🧩 Is Coinbase About to Buy Circle? Stablecoin Wars Just Got Interesting

Coinbase might be making its boldest move yet — by potentially acquiring Circle, the issuer of USDC, the second-largest stablecoin in the world.

The source? Former Coinbase Ventures insider Ryan Yi, who just dropped a speculative bomb on crypto Twitter.

💸 Why USDC Is a Big Deal for Coinbase

• 💵 USDC = 1:1 stablecoin trusted in trading, DeFi, and payments
• 📈 Coinbase already holds 23% of all USDC
• 💰 It’s Coinbase’s #2 revenue source, behind trading fees

But here’s the catch: Coinbase only earns full yield on USDC held on-platform. For the rest, it splits revenue 50/50 with Circle.

That’s leaving serious money — and control — on the table.

🧠 Yi’s Thesis: Coinbase Should Own the Protocol

According to Ryan Yi, acquiring Circle would give Coinbase:

• 🏦 100% of USDC yield
• 🧩 Full protocol governance + flexibility
• 🔗 Seamless native integration with Base, Coinbase Wallet, and DeFi tools
• 🥊 A serious edge against Ripple, Tether, and PayPal

“This would unlock ecosystem control and long-term monetization,” Yi wrote.

He also called the Circle-Coinbase relationship one of “deep synergy” — hinting the foundation for MA already exists.

🚫 But Is It Actually Happening?

Circle says no. They dismissed the rumors as “baseless speculation.”

But in crypto? Denials are part of the dance.

• 🤫 Coinbase hasn’t commented
• 🧠 Yi is no random poster — he’s a former insider with strategic insight
• 🏗️ Stablecoin wars are heating up, and timing matters

🌍 The Bigger Race: Who Controls the Digital Dollar?

• 🏦 Tether dominates in emerging markets
• 💳 PayPal is building its own stablecoin
• 🌊 Ripple launching USD-backed token on XRP Ledger
• 🛠️ Coinbase already built Base, a whole L2 around stablecoin utility

Owning USDC outright would give Coinbase final-boss-level control over the financial layer of Web3.

🧠 TL;DR: Could Coinbase Acquire Circle?

🧩 Ryan Yi suggests Coinbase might acquire Circle for full USDC control 💸 Coinbase earns only partial yield on off-platform USDC 🧠 Full ownership = yield + protocol governance + native integration 🥊 Competition rising: Tether, PayPal, Ripple all building stablecoins 🚫 Circle denies talks, but insiders say synergy is strong 🌐 If true, this would be Coinbase’s most strategic play yet

The battle for the digital dollar has entered acquisition mode.