Circle, the company behind stablecoin USDC, has officially filed for an IPO on the New York Stock Exchange, casting doubt on Ripple’s recent $20 billion acquisition offer. The move comes after weeks of high-level talks between the two companies, with insiders suggesting a deal was close to completion. Ripple had previously offered a lower bid in April, which Circle declined.
The potential $20 billion acquisition would have given Ripple control over USDC infrastructure, one of the largest stablecoins after USDT. However, Circle has denied any pending acquisition and hasn’t publicly acknowledged Ripple’s offer. Today’s IPO filing suggests the company is opting for a public offering, at least for now.
For Ripple, this development could halt its ambitions to expand in the USDC market. Ripple’s own stablecoin, RLUSD, launched recently but remains far behind USDC in scale and market cap. Meanwhile, the company continues to pursue other plans, including a potential XRP-based ETF before year’s end.
Neither company has issued an official statement on the acquisition talks status.