Ripple Extends $4-5 Billion Takeover Proposition for USDC Stablecoin Publisher Circle, According to Bloomberg Reports
Ripple's massive bid for Circle gets rejected, crypto world abuzz
Ripple's jaw-dropping offer to take over USDC stablecoin issuer Circle went down in flames, according to Bloomberg's hot off the press report.
The offer, estimated at a staggering $4–5 billion, met a cold rejection from Circle. With Circle recently filing paperwork for an IPO, the fluctuating value of their USDC market cap made Ripple's offer seem like a low-ball move.
A spokesperson from Circle, all but gagged by a quiet period with the SEC, neither confirmed nor denied the report, leaving the cryptoverse buzzing with speculation. Decrypt reached out to Circle for their side of the story, but the folks over there were as tight-lipped as a clammed-up oyster.
Ripple's CEO, Brad Garlinghouse, previously hinted at potential acquisitions, mentioning a keen interest in "blockchain infrastructure companies." With stablecoin legislation under discussion in Washington, experts believe this could be the perfect time for Wall Street giants like Bank of America, as well as a swarm of tech companies, to jump into the crypto game.
Stablecoins, digital assets tied to the value of a traditional currency like the U.S. dollar, are a hot commodity. In October, payments colossus Stripe announced a $1.1 billion deal for stablecoin platform Bridge - one of the biggest splashes in crypto acquisition history.
Ripple launched its RLUSD stablecoin on Ethereum and XRP Ledger in December. Since then, RLUSD's market cap has skyrocketed, up from $72 million to a whopping $317 million, according to crypto data provider CoinGecko. USDC, with a much larger market cap hovering close to an all-time high of $62.3 billion, is issued across 19 different blockchains.
Ripple is not giving up on acquisitions. They recently snapped up prime brokerage Hidden Road for $1.25 billion, and their stablecoin ambitions are on the rise.
As for Stripe, the Stablecoin Whisperer of the crypto world, recent reports don't give us a peek into their plans. Keep your eyes peeled for more crypto acquisition news - this industry is heating up faster than a candle left in the sun!
Edited by Andrew Hayward
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- Despite Ripple's rejection, speculation remains rife about other Wall Street giants and tech companies potentially entering the cryptocurrency market.
- Ripple, after a failed bid for Circle, remains resolute on its intentions to expand its stablecoin portfolio, having recently acquired Hidden Road.
- Stripe, known as the Stablecoin Whisperer, has not publicly disclosed any plans following its acquisition of Bridge, one of the biggest crypto acquisitions to date.
- The crypto market is abuzz with the news of Ripple's rejected bid for Circle, highlighting the growing interest and potential acquisitions within the digital asset industry.
- The USDC stablecoin, with a much larger market cap compared to Ripple's RLUSD, is issued across 19 different blockchains, while RLUSD is available on Ethereum and XRP Ledger.
- Crypto exchanges might witness a surge in activity as more companies explore the world of digital assets, potentially leading to increased crypto payments and transactions.
- The crypto-finance landscape is undergoing significant changes, with businesses recognizing the potential of blockchain technology and digital assets such as Bitcoin, Ethereum, and Ripple.
- As the stablecoin legislation is under discussion in Washington, a swarm of tech companies might seize the opportunity to venture into the crypto market.
- The value of USDC, like other digital assets, is subject to fluctuations, which could have impacted Ripple's offer for Circle, recent rejections notwithstanding.
- The rejection of Ripple's bid for Circle has underscored the intensity and competition within the crypto market, with companies like Ripple and Stripe continuing to impact the crypto exchange landscape.
