Rumors are flying in the crypto world, and they’re hard to ignore. Ripple is said to have raised its bid to acquire Circle, the company behind the USDC stablecoin, from $5 billion to a stunning $11 billion.
While neither side has confirmed anything yet, the news has sparked big questions: Is Ripple making a genius move, or is this a sign of desperation?
Just last month, Ripple reportedly made a $4–5 billion offer to Circle, which was turned down. Now, as competition heats up, particularly with Coinbase possibly entering the race in acquiring Circle, Ripple may have raised its offer to a massive $11 billion.
If true, this could be one of the boldest acquisition attempts the crypto world has seen since the fall of FTX.
There are a few reasons why this deal suddenly became a big deal. One is the Circle’s stablecoin USDC, with a $61 billion market cap, which is seen as a golden asset in the crypto space.
On the top of that U.S. regulations under Trump have improved as its going to hold Crypto Dinner for the top 220 holders of the TRUMP meme coin.
According to Ripple’s Q1 2025 Markets Report, the company holds a huge amount of XRP, about 4.56 billion XRP worth $10.72 billion in its blockchain addresses. It also has 37.13 billion XRP locked in escrow, valued at a whopping $87.25 billion. With that kind of reserve, Ripple has the financial muscle to make big moves like this.
Some experts, like angel investor Paul Barron, believe Ripple has the upper hand over Coinbase in this race.
He mentioned that Ripple may be pushing its bid to anywhere between $9 billion and $11 billion, hoping to stay ahead.
Ripple isn’t the only one interested. Coinbase is also in the race and has strong financial power, too. It reported $8 billion in cash in Q1 2025. And since Coinbase is a public company, it can raise even more money from investors if needed.
This gives Coinbase some flexibility. It could use a mix of cash and stock to try and outbid Ripple.
Here’s where things get interesting: Circle hasn’t confirmed any interest in selling. In fact, the company has been clear that it’s focused on long-term goals, including a planned IPO. It also has support from giants like JPMorgan and Citi, giving it confidence and leverage in any negotiations.
Circle may be simply entertaining offers to boost its value or gain strategic insight from rivals.
Ripple’s interest likely stems from Circle’s highly valued USDC stablecoin, which has a market cap of $61 billion, and improving U.S. crypto regulations under the Trump administration.
Yes, Coinbase is reportedly also in the race to acquire Circle. As a public company, it reported $8 billion in cash in Q1 2025 and can raise additional funds from investors.
No, Circle has not confirmed any interest in selling. The company remains focused on its long-term goals, including a planned IPO, and has strong backing from firms like JPMorgan and Citi.
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