Chamath Calls Circle Acquisition a “Steal Deal” for Buyers

Billionaire investor Chamath Palihapitiya believes acquiring Circle, the USDC stablecoin issuer, would be a “steal deal” for companies like Ripple or Coinbase. His comments come as Circle seeks to raise $1.1 billion through its IPO, pricing shares at $31 and giving it a fully diluted valuation of $8.1 billion.

Chamath noted that even a $12–13 billion purchase price would be a bargain for what Circle could be worth in the next 20 years. He praised the company’s infrastructure and its strong position ahead of the upcoming US stablecoin legislation, the GENIUS Act.

Circle’s USDC stablecoin has a market share of 30%, and its market cap is currently $60 billion. There were more than $2.3 trillion in USDC transactions in May 2025. Ripple CEO Brad Garlinghouse said there are no acquisition talks with Circle, despite rumors about it.

Industry voices reacted to Chamath’s post. Crypto podcaster Scott Melker said Circle’s future depends on how US regulators treat Tether. He added, “If Circle gets the green light, they’ll be tough to beat.”

Meanwhile, former BitMEX CEO Arthur Hayes warned that moves by Wall Street banks into stablecoins could threaten Circle’s dominance. Between 2022 and 2024, Circle saw its annual revenue rise by 118%, mainly because of growth in DeFi and payments.

USDC’s supply has risen to more than $60 billion, compared to $3 billion in 2020. Ethereum is still the main blockchain for USDC, and activity on Coinbase’s Base Layer 2 is increasing.