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Ripple made a bid of up to $5 billion to acquire USDC issuer Circle, but the offer was rejected as too low, Bloomberg reported.
Sources told the news wire that the proposed deal was valued at between $4 billion and $5 billion. Ripple has not submitted a follow-up offer, it said.
Ripple is trying to break into the $239 billion market capitalization stablecoin market and launched its RLUSD stablecoin in December. But it remains a small player, with RLUSD’s market cap standing at just $317 million, compared to USDC’s $61.5 billion, according to CoinMarketCap.
Ripple Bid Comes Just 30 Days After Circle Filed For An IPO
The bid came just a month after Circle, the issuer of the second largest stablecoin by market cap, filed for an Initial Public Offering (IPO).
It reflects Ripple’s aggressive expansion strategy as it moves past its legal battle with the US Securities and Exchange Commission(SEC). The firm recently acquired prime broker Hidden Road for $1.25 billion to boost XRP adoption and usage of the XRP Ledger.
Today, @Ripple announced the acquisition of Hidden Road for $1.25B, one of the largest deals ever in the crypto space. But the price tag isn’t what’s most important – it’s that this deal marks a once-in-a-lifetime opportunity for crypto to access the largest and most trusted…
— Brad Garlinghouse (@bgarlinghouse) April 8, 2025
Analysts See 85% Chance XRP ETF Will Be Approved In 2025
Ripple’s XRP token has also benefited from the recent developments in the SEC case. Bloomberg analyst Eric Balchunas placed the odds that a spot XRP ETF (exchange-traded product) will get the SEC’s approval in 2025 at 85%.
Would love to hear directly from Atkins, but all good chance of happening. Here’s our latest odds of approval for all the dif spot ETFs via @JSeyff https://t.co/nLhYJJmO9U pic.twitter.com/4AcJVwhics
— Eric Balchunas (@EricBalchunas) April 30, 2025
That comes after XRP futures ETFs were approved by the agency in recent weeks.
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