Jakarta, Pintu News – Circle, the issuer of the stablecoin US Dollar Coin , has confirmed that it is not for sale despite rumors of a possible purchase by Coinbase or Ripple.
The crypto industry has recently been abuzz with speculation about the sale, but the company has denied the reports and remains committed to plans for an Initial Public Offering (IPO) and possible listing on the New York Stock Exchange (NYSE) later this year.
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Previous reports indicated that Ripple had made a $5 billion acquisition offer to Circle. However, during the negotiation process, Circle rejected the offer which ranged from $4 billion to $5 billion from Ripple, citing that the amount was too low and insufficient.
Although Ripple is reportedly still interested in going ahead with the deal, they have not decided to make a revised proposal. Meanwhile, Circle continues to prioritize their plans for an IPO. A company spokesperson stated to PYMTS, “Circle is not for sale. Our long-term goals remain the same.”
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The stablecoin market remains a fiercely competitive area, especially for US companies, as the GENIUS Act moves closer to becoming law. Currently, Tether dominates the market with a 66% market share, while USDC holds 28% of the overall market.
With the stablecoin bill in the spotlight, Wall Street banking giants and leading crypto companies are vying to introduce their US Dollar-backed stablecoins to the market.
Ripple has introduced their stablecoin, RLUSD, with a market capitalization of over $310 million, which is available on the Gemini crypto exchange. The Circle acquisition might help Coinbase or Ripple to further consolidate their position in the market, but for now, USDC issuers are continuing with their own plans.
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Circle is moving forward with their plans for an IPO and potential listing on the NYSE. This move is considered an important strategy to increase transparency and credibility in the eyes of investors as well as stablecoin users.
With the IPO, Circle hopes to expand their reach and influence in the global financial markets. It will also provide them with greater resources for innovation and expansion, cementing their position as a leader in the ever-growing stablecoin market.
By dismissing acquisition rumors and focusing on IPO plans, Circle is demonstrating their commitment to strengthening their position in the crypto industry. This move not only boosts investor confidence but also confirms USDC’s position as one of the leading stablecoins in the global market.
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