Ripple: XRP Buyout offer rejected by Circle
Ripple (XRP), the San Francisco-based enterprise blockchain company, recently attempted to acquire stablecoin behemoth Circle for an estimated $4−5 billion.
Quick overview
- Ripple attempted to acquire stablecoin issuer Circle for $4−5 billion, but the proposal was dismissed as insufficient.
- The acquisition aimed to strengthen Ripple's position in the growing stablecoin market, particularly within the USDC ecosystem valued at $62 billion.
- Ripple launched its own stablecoin, Ripple USD (RLUSD), last year, achieving a market cap of over $300 million.
- Circle is focused on going public with its IPO plans, having filed necessary documents in the US while avoiding speculation on market rumors.
Live XRP/USD Chart
Ripple (XRP), the San Francisco-based enterprise blockchain company, recently attempted to acquire stablecoin behemoth Circle for an estimated $4−5 billion.
Circle dismissed the proposal, the USDC issuer deemed it insufficient given the value of the corporate disbursal.
Ripple (XRP) wants to capture a stake in the expanding stablecoin market. The acquisition would have strengthened Ripple’s position within the USDC ecosystem, which currently has a market capitalization pegged at $62 billion; Ripple now stands as a distinguished contender in the ever-evolving stablecoin landscape.
Last year, Ripple launched its stablecoin, the Ripple USD (RLUSD), achieving a market cap of over $300 million, with USDC is the second-largest stablecoin. Regardless, USDC’s position helps Ripple distinguish itself in the cryptocurrency markets while ranking among peers like Tether’s USDT and claiming the position of seventh-largest cryptocurrency overall.
With its IPO, Circle seems dead-set on going public, bursting from the gates in April by filing the required documents in the US. Circle refrained from capturing the media’s attention regarding “market rumors,” only focusing on commenting about public offering schemes when those details were shared with reporters following the IPO announcement.
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