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In crypto, there’s rarely a dull moment — and the latest bombshell could seriously reshape the stablecoin space.

Ripple and Coinbase are reportedly in a heated race to acquire Circle, the company behind the second-largest stablecoin, USDC. The deal could be worth as much as $11 billion, and the implications are massive.

If Ripple succeeds, they wouldn't just be buying a company — they’d be snapping up control of a major dollar-backed asset and positioning themselves as a dominant player across multiple blockchains. Naturally, that’s raising more than a few eyebrows.

Trouble Ahead?

Gabriel Shapiro, founder of MetaLeX Labs, is sounding the alarm. He called the idea of Ripple becoming the top issuer of stable assets “disastrous and anticompetitive.” In his view, regulators are likely to step in if Ripple signs a definitive agreement.

He didn’t mince words: “If this happens, we’re heading straight to the DOJ and FTC,” Shapiro warned, citing Ripple’s past conduct — including its public campaigns targeting Bitcoin and Ethereum.

Shapiro referenced Ripple’s 2022 move with Greenpeace to criticize Bitcoin mining, which many viewed as an attempt to undermine competitors. He also said Circle’s board should consider the antitrust implications and the legal obligation to protect shareholders, known as the Revlon doctrine.

A Price War and XRP Strategy

According to sources, Ripple first tried to buy Circle earlier this year with a $4-$5 billion offer, which Circle rejected. Now, Ripple’s reportedly back with a bigger war chest — possibly combining cash with a portion of its $94 billion in XRP holdings (though using those tokens may require court approval).

Meanwhile, Coinbase has plenty of liquidity — over $8.5 billion in cash and another $2.8 billion in crypto — but it hasn’t made a formal offer yet, leading some to question their game plan.

Who Will Win — Ripple, Coinbase, or a Third Player?

While Ripple is clearly the aggressor, regulatory pushback could work in Coinbase’s favor. Insiders suggest that if Coinbase made a move, Circle’s leadership might be quicker to accept it, given the smoother road with U.S. regulators.

And don’t count out a wildcard. SBI Holdings, a Japanese financial giant with strong XRP ties, could swoop in with support or its own offer.

Whether Ripple succeeds or not, this acquisition chase could redefine the stablecoin market. But as Shapiro warned, the outcome might not be pretty.

One thing is clear: the crypto space is watching closely.

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#ripple #USDC #BTC走势分析 #ETC
#coinbase