Ripple Labs Inc. made a takeover offer to acquire stablecoin competitor Circle Internet Financial in a deal valued between $4 billion and $5 billion, according to sources familiar with the matter. The proposal, however, was turned down by Circle, which reportedly viewed the valuation as insufficient.
Ripple’s Bid to Acquire Circle Resurfaces
🚨 Circle Rejected Ripple Takeover Bid of $4-5B https://t.co/6VPRVN5hZx pic.twitter.com/mP3Ff6EEKU
— matthew sigel, recovering CFA (@matthew_sigel) April 30, 2025
Despite the rejection, Ripple has not ruled out a renewed bid, though no decision has been made on whether it will pursue the acquisition further. The discussions remain confidential, and both companies have declined to comment directly on the matter. “We do not comment on market rumors,” a Circle spokesperson said in a statement, citing regulatory restrictions due to a recently filed IPO. “Our long-term goals remain the same.”
The timing of the offer coincides with a resurgence in crypto dealmaking, fueled by a broader rebound in digital asset valuations. Circle, along with firms like BitGo, Gemini, and Bullish Global, is considering a public listing as soon as in 2025. Ripple, on the other hand, recently acquired crypto prime brokerage Hidden Road for $1.25 billion, thus, expanding its footprint in the changing crypto space.
Circle is the issuer of USDC, and is the second-largest stablecoin globally, with a market capitalization of approximately $61.7 billion. On the other hand, Ripple’s own stablecoin, RLUSD, which was launched in December 2024, currently has a market cap of nearly $317 million.
The stablecoin sector is under increasing regulatory and institutional scrutiny. As reported earlier, Circle, BitGo, and other crypto firms including Coinbase and Paxos are seeking state and national banking charters to enhance credibility, lower borrowing costs, and broaden their services in a more regulated framework.
Moreover, Ripple recently made headlines after its native cryptocurrency, $XRP, surged when CME Group announced plans to launch XRP futures contracts on May 19, pending regulatory approval. The expansion will provide market customers with access to both micro-sized (2,500 XRP) and larger-sized (50,000 XRP) futures contracts.
