The issuing company of XRP and RLUSD seeks to acquire Circle, which is responsible for the stablecoin 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., the 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 initial public offering (IPO), decided not to accept the offer, focusing on its IPO process.
