Ripple Offered $5 Billion To Buy USDC Issuer Circle: Bloomberg
Highlights
- Ripple offered $4 to $5 billion to buy USDC stablecoin issuer Circle.
- The stablecoin issuer rejected the amount because it was too low.
- Ripple already issues the RLUSD stablecoin, which is gaining market share.
In a massive development, Ripple allegedly offered to buy USDC issuer Circle, although the deal didn’t fall through as the stablecoin issuer rejected the amount that the crypto firm offered. A potential acquisition would be a huge move for the crypto firm, considering that it already issues the RLUSD stablecoin, which is gaining market share.
Ripple Offered To Buy Circle For $5 Billion
According to a Bloomberg report, Ripple offered to buy Circle for $4 to $5 billion, but the stablecoin issuer rejected the bid because it was too low. The report further revealed that the USDC issuer is more focused on following through with the initial public offering (IPO) it filed earlier this month. Meanwhile, the RLUSD issuer has yet to decide whether to make another offer to Circle.
This development comes just as the Brad Garlinghouse-led company agreed to acquire prime broker Hidden Road for $1.25 billion earlier this month. It is worth mentioning that Ripple already issues the RLUSD stablecoin, which is the 12th largest by market cap. Meanwhile, USDC is the second-largest by market cap.
As such, an acquisition of Circle would undoubtedly have expanded the crypto firm’s dominance in the stablecoin industry. The RLUSD stablecoin recently surpassed the $300 market cap milestone, but is still playing catch-up to other stablecoins.
Interestingly, Circle recently launched its payment services for cross-border transactions. This move puts the firm in competition with Ripple, which already offers payment services centered around cross-border transactions.
Circle has also been making moves to expand its services beyond the US, as the USDC stablecoin issuer secured in-principle approval from Abu Dhabi’s financial regulator to operate a money service business in the region.
Pro-XRP lawyer John Deaton commented on Ripple’s proposal to acquire Circle. In an X post, he questioned if both firms might move to buy or become a bank next. He also questioned how high Brad Garlinghouse will go as part of his vision for the company.
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