Sources reveal that both Coinbase and Ripple are exploring potential acquisition bids for Circle despite the company still pursuing an initial public offering (IPO). While Circle filed for an IPO in April, they haven’t ruled out selling to a strategic buyer. Previously, Ripple made a bid for Circle, understood to be within the $4–5 billion range, but it was rejected. **Despite no formal negotiations underway, insiders suggest Circle would seriously consider bids exceeding those previously offered, particularly from Coinbase.** This trend of increased crypto M&A activity is further evidenced by recent deals like Coinbase acquiring Deribit for nearly $3 billion and Ripple’s acquisition of Hidden Road for $1.25 billion. Ripple’s extensive XRP reserves might play a role in another potential bid. However, the motives behind Ripple’s interest remain unclear as they simultaneously develop their own stablecoin, RLUSD. Circle holds a crucial position within the stablecoin sector thanks to its widely used USDC across both centralized exchanges and DeFi platforms.** A takeover by a major player could significantly alter the competitive landscape of the stablecoin industry and influence global crypto infrastructure integration.