Ripple, the company behind the cryptocurrency XRP and recently also behind the stablecoin Ripple USD (RLUSD), attempted to make a big move in the crypto ecosystem by offering between $4 billion and $5 billion to acquire one of its biggest competitors: Circle Internet Group Inc., issuer of USDC, the second most used stablecoin in the world.

This operation, according to reports from Bloomberg, was rejected by Circle, which considered the financial offer as insufficient and decided to move forward with its own growth plans, including a future public offering through an initial public offering (IPO).

Ripple's intention was clear: to strengthen its position in the competitive stablecoin market, currently dominated by giants like Tether (USDT) and itself.

Although RLUSD has experienced steady growth since its launch in December 2024 and already has a market capitalization close to $317 million, it is still far below USDC, which exceeds $61.5 billion.

The acquisition of Circle would have been a quick and ambitious way to scale positions and gain presence in this market segment.

From Circle, a spokesperson avoided making direct statements about the offer, arguing that they are in a "quiet period" due to SEC (U.S. Securities and Exchange Commission) regulations related to their IPO.

Nevertheless, they reaffirmed that their long-term vision remains strong, implying that they prefer to grow independently rather than be absorbed by a competitor.

This attempt at acquisition is not an isolated incident, but part of a broader strategy by Ripple to expand within the traditional and crypto financial ecosystem.

In April 2025, Ripple had already completed a significant acquisition: the purchase of Hidden Road, a brokerage firm, for $1.25 billion.

This operation will allow Ripple to use its stablecoin RLUSD as collateral in financial products.