Ripple’s $5 Billion Bid for Circle Falls Short
Hey FinTech Fanatic!
It is a rare moment when two major forces in stablecoins quietly step into each other’s path. Ripple reportedly made an offer to acquire Circle Internet Group Inc. for $4 billion to $5 billion — a bid that Circle declined, calling it too low, according to people familiar with the matter.
Ripple, best known for its RLUSD stablecoin launched in December, has not yet ruled out making another proposal. Circle, meanwhile, is charting its own course. Last month, it filed for an IPO, choosing to focus on advancing that plan rather than exploring acquisition talks.
“We do not comment on market rumors,” a spokesperson for Circle said in an emailed statement. “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.”
The backdrop to these moves is a quickening pace of crypto dealmaking, fueled by rising token values and renewed interest in public listings. Circle’s USDC stablecoin currently holds a market value of $61.7 billion, compared to Ripple’s RLUSD at $316.9 million. Ripple’s appetite for expansion has already been visible this year with its $1.25 billion agreement to acquire prime-brokerage Hidden Road.
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DIGITAL BANKING NEWS
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BLOCKCHAIN/CRYPTO NEWS
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PARTNERSHIPS
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M&A
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MOVERS AND SHAKERS
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