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Did Ripple acquire Circle? That’s the question echoing through the crypto space after recent news surfaced.
The answer is no — Ripple proposed an acquisition offer worth between $4 billion and $5 billion, but it was rejected. Sources familiar with the matter revealed Circle turned down the bid, saying the offer was simply too low. The proposed deal, if successful, would have combined two major players in the stablecoin and blockchain markets. Ripple has not made a final decision on whether to return with a new bid. Circle, for now, remains committed to its IPO strategy, filed with the SEC on April 1. During the regulatory “quiet period,” Circle is not allowed to publicly comment on financial plans or valuations. Ripple has also declined to speak on the matter, keeping the potential for future M&A activity under wraps.
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Circle rejects Ripple’s bid, but stablecoin race intensifies
This failed deal highlights growing momentum in crypto M&A, especially around stablecoin competition. Circle issues USDC, the second-largest stablecoin with a $61.7 billion market cap. Ripple entered the stablecoin space in December 2024 with RLUSD, currently valued at $250.2 million. Had the deal succeeded, Ripple would’ve gained dominant stablecoin infrastructure and direct access to institutional markets. Ripple’s move followed its $1.25 billion acquisition of Hidden Road, a crypto brokerage infrastructure firm. That deal, made shortly after a legal victory against the SEC, underscored Ripple’s expansion strategy. Despite the rejection, analysts say Ripple may revisit its interest as consolidation trends continue in crypto finance.
Circle’s IPO aspirations suggest confidence in growing demand for stablecoins and regulatory progress. With stablecoins being adopted for payments and cross-border transactions, Circle is positioning itself at the center. Meanwhile, Ripple’s RLUSD signals its intent to compete for relevance and volume in stablecoin settlements. Though smaller in market share, RLUSD could benefit from Ripple’s deep network of institutional partners.
The question “Did Ripple acquire Circle?” may have a simple answer — not yet — but the full story is still unfolding. As crypto firms pursue IPOs and global scale, mergers like this may shape the next era of blockchain finance.
