Ripple reportedly made a $4–$5 billion takeover offer for Circle Internet Financial, the issuer of the USDC stablecoin. The proposal was rejected as “too low,” according to Bloomberg sources familiar with the matter.
The development marks a major power play by Ripple, which is aggressively expanding into the stablecoin space via its newly launched RLUSD. While Ripple remains interested, it hasn’t decided whether to pursue a second offer.
Circle, which confidentially filed for an IPO in early April, appears to be betting on a significantly higher valuation through public markets. With USDC commanding a $62 billion market cap, second only to Tether’s USDT, Circle is positioning itself as a core piece of crypto’s financial plumbing.
By contrast, Ripple’s RLUSD has just crossed the $317 million mark, highlighting the valuation gap. With IPO prospects looming, Circle is staying silent, citing SEC quiet-period guidelines.
Ripple’s Strategic Push
The rejected offer follows Ripple’s recent $1.25 billion acquisition of prime brokerage firm Hidden Road. The firm’s President, Monica Long, had recently noted that the company wasn’t pursuing an IPO but was actively looking for acquisitions.
This signals a broader ambition to lock in influence across digital payments, trading infrastructure, and now stablecoins. By attempting to buy Circle outright, Ripple clearly aimed to leapfrog into stablecoin dominance in a single move.
This attempted takeover highlights the intensifying competition in the stablecoin arena, as crypto-native giants vie for scale and regulatory legitimacy. With Circle focused on IPO aspirations and Ripple sharpening its M&A appetite, the market is watching closely. A revised bid can’t be ruled out, especially as stablecoins cement their role in cross-border settlements, tokenized finance, and the next wave of institutional crypto adoption.
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XRP is currently trading below $ 2.20, a 2% decrease in the day, according to data from Coingecko. The lack of action appears to stem from uncertainty regarding a potential spot ETF approval.
