consolidation dynamic in the sector

This stated commitment to remain independent comes amidst a period of high merger and acquisition activity within the crypto ecosystem. Recently, Coinbase announced its intention to acquire the Dubai-based derivatives platform Deribit for 2.9 billion dollars. Meanwhile, Ripple acquired Hidden Road, a multi-asset primary brokerage, for 1.25 billion dollars.

This consolidation trend is driven by major players’ desire to increase their market share through strategic acquisitions or public listings. The stablecoin market is becoming increasingly competitive, especially with the gradual entry of institutional investors.

While Ripple keeps an eye on Circle, the latter seems primarily focused on its own development for now. In January, the company acquired Hashnote, the issuer of the stablecoin USYC backed by Cumberland Labs, an initiative aimed at attracting more traditional players to the crypto-assets market.

On the other hand, the performance of XRP, Ripple’s native cryptocurrency, remains mixed. At the time of writing, XRP is priced at 2.33 dollars, showing little movement in the past seven days. The currency has not greatly benefited from Bitcoin’s recent advances, highlighting the challenges Ripple still faces.

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