Ripple Tried to Buy Circle for $5B—Got a Polite ’No Thanks’ Instead
In a move that reeks of crypto’s ’growth at any cost’ era, Ripple allegedly offered $5 billion to acquire stablecoin giant Circle—only to get shown the door. Sources say Circle’s leadership dismissed the offer as ’opportunistic’ during private talks earlier this year.
Why it matters: This would’ve been one of the largest M&A deals in crypto history, combining Ripple’s cross-border payment ambitions with Circle’s USDC dominance. Instead, it joins the graveyard of overambitious consolidation attempts—right next to all those 2021 ’super app’ pipe dreams.
The kicker? Both companies are now racing to launch their own dollar-pegged stablecoins in 2025. Nothing says healthy competition like watching two rivals try to out-bank each other while regulators sharpen their knives.
Did Ripple Try to Buyout Its Competition?
Multiple social media reports suggest that Circle rejected Ripple’s massive buyout offer. The major stablecoin issuer recently filed for an IPO but subsequently paused its plans after Trump’s tariff chaos.
Earlier reports from VanEck’s Matthew Sigel suggested that Circle’s planned IPO had a $4 to $6 billion equity valuation. So, it looks like Ripple attempted to match that valuation.
The planned IPO and current circumstances suggest that Circle may be open to acquisition offers in the future. After all, analysts have previously raised concerns about Circle’s financials.
Circle’s revenues grew 16% but EBITDA and Net Income fell sharply.
Why? Four main reasons –>
Increased Partner Costs: A significant rise in distribution and transaction costs driven by higher fees paid to partners like Coinbase, due to increased reserve income and strategic… https://t.co/CHEv1PFdOk
Ripple’s executives, for their part, recently asserted that they have no plans to go public. However, the company has shown increasing interest in acquisitions.
Earlier in April, the firm acquired prime brokerage platform Hidden Road in a record $1.25 billion deal. So, its expansion plans are very evident.
Last year, Ripple entered the stablecoin market with RLUSD, an asset that directly competes with Circle’s USDC. Ripple’s RLUSD stablecoin market cap has been consistently increasing over the past 3 months, currently at $318 million.
The stablecoin has seen notable developments. RLUSD was recently integrated with Cardano and Chainlink
Ripple offered $5 BILLION to buy Circle
the company that issues USDC
the Ethereum foundation should have bought it, which would have been a huge win for ETH pic.twitter.com/sG8ImxSWPM
Under Trump’s pro-crypto shift, Ripple is seeing a major opportunity to achieve dominance in the US market. As the SEC lawsuit nears an end, the firm is seemingly eyeing an aggressive expansion strategy.
It would be a powerful business opportunity if the firm could take over Circle’s stablecoin expertise and market share. For now, it is unclear if any further negotiations will take place, or if any other firms will make larger offers.
