The crypto world is never short on drama—and this time, Ripple is front and center in a multibillion-dollar bidding war that could reshape the stablecoin landscape. Ripple and Coinbase are reportedly vying for control of Circle, the issuer of USDC, with an acquisition price rumored to be north of $11 billion. If Ripple wins, it wouldn’t just acquire a major stablecoin—it would gain unprecedented influence across blockchains.
But not everyone’s cheering.
A Storm Warning from MetaLeX’s Gabriel Shapiro
Gabriel Shapiro, the founder of MetaLeX Labs and a respected legal voice in crypto, is raising serious concerns. He warns that Ripple acquiring Circle could be “disastrous and anticompetitive,” potentially leading to a monopoly over blockchain-issued assets. According to Shapiro, such a move might not survive scrutiny from regulators like the DOJ or FTC.
He also cited Ripple’s previous campaigns targeting rivals—referencing co-founder Chris Larsen’s 2022 Greenpeace alliance against Bitcoin mining—as signs of a firm willing to use influence strategically. Shapiro called for Circle’s board to consider shareholder protections and antitrust obligations before moving forward.
Rejected Deals, Big Money, and XRP Leverage
Ripple reportedly made an earlier $4-5 billion offer to Circle, which was declined. Now it seems to be back with a higher bid—possibly funded using a mix of cash and XRP reserves. At current valuations, Ripple is sitting on nearly $94 billion, including an estimated $40 billion in XRP. However, Ripple can't freely offload those tokens without court approval, limiting its flexibility.
Meanwhile, Coinbase has a war chest of its own: over $8.5 billion in cash and $2.8 billion in crypto assets. Despite this, Coinbase has yet to make a public move, leaving analysts speculating on whether it’s biding time or planning a surprise strike.
What’s Next for Circle?
Insiders suggest Circle would favor Coinbase due to its regulatory positioning and cleaner legal history in the U.S. But Ripple’s aggressive pursuit, possibly backed by allies like SBI Holdings, could swing the deal. Some even speculate that a third-party bidder could emerge at the last minute.
This acquisition could redefine the stablecoin ecosystem overnight—or trigger serious regulatory battles. Whether it's a visionary step or a cautionary tale in the making, all eyes are now on Circle, Ripple, and what comes next.
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