Stablecoin giant Circle is exploring a potential sale at a valuation of at least $5 billion, while also planning for an IPO.
Ripple had offered to acquire Circle for up to $5 billion, but the offer was deemed too low. Ripple's proposed deal likely included a significant portion of the payment in XRP cryptocurrency.
If Coinbase were to buy Circle, it would use cash and stock for the acquisition. Coinbase and Circle have a longstanding partnership and collaboration in the USDC stablecoin ecosystem.
Circle is among several crypto-related companies considering going public, as it had initially submitted a Form S-1 for an IPO with the SEC. However, potential macroeconomic uncertainties have led to a possible delay in the IPO.