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Ripple CEO Brad Garlinghouse has strongly denied reports that his company offered $4 to $5 billion to acquire stablecoin issuer Circle. Speaking at Ripple’s Las Vegas conference in a discussion with Georgetown Law professor Chris Brummer, Garlinghouse stated that Ripple “never pursued any deal to buy Circle.” Brummer later echoed the sentiment on X (formerly Twitter), saying Garlinghouse was “unequivocal” in his denial and that Ripple wishes Circle well, but has no intention of acquiring the company.
48 hours ago I joined @bgarlinghouse on stage in Las Vegas to get his thoughts on the future of @Ripple. While the session wasn’t broadcast live, I found his remarks quite interesting, and worth a tweet.
— Chris Brummer (@ChrisBrummerDr) June 3, 2025
Quick overview/takeaways:
· Brad was unequivocal that Ripple didn't pursue… pic.twitter.com/6a3lI8DZZj
This statement directly contradicts a Bloomberg report that claimed Ripple had made a formal offer which Circle rejected for being too low. The report also noted that Coinbase allegedly made a counteroffer, though Circle has since reiterated that it is “not for sale.”
Circle Heads Toward Public Market Debut
Circle, best known as the issuer of the USDC stablecoin, is gearing up for its public debut. The company plans to trade under the ticker CRCL, targeting a share price between $27 and $28 and a total valuation of $7.2 billion. This comes after a previously failed attempt in 2022 to go public via a SPAC deal valued at $9 billion.
With a current stablecoin market cap of $61.5 billion, Circle’s financial presence dwarfs Ripple’s in the stablecoin space. However, Ripple is developing its own stablecoin, RLUSD, which currently has a market cap of just $310 million. The launch of RLUSD hinges on regulatory approval from the New York Department of Financial Services.
Also Read: XRP, XLM, IOTA Recognized in Luxembourg Government Report
Ripple Focuses on Financial Infrastructure, Not Takeovers
Despite rumors of a potential acquisition, Ripple appears more focused on integrating crypto with traditional finance than expanding through major takeovers. Its recent $1.25 billion purchase of Hidden Road, a credit network that clears $3 trillion annually, underscores Ripple’s strategy of building real-world financial bridges.
Ripple’s emphasis on infrastructure over acquisition suggests a long-term vision of stablecoin innovation through internal development, not corporate consolidation. As the stablecoin market heats up, Ripple’s RLUSD and Circle’s USDC could emerge as major competitors—without the need for a merger.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
