Stablecoin issuer Circle, which recently filed for an initial public offering (IPO), is considering a sale to either Coinbase or Ripple as an alternative, according to a Monday report by Fortune.

Circle engaged in informal discussions regarding a potential sale with expectations of at least $5 billion. This figure aligns with evaluations made by JPMorgan and Citi, financial institutions Circle had enlisted for assistance with its IPO.

Coinbase, which holds a minority stake in Circle and shares revenue from USDC’s reserve interest, and Ripple, which has just launched its own stablecoin, RLUSD, have both been involved in talks. Although an offer from Ripple to acquire Circle was reportedly rejected last month, discussions continue.

In an official statement, Circle confirmed that it “is not for sale” and remains intent on its plans to go public, recalling its previously aborted SPAC merger attempt in 2021.

For further insights, see Coinbase Shares Could See $16B of Buying Pressure From S&P 500 Index Inclusion: Bernstein.