Ripple, the company behind the famous XRP cryptocurrency, has offered to acquire Circle, the issuer of the stablecoin USDC, in a surprising move to take over the company entirely for an estimated bid of around $5 billion 💰.
However, according to sources, the bid was rejected due to a significant drop in its value 😕. Nevertheless, Ripple is still considering other offers to acquire Circle 🤔.
At the end of 2024, Ripple launched its stablecoin RLUSD, which allowed it to directly compete with USDC 💥.
Currently, the market capitalization of RLUSD exceeds $316 million 📊, while the market capitalization of the stablecoin USDC is around $61.7 billion 🌍.