Ripple's reported interest in acquiring Circle, the issuer of the USDC stablecoin, has captured the crypto world’s attention — and now, XRP advocate and legal commentator John Deaton is weighing in on the deal's potential and implications.
What started as rumors of a $5 billion offer from Ripple has now evolved into a much larger discussion. According to sources familiar with the talks, Ripple may have significantly upped its bid, possibly to the tune of $10–20 billion. Although no deal has been confirmed yet, negotiations are said to be ongoing, with both sides engaging in serious back-and-forth.
Deaton chimed in to provide context, noting that Circle’s move toward a public listing adds an extra layer of complexity. On April 1, Circle filed its S-1 form with the SEC, signaling its intent to go public on the New York Stock Exchange under the ticker "CRCL." Major financial institutions like JPMorgan and Citigroup are managing the IPO, which targets a $4–5 billion valuation — coincidentally matching Ripple's initial offer.
However, that initial offer may have been dismissed because Circle sees a higher valuation ahead. In 2022, the company attempted a SPAC merger that aimed for a $9 billion valuation, though that deal ultimately fell through. Now, with more favorable regulatory signals in the U.S. and bipartisan support for digital assets — including the potential passage of the STABLE GENIUS Act — Circle may feel emboldened to hold out for more.
Ripple’s sustained interest suggests it sees strategic value in the deal. Acquiring Circle would give Ripple a dominant position in the stablecoin market. USDC is currently the second-largest stablecoin by market cap, trailing only Tether’s USDT. Ripple’s own entry into the stablecoin arena, RLUSD, has been relatively quiet but has already reached a $317 million market cap.
Analysts forecast that the global stablecoin market could balloon to $2.8 trillion over the next five years. With this kind of growth potential, it’s no surprise Ripple is pressing forward. As John Deaton put it, a $10 billion acquisition “is not crazy” — especially considering the strategic advantages and projected market expansion.
In this high-stakes game, both Ripple and Circle appear to know their worth. Whether a deal ultimately comes together or not, this tug-of-war signals how seriously crypto’s major players are taking the stablecoin race.
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