Ripple CEO Brad Garlinghouse has firmly denied recent reports that Ripple made an offer to acquire Circle, the issuer of USDC. USDC is one of the largest stablecoins in the crypto market. According to Georgetown Law professor Chris Brummer, who spoke with Garlinghouse at the Ripple Las Vegas conference, the CEO stated unequivocally that Ripple never pursued such a deal.
This clarification directly contradicts earlier media reports suggesting Ripple had offered between $4 billion and $5 billion to bring Circle under its umbrella.
Garlinghouse’s Clear Denial
In a post on X on Tuesday, Chris Brummer shared insights from his onstage conversation with Brad Garlinghouse. This took place during the Ripple Las Vegas conference two days prior. The discussion was not initially broadcast but revealed a key takeaway:
This statement refutes a report by Bloomberg, which claimed Ripple had made an offer for Circle that was ultimately rejected as too low. The report also mentioned that Coinbase, a long-time partner of Circle, allegedly submitted a counterbid.
Circle’s Path to Going Public
Despite Ripple CEO denies bid to acquire Circle rumors, Circle is moving forward with its plans to go public. The stablecoin issuer is expected to debut on the stock market as early as this week under the ticker CRCL. Its valuation was recently upsized to $7.2 billion.
The company will sell 32 million shares of Class A common stock priced between $27 and $28 per share. This marks a significant milestone for Circle. It previously canceled a planned SPAC merger in 2022 that would have taken it public at a $9 billion valuation.
With Circle’s USDC boasting a market cap of $61.5 billion, the company remains a dominant player in the stablecoin space. By comparison, Ripple’s RLUSD, launched in April 2024, has a much smaller market cap of $310 million. This highlights the scale of Circle’s presence in the industry.
Ripple’s Strategic Focus
While Garlinghouse denied any interest in acquiring Circle, he emphasized Ripple’s broader vision for the future of finance. According to Brummer, Ripple is betting on a world where crypto and traditional finance are hybridized. In this world, tokenized assets, stablecoins, and traditional financial institutions coexist and interoperate.
“Think not only picks and shovels, but also bridges between the old and new,” Brummer said, summarizing Ripple’s potential acquisition strategy.
Rather than targeting companies like Circle, Ripple appears more interested in acquiring firms that connect the crypto ecosystem to real-world use cases. Examples include fiat-on ramps and payment processors. These could help Ripple expand its reach and functionality within both decentralized and traditional financial systems.
Ripple’s Recent Acquisitions
Ripple has been actively pursuing strategic acquisitions, particularly following the resolution of its year-long lawsuit with SEC. In April, the company announced a $1.25 billion acquisition of Hidden Road. It is a global credit network that clears $3 trillion annually across markets and serves over 300 institutional customers.
At the time, the deal briefly stood as the largest crypto M&A transaction until Coinbase acquired Deribit. This acquisition aligns with Ripple’s focus on building infrastructure that bridges traditional finance with the crypto ecosystem. This further solidifies its position as a leader in cross-border payments and blockchain innovation.
Final Thoughts
Ripple CEO denies bid to acquire Circle underscores the company’s commitment to a distinct strategic vision. Rather than pursuing high-profile acquisitions like Circle, Ripple is focused on building bridges between the crypto world and traditional finance.
As Ripple continues to roll out its RLUSD stablecoin and explore new partnerships and acquisitions, its emphasis on interoperability and real-world applications positions it as a key player in shaping the future of finance. Meanwhile, Circle’s impending public debut highlights the growing maturity and institutional adoption of stablecoins. This further fuels competition and innovation in the crypto space.
