Ripple’s $5B Bid for Circle Gets Laughed Out of the Room

Another day, another crypto M&A deal that smells like desperation. Ripple—yes, the XRP folks—just got schooled on valuation after Circle reportedly told them to take their chump-change $5 billion offer and shove it.

Why it matters: This isn’t just about bruised egos. It’s a power play in the stablecoin wars, where Circle’s USDC trails only Tether in market dominance. Ripple clearly wants a seat at that table—just not enough to pay full price.

The kicker? Watching crypto giants haggle over billions while retail investors eat ramen. Some things never change in finance—even the ’decentralized’ kind.

M&A movements in crypto

The offer from Ripple arrives as deal activity in the digital asset sector intensifies. Crypto-native firms such as Circle, BitGo, Gemini, and Bullish Global are reportedly preparing for public listings, buoyed by a recovery in token prices and investor demand for digital financial infrastructure. 

Earlier this month, Ripple itselfbrokerage infrastructure firm Hidden Road for $1.25 billion, following a win in its legal battle with the SEC.

Circle’s growing position as the key issuer of USDC, particularly as stablecoins gain regulatory clarity and merchant adoption, positions it as a central target in broader consolidation trends. 

Ripple’s RLUSD, while smaller in scale, reflects the company’s ambitions to compete directly in the stablecoin payments market, where integration with global institutions and on-chain infrastructure is becoming increasingly critical.

According to the sources, the outcome of Ripple’s interest in Circle remains uncertain. Still, the rejected bid adds to a wave of corporate positioning as crypto firms in the US seek to secure strategic footholds ahead of broader mainstream adoption.