Overview

• Ripple proposed a $4–$5 billion acquisition of Circle, the issuer of the $61.7 billion USDC stablecoin, but the offer was rejected as undervalued.
• Circle remains focused on its public listing, having filed its S-1 with the SEC in April 2025, and is currently in a regulatory quiet period.
• Ripple, which launched its RLUSD stablecoin in late 2024 with a current market cap of $316.9 million, is exploring ways to expand its competitive position in the stablecoin market.
• Ripple recently acquired prime-brokerage firm Hidden Road for $1.25 billion, signaling its strategy to integrate blockchain with traditional finance infrastructure.
• While Ripple has not decided on submitting a revised offer, its interest in Circle reflects broader consolidation trends in the evolving stablecoin ecosystem.