Ripple offered to buy stablecoin rival Circle for up to US$5 Billion

The offer comes as crypto dealmaking accelerates following a run-up in digital-token values, which has spurred several players to ramp up their IPO plans

Published Thu, May 1, 2025 · 08:14 AM

Ripple has proposed a takeover of rival stablecoin provider Circle Internet Group for US$4 billion to US$5 billion, a bid that was rejected as too low, according to sources familiar with the matter.

While Ripple remains interested in Circle, it has not decided whether to make another offer, said the sources, who asked to not be identified because the details are not public. For its part, Circle is focused on following through on an initial public offering (IPO) that it filed for earlier this month, the sources added.

“We do not comment on market rumours,” a spokesperson for Circle said. “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.”

A representative for Ripple declined to comment.

The offer comes as crypto dealmaking accelerates following a run-up in digital-token values, which has spurred several players to ramp up their IPO plans. Circle, BitGo, Gemini and Bullish Global have all been considering going public as soon as this year, Bloomberg News has reported.

Ripple agreed to buy prime brokerage Hidden Road for US$1.25 billion in April.

Circle issues of one of the world’s largest stablecoins, crypto tokens pegged to the US dollar or other currencies that are used by traders to move digital assets between exchanges and are increasingly being used for non-crypto related transactions.

San Francisco-based Ripple launched its RLUSD stablecoin in December. RLUSD has a market value of about US$316.9 million, versus US$61.7 billion for Circle’s USDC, according to CoinMarketCap.com. BLOOMBERG

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