- Ripple has been making headlines with major moves including resolving its SEC legal battle and acquiring prime-brokerage Hidden Road for US$1.25 billion in April.
- According to Bloomberg sources, Ripple reportedly made a US$4-5 billion bid for Circle Group, issuer of USDC stablecoin, which was rejected, while Circle remains in a “quiet period” with the SEC.
- Ripple launched its own stablecoin RLUSD in December 2024, which has a US$317 million market cap compared to USDC’s US$61.5 billion.
- The XRP Ledger recently introduced Ethereum-compatible smart contracts via its EVM sidechain, allowing XRP to be used with wallets like MetaMask for greater interoperability.
Ripple is making waves in the crypto industry with a number of developments. There’s the resolution of the long-lasting legal dispute with the US Securities and Exchange Commission (SEC) and the purchase of Hidden Road, which was one of the major takeovers of the crypto industry.
Now, according to a Bloomberg report citing sources familiar with the matter, Ripple has apparently set its eyes on Circle Group. Rumour has it they placed a bid somewhere between US$4 billion (AU$6.2 billion) and US$5 billion (AU$7.8 billion), but the offer was rejected.
Circle is one of the largest stablecoin issuers, with USDC being the second-largest stablecoin behind Tether’s USDT.
A spokesperson for Circle said they “do not comment on market rumors”, adding their plans remain unchanged.
As we are currently in a quiet period with the SEC, we cannot comment further on our corporate financial plans. Our long-term goals remain the same.
Circle spokespersonRipple launched their own stablecoin, RLUSD, in December 2024, which has a market cap of US$317 million (AU$494 million) compared to USDC’s US$61.5 billion (AU$95.9 billion).
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Ripple Expands Reach in Crypto Industry
If true, Ripple’s move to take over Circle is another bold move by the San Francisco-based fintech, which is rapidly increasing its influence in the sector. The acquisition of prime-brokerage Hidden Road cost them a reported US$1.25 billion (AU$1.95 billion) and attracted considerable attention earlier in April.
The company’s Chief Technology Officer (CTO), David Schwartz, called it a “defining moment”, while Cassie Craddock, the Managing Director for Ripple UK and Europe, said the move was a major boost for the XRP Ledger (XRPL).
The XRPL is a fast, low-cost and energy-efficient blockchain developed by Ripple for cross-border payments and token transfers. It uses a unique consensus mechanism instead of traditional mining.
The XRP coin itself is down over the past 24 hours, losing 1.5% and currently trades at US$2.20 (AU$3.43).
There was also bullish news for XRPL: the XRP Ledger has introduced Ethereum-compatible smart contracts via its EVM sidechain, allowing developers to build on XRPL using familiar Ethereum tools while enabling XRP to be used with wallets like MetaMask – another major step toward greater interoperability and adoption.
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