Ripple offered USD 5 billion to buy its rival, according to Bloomberg
The issuer 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., issuer of the stablecoin USDC, for an amount between USD 4 billion and 5 billion. 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.
A spokesperson for Circle stated that they would not comment on the matter. "As we are in a quiet period with the SEC, we cannot make further comments on our corporate financial plans. Our long-term goals remain the same," the spokesperson told Bloomberg.
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.
As CriptoNoticias has reported, despite its growth, RLUSD is still too far from catching up to USDC, which has a market capitalization of USD 61.5 billion.
The offer to acquire Circle is part of a broader strategy by Ripple to expand its presence in the financial ecosystem. In April 2025, Ripple agreed to purchase the brokerage firm Hidden Road for USD 1.25 billion, marking the largest acquisition in the company's history.