In what could be a major shake-up of the industry, Ripple has reportedly offered to buy Circle, the issuer of the USDC stablecoin. Indeed, the company proposed a complete takeover of the company for an offer of around $5 billion, according to a Bloomberg report.
The offer was rejected for being too low, according to sources. Moreover, the report notes that the XRP issuer is still considering another offer to acquire the stablecoin firm. In late 2024, Ripple launched its RLUSD stablecoin, creating direct competition with the USDC issuer.
JUST IN: Ripple offers to acquire Circle $USDC stablecoin issuer, Bloomberg reports.
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Ripple Proposes $5 Billion Bid to Buy Circle as Stablecoin Issuer Eyes IPO
The ongoing growth of the stablecoin industry has been undeniable. Indeed, the total market capitalization of the asset class has officially surpassed the $241 billion mark. With favorable digital asset regulation being at the forefront of incoming US policy, that should only continue to grow.
As Tether’s USDT offering continued to lead the way, two of its biggest competitors came close to a game-changing merger. Specifically, Ripple has reportedly offered to purchase USDC stablecoin issuer Circle in a $5 billion bid that was rejected by the company.
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According to Bloomberg, the offer to acquire the firm was made earlier this month. Additionally, Ripple has considered a follow-up offer as Circle has its sights set firmly on an initial public offering filing made in April. “We do not comment on market rumors,” a Circle spokesperson said in response to the report.
Ripple’s RLUSD stablecoin currently holds a market cap above $316 million, while Circle’s USDC has a market value of about $61.7 billion. Conversely, Circle has not been shy about its intention to go public. Indeed, the company reiterated that its “long-term goals remain the same” in a recent statement.
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