Ripple reportedly made a bold $4–$5 billion bid to acquire Circle, the issuer behind USDC, one of the most widely used stablecoins. According to sources cited by Bloomberg, Circle quietly declined the offer.
The timing of the bid is particularly noteworthy. Circle had filed confidential IPO paperwork with the U.S. Securities and Exchange Commission (SEC) earlier this month. Under SEC rules, companies entering a “quiet period” are barred from commenting on mergers or acquisitions—explaining the company’s silence regarding the reported offer.
While Ripple has not confirmed the bid, the move reflects its strategic ambition to expand deeper into the digital asset infrastructure space, especially in sectors where Circle holds a dominant position. Had the deal gone through, it would have been one of the largest M&A events in crypto history.
Stablecoin Market Draws M&A and Investor Attention
The stablecoin sector is emerging as a top target for institutional investors and M&A activity. Lawmakers in Washington are currently debating legislation to provide a clear regulatory framework for these assets. If passed, the rules would likely accelerate adoption and open the door for banks and fintech giants to enter the space.
Analysts predict that companies like Bank of America, along with major payment and software firms, could soon explore stablecoin issuance for payment processing, settlements, and cross-border finance.
Stablecoins—typically backed by U.S. dollars and Treasury bills—have become essential to crypto market operations. That significance is attracting corporate suitors. In October 2024, Stripe acquired stablecoin firm Bridge for $1.1 billion, marking one of the largest crypto-related takeovers on record.
With regulations looming and mainstream adoption rising, the stablecoin sector is becoming a high-stakes arena for both disruptors and incumbents.
Ripple’s RLUSD Gains Ground, Trails USDC
Ripple’s own RLUSD stablecoin, launched in December, has seen fast early growth. Available on both Ethereum and the XRP Ledger, its market cap jumped from $72 million to over $317 million, according to CoinGecko.
Still, RLUSD remains far behind Circle’s USDC, which commands a market cap of $62.3 billion and is issued across 19 different blockchains. Along with Tether’s USDT, USDC remains one of the foundational pillars of the crypto economy.
Circle’s dominance is expected to be reinforced by its anticipated IPO, part of a broader trend of crypto-native firms preparing to go public, including Kraken. These listings may establish new valuation benchmarks as the industry matures and gains regulatory clarity.
Quick Facts
- Ripple’s $4–$5B bid for Circle was reportedly declined, as Circle moves forward with its IPO plans.
- USDC has a market cap over $62B, compared to Ripple’s RLUSD at $317M.
- Ripple recently acquired Hidden Road for $1.25B to boost its financial services division.
- The global stablecoin market cap now exceeds $241B, underscoring continued growth.
