$XRP $XRP Rumors are swirling in the crypto space: Ripple has reportedly doubled its offer to acquire Circle—the issuer of the USDC stablecoin—from $5 billion to a staggering $11 billion. While no official confirmations have been made, the potential deal is raising eyebrows and questions alike. Is Ripple making a bold strategic move, or is this a sign of urgency?
Why Is Ripple Targeting Circle?
Last month, Ripple allegedly made a $4–5 billion bid for Circle, which was declined. Now, with Coinbase also expressing interest, Ripple has supposedly increased its offer to $11 billion to gain the upper hand. If accurate, this could be one of the most aggressive acquisition attempts in the industry since FTX’s collapse.
The main prize? Circle’s USDC, which commands a market cap of around $61 billion and is considered a key asset in the stablecoin ecosystem.
Adding intrigue to the timing, the regulatory environment under the Trump administration appears to be softening, including upcoming events like a high-profile crypto dinner for the top 220 holders of the TRUMP meme coin.
Ripple’s Financial Strength
According to Ripple’s Q1 2025 Markets Report, the company holds 4.56 billion XRP—worth approximately $10.72 billion—and has another 37.13 billion XRP locked in escrow, valued at over $87 billion. With such deep reserves, Ripple is well-positioned to pursue large-scale deals.
Some market observers, such as angel investor Paul Barron, suggest Ripple may have the edge over Coinbase, with estimates placing Ripple’s bid in the $9–$11 billion range.
“BREAKING: @Ripple and @Coinbase now in a bidding war for @Circle. Sources say @Ripple has the upper hand at a $9–11B price tag.” — Paul Barron (@paulbarron), May 19, 2025
Coinbase Enters the Picture
Coinbase is also reportedly in the running, armed with $8 billion in cash as of Q1 2025. As a public company, Coinbase has additional avenues to raise capital and could structure a deal using both cash and equity to remain competitive.
Is Circle Actually for Sale?
That remains unclear. Circle hasn’t publicly indicated any intent to sell. Instead, the company continues to focus on its long-term goals, including a potential IPO. With backing from major financial players like JPMorgan and Citi, Circle is in a strong position to negotiate—or simply use acquisition interest to raise its valuation.
Whether this is a genuine acquisition effort or strategic posturing remains to be seen, but one thing is certain: the battle for Circle is quickly becoming one of the biggest stories in crypto.