Ripple’s Buyout Bid for USDC Issuer Circle Rejected, Eyes Still on Deal

Ripple, the blockchain firm behind the XRP token and newly launched RLUSD stablecoin, reportedly attempted to acquire Circle, the issuer of the $60 billion market cap stablecoin USDC, but was turned down, according to sources cited by Bloomberg. Despite the failed acquisition, Ripple is said to remain interested in Circle, although no follow-up bid has been decided.

This move highlights Ripple’s ambitions to expand its stablecoin presence, especially after the launch of RLUSD in April, which has so far amassed a market capitalization of just over $300 million. In contrast, USDC remains one of the largest stablecoins globally, second only to Tether’s USDT. A successful acquisition would have significantly boosted Ripple's influence in the digital dollar space, adding to its existing role in cross-border payments and crypto infrastructure.

The timing of Ripple’s interest in Circle comes as the latter eyes a public listing, joining other crypto firms preparing to go public amid a broader push for regulatory clarity and institutional adoption. While Circle continues its trajectory as a top player in the stablecoin market, Ripple’s intent signals a strategy to compete more directly with dominant dollar-backed tokens by increasing its foothold in the stablecoin ecosystem.

Ripple’s potential return with a revised offer remains uncertain, but the development underscores the intensifying competition within the crypto stablecoin sector. With stablecoins increasingly viewed as critical to both DeFi and global payments, Ripple’s pursuit of Circle reflects growing consolidation efforts and a push for scale in a maturing market. Investors will be watching closely for any new moves as Ripple evaluates its next steps in expanding its digital asset portfolio.