Circle Bets on Wall Street, Not Ripple’s $4-5B Cash Offer
Ripple Labs’ $4 billion to $5 billion bid to acquire Circle Internet Financial, issuer of the USDC stablecoin, has been rejected.
Also read: The Rise and Impact of Ripple Labs
The decision could be due to contrasting strategies in the cryptocurrency space, with Circle moving toward an initial public offering (IPO) while Ripple is focused on acquisitions and expansion.
Ripple’s $5B Offer Falls Short of Circle’s Plans
Ripple Labs bid $4 billion to $5 billion to buy Circle, whose USDC stablecoin commands a $61.5 billion market capitalization.
The stablecoin issuer declined the offer as too low considering its financial position, which generated $1.68 billion in revenue in 2024. The company’s April 2025 IPO filing, targeting a New York Stock Exchange listing under the ticker ‘CRCL,’ projects an estimated equity valuation of $4 billion to $6 billion.
Also read: Fast, Cheap, Transparent: New Circle Network Redefines Cross-Border Cash Flow
The proposal came weeks after Ripple’s $1.25 billion acquisition of digital asset prime broker Hidden Road in April 2025, in line with its plan to expand its stablecoin and blockchain offerings.
Ripple’s RLUSD stablecoin, with a $317 million market capitalization, is far behind USDC’s market capitalization of $61.5 billion.
Largest stablecoins by market cap (Source: CoinMarketCap)
Circle’s IPO vs. Ripple’s Buying Spree
The company’s IPO filing is in line with the recent trend among crypto firms, including Kraken, Gemini, BitGo, and Bullish, eyeing 2025 public listings to capitalize on a pro-crypto regulatory environment under the Trump administration.
Also read: USDC Lands in GCash: A Game-Changer for 100 Million Filipinos
Ripple, valued at $11 billion in 2024—a figure CEO Brad Garlinghouse called “outdated” in January 2025— is considering acquisitions to expand its XRP Ledger and challenge stablecoin leaders like USDC and Tether’s USDT.
In August 2024, Ripple was fined $125 million in an SEC lawsuit, with the agency dropping its appeal in March 2025, giving Ripple legal clarity that has since then contributed to the firm’s confidence in its strategy and approach.
Circle, meanwhile, is leveraging USDC’s dominance to position itself as a fintech leader ahead of its public market debut.
Ripple’s Next Move After Circle’s Rejection
Circle’s rejection suggests no immediate plans for continued acquisition talks, with the company in an SEC quiet period.
Ripple is likely to pursue further acquisitions to strengthen its market position, while Circle’s IPO could cement USDC’s role in global finance, especially in the use of USDC around the world.
Also read: Ripple Stablecoin RLUSD Surges Past $170M Market Cap, Eyes Top Five Spot
The clash shows a competitive stablecoin landscape and strategic differences: Ripple seeks scale through consolidation, while Circle bets on public markets.
As both firms navigate a fast-growing crypto sector, their next moves will determine the future of blockchain technology and cryptocurrency.
