It’s no secret that Circle, the giant stablecoin issuer behind USDC, recently filed paperwork with regulators in April as part of an IPO bid. It’s also well-known that crypto payments company Ripple offered to acquire Circle for up to $5 billion but got rebuffed. And now, rumors of a Coinbase acquisition have placed the USDC issuer back in the spotlight.

Coinbase, the largest U.S. crypto exchange, just wrapped up its $2.9 billion acquisition of derivatives platform Deribit, the largest of its kind in the industry. But the exchange is still awash with cash, with its balance sheet reflecting more than $8 billion in cash and cash equivalents. “If Coinbase wanted to buy them, Circle would sell in a heartbeat,” one of Fortune’s sources reportedly told the publication.

Coinbase’s interest in Circle wouldn’t be a surprise. The exchange already has an equity stake in the stablecoin issuer, and the two firms have a revenue-sharing partnership where they split stablecoin proceeds down the middle. Coinbase’s $698 million in Q1 “subscription and services” revenue was primarily from USDC operations. The company has also touted its mergers and acquisitions (M&A) chops, claiming to be an industry leader in the area. “I believe we’ve been the most active player in crypto M&A historically, period,” said Coinbase President and Chief Operating Officer Emilie Choi during the company’s Q1 earnings call in early May.

Despite Circle insisting it’s “not for sale,” it appears that talks have indeed taken place, and whether Circle ends up going public or gets snapped up prior to that, is anyone’s guess. But if an acquisition does take place, the buyer will likely be Coinbase.

“Their going public doesn’t change anything about our commercial relationship,” said Coinbase CEO Brian Armstrong after being asked about the potential transaction by Bloomberg. “But in terms of other deals we might consider in the future, I mean, that, of course, would be up to them and us.”

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