Coinbase USDC Shares Records Growth
According to an X post, Yi suggested that Coinbase would capitalize on USDC’s growing importance by acquiring Circle. The publicly traded company has a share of USDC circulation, and over the years, this share has experienced tremendous growth.
In Q1 2025 alone, Coinbase USDC shares increased to 23% of the total supply of the stablecoin, reflecting massive growth. It is, therefore, little wonder that the USD-pegged stablecoin ranks as the second-largest source of Coinbase revenue.
On this basis, Yi says that the acquisition of Circle would help the crypto exchange fully capture the revenue around USDC.
Coinbase and Ripple in Battle to Acquire Circle
Unfortunately, Coinbase is not the only company bidding to take over Circle’s stablecoin system. While the crypto exchange is having informal talks with the USDC issuer, San Francisco-based Ripple offered Circle $5 billion. The firm later rejected this particular offer because it was small.
At first, Ripple was unsure whether to try again or walk away from the bid. However, once Coinbase came into the picture, the competition became steep, and the blockchain payment firm more than doubled its offer to $11 billion in cash and XRP. Until now, the terms of Coinbase’s offer remain unknown.
Cardano founder Charles Hoskinson recently stated that Ripple’s acquisition of Circle will benefit the broader crypto market. He noted that it could make the industry more open and fair.
Circle Files For IPO, Plans to List Shares on NYSE
Amidst these acquisition talks, Coinbase is focusing its attention on going public before this year ends. The company officially filed for an IPO just before the end of May, citing that it plans to list its shares on the New York Stock Exchange under the ticker symbol “CRCL.”
The firm is targeting an IPO valuation of up to $5.65 billion. This fund will come from the company selling about 9.6 million new shares, while current shareholders will sell another 14.4 million. Circle is looking forward to getting support from some of the biggest names in finance, including Goldman Sachs, Citigroup, JPMorgan, and many others.
The IPO filing suggests that neither Coinbase nor Ripple will acquire the company.
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