Tag: Circle

Circle Targets Nearly $6 Billion Valuation in Landmark Stablecoin IPO

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Circle launches IPO to raise $624M, targeting a $5.65B valuation amid stablecoin growth.
– USDC’s market cap has surged 40% in 2025, driven by rising demand and pending U.S. regulation.
– Cathie Wood’s ARK and Coinbase stand to benefit as Circle eyes wider institutional adoption.

Circle, the fintech firm behind the widely-used USDC stablecoin, has officially launched its long-anticipated initial public offering (IPO), aiming to raise approximately $624 million. The move would value the company at around $5.65 billion — and closer to $6.7 billion when including outstanding shares and options — marking a pivotal moment for both Circle and the broader digital asset space.

The offering includes 24 million shares of Class A common stock, priced between $24 and $26 per share. Of those, Circle itself will sell 9.6 million, while existing shareholders are offloading the remaining 14.4 million. The shares will trade under the ticker CRCL on the New York Stock Exchange, giving traditional investors direct exposure to one of the most influential players in the crypto ecosystem.

Founded in 2018, Circle’s signature product, USD Coin (USDC), is now the second-largest stablecoin in the world, with around $62 billion in circulation — roughly 27% of the total stablecoin market. It trails only Tether (USDT), which holds a 67% share. However, USDC has outpaced its rival in growth this year, boasting a 40% increase in market cap compared to Tether’s 10%, according to CryptoQuant.

The IPO comes at a strategic inflection point for the crypto industry, as U.S. lawmakers move closer to passing the first major federal legislation aimed at stablecoins. Last week, the Senate advanced a regulatory bill that would establish clear guidelines for their issuance and oversight. Former President Donald Trump, now back in office, has voiced strong support for crypto regulation and stated his desire to sign a stablecoin-focused bill before the August recess.

A significant backer of Circle’s IPO is ARK Investment Management, led by Cathie Wood, which has signaled interest in purchasing up to $150 million worth of shares — a vote of confidence in Circle’s future and stablecoin utility.

The IPO is also expected to have notable ripple effects for Coinbase, a co-founder of USDC and one of its primary distribution channels. Coinbase and Circle maintain a 50/50 revenue-sharing agreement on USDC, and the crypto exchange earns 100% of the interest income generated by USDC-based products on its platform. Coinbase CEO Brian Armstrong has called making USDC the world’s top stablecoin a “stretch goal” for the company.

Beyond trading and DeFi use cases, USDC and other stablecoins have increasingly been recognized for their ability to move U.S. dollars quickly and inexpensively across borders. This functionality is attracting attention from fintech firms, traditional banks, and policymakers alike — especially as global conversations around preserving U.S. dollar dominance intensify.

With its IPO, Circle isn’t just going public — it’s stepping into the spotlight as a central player in the next era of global finance.

Ripple’s Rejected Bid for Circle Signals Stablecoin Consolidation Race Is Heating Up

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Ripple reportedly made a $4–$5 billion bid to acquire USDC issuer Circle, which was declined.
– Circle is pursuing a public listing and is currently in a regulatory quiet period.
– The deal reflects intensifying competition in the stablecoin space ahead of expected U.S. legislation.

Crypto payments firm Ripple made headlines this week after reports emerged that it offered between $4 billion and $5 billion to acquire Circle, the issuer of the USDC stablecoin. While the offer was ultimately turned down, the attempted acquisition highlights a growing race among major players in the digital asset space to consolidate infrastructure and scale stablecoin capabilities ahead of impending U.S. regulation.

According to Bloomberg, Ripple’s bid was rebuffed by Circle as undervaluing the company. The timing is notable: Circle recently filed for a public listing with the SEC and is currently in a regulatory “quiet period,” restricting its ability to comment on financial matters. Nevertheless, the attempted acquisition sheds light on Ripple’s expansion strategy and broader trends in the maturing stablecoin ecosystem.

Ripple CEO Brad Garlinghouse has previously stated the company would be “more proactive in looking at acquisitions,” particularly in blockchain infrastructure. Ripple’s recent launch of its own stablecoin, RLUSD, on Ethereum and the XRP Ledger is consistent with this strategy. RLUSD has grown quickly in 2025, with its market cap rising to $317 million, but it still trails far behind Circle’s USDC, which boasts a market cap exceeding $62 billion and is issued across 19 blockchains.

Stablecoins—cryptocurrencies pegged to fiat currencies like the U.S. dollar—have become central to the crypto economy. They’re used for everything from trading and remittances to DeFi protocols and cross-border payments. As such, ownership of a dominant stablecoin platform offers a critical foothold in the broader digital asset infrastructure.

For Ripple, acquiring Circle would have provided a powerful shortcut to stablecoin dominance. Beyond simply growing its token footprint, the deal could have given Ripple access to Circle’s institutional network, regulatory goodwill, and technical infrastructure—all valuable assets as Congress debates landmark stablecoin regulation. While Ripple’s own RLUSD is gaining traction, it lacks USDC’s deep liquidity and institutional adoption.

This isn’t the first major deal in the stablecoin space. In October 2024, payments firm Stripe acquired Bridge, a stablecoin platform, for $1.1 billion—one of the largest crypto M&A deals to date. The Ripple-Circle talks, though unsuccessful, suggest that much larger transactions could be on the table as fintech and crypto firms position themselves ahead of coming legislation.

Lawmakers in Washington are working on frameworks to regulate stablecoins and digital asset markets. With increased clarity, more traditional financial players—like Bank of America or PayPal—could soon enter the space. That raises the stakes for crypto-native firms like Ripple and Circle, which are racing to cement their roles before regulations unlock the next wave of competition.

For small and micro-cap crypto investors, this event underscores the growing importance of strategic acquisitions in shaping the sector’s future. Ripple’s failed bid also suggests that Circle sees itself on a trajectory toward greater independence and valuation—particularly with a public listing on the horizon.

Whether or not a Ripple-Circle deal is revived, it’s clear the stablecoin wars are accelerating—and consolidation could define the next phase of the crypto market.