Circle, the issuer of the USDC stablecoin, has firmly denied reports suggesting it is engaged in informal discussions regarding a potential sale to either US-based crypto exchange Coinbase or blockchain payment company Ripple.
This denial comes in light of a report from PYMNTS, which highlighted that Circle remains focused on its initial public offering (IPO), initially filed in April.
Earlier reports had indicated that Circle rejected a takeover bid from Ripple, which ranged between $4 billion and $5 billion, citing the offer as too low. While Ripple has expressed ongoing interest in acquiring Circle, it has not made a decision regarding a new offer, as Circle continues to pursue its IPO.
The renewed interest in public offerings within the cryptocurrency sector is partly attributed to a wave of digital asset megadeals propelled by a crypto-friendly administration under President Donald Trump and a more relaxed regulatory environment in the US.
Coinbase, on the other hand, has also been active in expanding its reach. On May 9, the company announced plans to acquire Dubai-based crypto derivatives exchange Deribit for $2.9 billion, aiming to strengthen its position in the global derivatives market.
The stablecoin issuer’s CEO Jeremy Allaire remarked that this acquisition would unlock significant potential in a market increasingly driven by institutional adoption, where participants expect market structures akin to traditional finance.
When writing, XRP, the fourth largest cryptocurrency in terms of market cap, trades at $2.31, failing to seize Bitcoin’s (BTC) momentum after reaching a new all-time high, with the altcoin registering losses of 9% in the past fourteen days.
Featured image from DALL-E, chart from TradingView.com
