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 Bloomberg reports, was rejected by Circle, which considered the economic offer insufficient and decided to move forward with its own growth plans, including a future public listing 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 its own $USDC .

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

The acquisition of Circle would have been a fast 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 regulations (U.S. Securities and Exchange Commission) related to their IPO.

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

This purchase attempt 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 closed an important 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.