Leading stablecoin issuer Circle denies its potential sale to San Francisco-based crypto companies Ripple Labs or Coinbase. A spokesperson affiliated with the USDC stablecoin issuer refuted the claim in a recent statement issued to PYMNTS. This follows reports that Circle was in informal discussions to sell itself to Coinbase or Ripple. In particular, a Fortune report suggested that Circle was exploring a sale at a valuation of $5 billion, which corresponds with the figure it is targeting for its Initial Public Offering (IPO). Despite these reports, the Circle spokesperson emphatically denied any plans to sell itself to another entity, including Coinbase and Ripple. According to them, Circle is committed to its long-term goals. Circle’s IPO Efforts Although the spokesperson did not provide details about Circle’s long-term goals, the company has been considering plans to go public through an IPO. The company first disclosed its IPO plans in December 2022–over a year after Coinbase went public. However, the stablecoin issuer’s IPO plan was stalled, prompting it to relaunch its ambitions in January 2024. As of last month, Circle lined up investment banks to serve as underwriters for the planned IPO. Despite this move, there is still no precise date regarding when the company would go public. Ripple and Coinbase Engage in Bidding War for Circle Meanwhile, rumors about Circle’s potential sale started making the rounds last month. At the time, Bloomberg reported that Circle rejected Ripple’s initial offer of around $4 billion to $5 billion as too low. Subsequent reports indicated Coinbase joined the race to acquire Circle, kicking off a bidding war with Ripple. According to Angel investor Paul Barron, Ripple had an edge in the bid for Circle, proposing between $9 billion and $11 billion. Moreover, a Fortune report portrayed Ripple as having a strong balance sheet for the potential acquisition and suggested that Ripple could complete the acquisition by paying in cash and XRP. Coinbase at an Advantage Over Ripple Although Ripple has the financial prowess to complete the acquisition, sources familiar with the matter disclosed that Coinbase’s existing relationship with Circle could influence any decision to acquire the USDC issuer. In 2018, Circle and Coinbase jointly launched the Centre Consortium crypto project to issue the USDC stablecoin. Through this venture, Coinbase acquired a minority stake in Circle, and they share profits generated from short-term securities and cash backing USDC. At the moment, Circle is prohibited from being involved in any partnership that jeopardizes Coinbase’s USDC revenue. Based on an earlier agreement, Coinbase must give Circle the green light before it enters into such a partnership. With this arrangement in place, Coinbase is expected to acquire Circle if it considers the deal appropriate easily. However, Circle has now officially refuted claims of its potential sale to Coinbase or Ripple.