Circle Internet Financial, the issuer of the crypto stablecoin USDC, filed paperwork in early April to go forward with a long-awaited initial public offering. There is a chance, though, that Circle’s IPO won’t come to fruition since the company has recently taken part in informal talks to sell itself to Coinbase Global, the largest crypto exchange in the U.S., or to crypto payments company Ripple, according to four banking and private equity executive. Circle is seeking at least $5 billion, which is the valuation that it’s targeting for its IPO.