Ripple reportedly made a strategic offer, estimated between $4 billion and $5 billion, to acquire its competitor, Circle Internet Group. Sources familiar with the matter indicate that Circle rejected this acquisition bid, deeming it an undervaluation of the company. While Ripple maintains its interest, the likelihood of a subsequent offer remains unclear.
Concurrently, Circle is proceeding with its previously filed initial public offering (IPO). This development follows Ripple's recent entry into the stablecoin market with RLUSD in December, which currently has a market capitalization of approximately $316.9 million. RLUSD competes with Circle's USDC, a significantly larger stablecoin with a market valuation of $61.7 billion.
Neither Circle nor Ripple has provided official comments on the reported acquisition attempt. A Circle spokesperson cited regulatory restrictions and the company's quiet period related to its SEC filing as reasons for declining to comment on specific details. Ripple also declined to issue a public statement regarding the matter.