- Circle rejects Ripple’s $5B acquisition bid as undervalued.
- The company remains focused on IPO, eyeing NYSE listing under ticker CRCL.
- Stablecoin competition intensifies with the GENIUS Act nearing approval.
USDC stablecoin issuer Circle has decisively shut down rumors of a potential acquisition by either Ripple or Coinbase, stating clearly that the company is “not for sale.” This clarification follows recent speculation in the crypto space that suggested Ripple had made a takeover offer in the range of $4 to $5 billion a bid that Circle has reportedly turned down, calling it insufficient.
The company emphasized its focus on long-term independence and its plans for an Initial Public Offering (IPO). In a statement to PYMTS, a Circle spokesperson said, “Circle is not for sale. Our long-term goals remain the same.”
Circle Rejects Ripple’s $5 Billion Offer
While Ripple has shown serious interest in acquiring Circle, insiders report that the $5 billion offer was deemed undervalued by the USDC issuer. Ripple, which has already launched its own stablecoin called RLUSD, has yet to decide if it will revise and improve its proposal.
Despite Ripple’s ambitions, Circle is pushing forward with its IPO plans. Earlier this year, the company filed its SEC prospectus and is preparing to list shares under the ticker “CRCL” on the New York Stock Exchange (NYSE). The timing aligns with a friendlier regulatory environment following the Trump administration’s return to the White House in January 2025.
This IPO marks a pivotal step for Circle as it seeks to further establish its leadership in the growing U.S. stablecoin market.
The Battle for the Stablecoin Market
With the U.S. government close to passing the GENIUS Act, a bill aiming to regulate stablecoins, the race to dominate this market is heating up. Tether (USDT) currently holds 66% of the stablecoin market, while Circle’s USDC commands a strong 28%.
Seeing the promise of regulatory clarity, existing banks and cryptocurrency companies alike are venturing into the space with their dollar-backed stablecoins. Ripple’s RLUSD, already listed on Gemini, has gained a market cap of over $310 million.
Such a successful acquisition of Circle would have given either Ripple’s or Coinbase’s power an enormous boost.. However, with the buyout talks dismissed for now, Circle appears firmly committed to remaining an independent leader.
Their strategy reflects the broader trend of crypto-native firms vying to become Wall Street-ready as regulations evolve and investor confidence in digital assets grows.
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