Coinbase vs Ripple: Who Will Rule the USDC Stablecoin?
Jakarta, Pintu News – USD Coin stablecoin issuer Circle is being eyed by two crypto giants-Coinbase and Ripple -amid its efforts to list on the stock exchange through an initial public offering (IPO).
Although Circle had filed IPO documents in early April 2025 and was aiming for a valuation of IDR 82.1 trillion ($5 billion), a report from Fortune revealed that informal discussions regarding a potential sale of the company had taken place behind the scenes.
Who will win: public exchange giant Coinbase, or Ripple with strong support from its own ecosystem?
Circle heads for IPO, but acquisition options are wide open
Circle has officially filed its intention to IPO since early April, but has yet to set a price or hold a roadshow to investors. This means that opportunities for acquisitions are still open before Circle actually goes public. The target valuation of IDR82.1 trillion ($5 billion) is an attractive bargaining point for large companies looking to control the USDC stablecoin ecosystem.
However, reports suggest that Circle is very open to the possibility of being sold, especially to Coinbase with whom it has a historically close relationship. “If Coinbase wants to buy, Circle will sell without a second thought,” a banker told Fortune. With the uncertainty of the IPO market and high investor interest in crypto assets, acquisitions could be a shortcut to major expansion.
Coinbase Has an Ace: Existing Partners, Power over Revenue
Coinbase has a unique advantage in this competition as they co-created USDC with Circle in 2018 through a joint project called Center Consortium. Although the partnership was officially dissolved in 2023, the business relationship between the two is still close.
Coinbase even still holds a stake in Circle and earns 50% of revenue from USDC reserves, unless the funds are held on the Coinbase platform-where they take 100%.
In addition, Coinbase has the right to block any new deals Circle wants to make regarding revenue from USDC, as well as partial control over Circle’s intellectual property if the company goes bankrupt.
One source even mentioned, “I feel like they are just one company.” With Rp131.4 trillion ($8 billion) in cash reserves and the status of a public company that just joined the S&P 500 index, Coinbase seems very financially prepared to fully acquire Circle.
Also read: Bitcoin (BTC) Beats 1 Kg Gold Price, MEXC and JPMorgan: “The Era of Digital Gold Has Begun?”
Ripple also interested, but offer rejected?
Ripple (XRP), which is widely recognized in the cross-border payments sector, has also reportedly shown interest in acquiring Circle. According to the same source, Ripple offered a package worth IDR 65.7 trillion-IDR 82.1 trillion ($4-$5 billion), consisting of a combination of cash and XRP crypto assets. However, this offer was reportedly rejected by Circle.
Even so, Ripple’s move signals the company’s ambition to expand its influence in the stablecoin sector and reach a wider market.
With the integration of blockchain technology and stablecoins, Ripple could strengthen its position as a leader in digital payment solutions. However, the lack of access to public funds like Coinbase has left Ripple slightly behind in the competition.
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Reference:
- Crypto Times. Ripple and Coinbase Compete to Buy Circle: Fortune Report. Accessed May 21, 2025.
- Featured Image: Crypto Rank
