$USDC

Ripple Labs Inc., known for its cryptocurrency XRP and its recent foray into the stablecoin market with Ripple USD (RLUSD), proposed to acquire its competitor Circle Internet Group Inc., issuer of the stablecoin USDC, for an amount between USD 4.000 and 5.000 million. However, the offer was rejected by Circle as insufficient, according to Bloomberg citing sources close to the negotiations. ​

Ripple's proposal aimed to consolidate its position in the stablecoin market, dominated by Tether (USDT) and Circle's USDC. However, Circle, which recently filed for an IPO, decided not to accept the offer, focusing on its initial public offering process.

Ripple launched its stablecoin RLUSD in December 2024, backed 1:1 by the US dollar. Currently, RLUSD has a market capitalization of approximately USD 317 million, positioning itself as the 12th largest stablecoin by market capitalization.