Overview

• Ripple proposed a $4–5 billion acquisition of Circle, the issuer of the USDC stablecoin, but the offer was rejected for being too low.
• Circle’s USDC stablecoin boasts a market cap exceeding $60 billion, dwarfing Ripple’s RLUSD, which recently reached $317 million.
• Ripple remains interested in acquiring Circle but has not decided whether to submit a revised offer.
• Circle filed its S-1 with the SEC in early April 2025, signaling plans to go public, and is currently in a quiet period restricting public comment.
• Ripple CEO Brad Garlinghouse has stated the company is actively pursuing acquisitions, particularly in blockchain infrastructure.