Ripple CEO said the company never planned to buy Circle and denied all reports of a $5 billion offer.
Circle is moving ahead with its IPO and has stated that the company is not for sale at this time.
Ripple is focusing on stablecoin RLUSD and building links between crypto assets and traditional finance.
Ripple CEO Brad Garlinghouse has dismissed reports of a multibillion-dollar offer to acquire Circle. This counters earlier claims suggesting Ripple tried to buy the USDC issuer for up to $5 billion.
https://twitter.com/Cointelegraph/status/1930051894811992090 CEO Comments Surface During Private Event
Georgetown Law professor Chris Brummer shared that Garlinghouse made the remarks during a closed-door session in Las Vegas on June 1. He stated Ripple had never pursued any acquisition of Circle. He also mentioned that the topic was not part of Ripple’s strategic discussions.
Ripple leadership has now addressed the speculation for the first time. This follows an April 30 report citing anonymous sources who claimed Ripple made a $4 billion to $5 billion offer. According to those sources, Circle allegedly rejected the bid, calling the offer too low.
Circle Moves Ahead With Public Offering
Circle has filed for an initial public offering with the U.S. Securities and Exchange Commission. The company plans to trade under the ticker CRCL. It aims to sell 32 million Class A shares at prices between $27 and $28. This IPO would place its valuation near $7.2 billion.
Although unconfirmed by Circle leadership, media reports noted that Coinbase may have made a counteroffer. Circle later issued a statement saying the firm is not for sale. The company has not commented further on the IPO valuation or the timeline.
Ripple Shifts Focus to Stablecoin Development
Garlinghouse used the event to spotlight Ripple’s new initiatives, including its RLUSD stablecoin. The company aims to use RLUSD as collateral for on-ledger transactions on the XRP Ledger. Ripple intends to make RLUSD central to its digital asset strategy.
As of now, RLUSD holds a market cap of $310 million. That figure remains significantly lower than USDC’s $61.5 billion. Ripple continues to seek regulatory approval from New York’s Department of Financial Services before a broader launch.
Expansion Efforts Highlight Global Strategy
Ripple also recently acquired prime brokerage platform Hidden Road in a deal worth $1.25 billion. Hidden Road processes $3 trillion in annual credit transactions. Ripple plans to use this infrastructure to bridge traditional finance with tokenized assets.
The firm is also working with regulators in the United Arab Emirates. Together, they are piloting real estate tokenization initiatives.
Ripple's broader strategy remains focused on infrastructure development, not corporate takeovers. Garlinghouse emphasized building systems where stablecoins, banks, and tokenized assets can interact on connected financial networks.
