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Two global crypto behemoths, Coinbase and Ripple Labs, are allegedly rushing to grab control over this significant digital asset amid market scrutiny of Circle’s IPO move. They issue USD Coin (USDC) stablecoin.
The background is not only about acquisition but also the fight for domination over the worldwide stablecoin market, which is valued at trillions of US dollars.
Rising to the core of several DeFi ecosystems and cross-platform transactions, USDC is a stablecoin with a market valuation of over Rp989 trillion and a circulating supply of Rp60.53 billion.
Now, Circle, the issuing business, is creating chances for a significant structural change in ownership.
Circle and the IPO Move Not Out Of Line for Acquisition Possibilities
With a target valuation of US$ 5 billion, Circle formally sent in its IPO documentation in early April 2025 By mid-May, however, there has been no roadshow to investors or stock price estimate. This implies that the door to acquisition is still open and the go-public procedure is not yet final.
An exclusive Fortune article claims that behind-the-scenes informal talks on the possible sale of Circle have already taken place.
If Coinbase made a significant offer, an investment banker said, Circle might take it right away without thinking through it much. This stage captures Circle’s pragmatic approach to handle the capital market’s risks.
While an IPO can bring fresh funds and public visibility, an acquisition by a reputable company such as Coinbase or Ripple has the possibility to offer more steady long-term strategic benefits.
Coinbase: Long-Term Partner with Legal and Financial Ace
One of the biggest US-based crypto exchanges, Coinbase is closely acquainted with Circle.
Under the Centre Consortium project, both companies co-created USDC in 2018. Their strategic alliance is still intact even though this consortium broke up in 2023.
Coinbase still owns shares in Circle and has a profit-sharing agreement from USDC reserves—where they get either 50% of the income or 100% should the assets be maintained on the Coinbase platform itself.
Coinbase also owns rights to Circle’s intellectual property should bankruptcy arise, and blocks rights over Circle’s financial arrangements on USDC.
Moreover, Coinbase recently joined the S&P 500 index and has cash reserves of US$ 8 billion, so demonstrating rather strong financial stability and liquidity strength.
Coinbase leads the acquisition of Circle since this combo provides a very strong negotiating stance.
Referring to the operational and commercial closeness between the two companies, an industry source even said, “I feel like they are just one company.”
Ripple Want to control the Stablecoin Market by means of calculated acquisitions
Conversely, Ripple Labs—known for its XRP token and cross-border payment solution expertise—apparently allegedly have made a purchase approach to Circle.
Comprising cash and digital assets XRP, the offer lasted from US$4–$5 billion.
According to the same source, Circle has turned down this offer though. Two factors could be reflected in this rejection: a valuation deemed not meeting expectations or worries over the instability of crypto assets like XRP included in the purchase deal.
Though it fell short in the first phase, Ripple’s deft movement reveals the company’s determination to establish itself in the steady coin market.
Targeting the worldwide payment market with low prices and fast speed, this also fits their intentions to release their own stablecoin linked with the XRP Ledger network.
Still, Ripple’s main obstacle is restricted public financing availability. Unlike Coinbase, which has gone public and has tremendous visibility and liquidity, Ripple stays private and has stumbled into a significant legal issue with the SEC, which still leaves a shadow of risk, even if it is starting to fade.
Easy Comparison: Who Has the Digital Door Key?
Consider USDC as a “digital toll gate” tying together several blockchain systems. Control of this gateway allows one to set fees, monitor transaction traffic, and even decide who passes through.
The key is with Coinbase, the proprietor of the first blueprint for this toll road. Ripple wants to purchase a duplicate key so it can combine its own path in parallel.
IPO, Acquisition, and the Effect of International Law
One cannot divorce the IPO process from the possible acquisition of Circle from the legislative environment.
The Securities and Exchange Commission (SEC) controls the IPO process in the US and imposes rigorous rules on information disclosure and financial viability assessment.
Particularly if it involves foreign companies like Ripple, which is based in San Francisco but has worldwide capital involvement, cross-company crypto acquisitions valued billions of dollars must undergo antitrust testing and oversight from authorities such as the Federal Trade Commission (FTC) and the Committee on Foreign Investment in the United States (CFIUS).
Particularly with the EU’s MiCA (Markets in Crypto-Assets) project and the FATF Travel Rule, which emphasizes openness and cross-border transaction reporting, stablecoin control is also always changing internationally.
In essence, the USDC Scramble is a fight for future strategy rather than only an acquisition.
Whoever takes charge of Circle and USDC will acquire a strategic posture to influence the direction of world digital commerce.
With access to public markets, past proximity, and financial power, Coinbase appears to be at the upper hand.
Still, Ripple shouldn’t be undervalued; its aim to produce its own stablecoin and technology in the payment industry could be unanticipated long-term actions.
This fight highlights a new dynamic in the sector: it’s not only about who has the money, but also about who has the vision, speed, and credibility to influence the future of digital finance as the crypto market matures and rules are clearer.
