Ripple Raises Acquisition Bid for USDC Issuer Circle to $20 Billion

The battle for stablecoin dominance is intensifying. Ripple is reportedly making big moves to acquire Circle, the issuer of the USDC stablecoin.

The battle for stablecoin dominance is heating up, and according to a new report, Ripple is pulling out all the stops to land a major player in the space.

Initially, Bloomberg reported that the crypto behemoth had made an offer valued between $4 billion and $5 billion to acquire Circle, the issuer of the USDC stablecoin. However, this bid was reportedly rejected by Circle as being too low.

This was despite the fact that sources close to the matter told Bloomberg that discussions between the two companies had been ongoing for several months, and the two sides were said to be getting closer to striking a deal.

Optimism Surging After Bid Is Said to Reach $20 Billion

Now, in a surprising new development, the same report claims that Ripple CEO, Brad Garlinghouse, has reportedly raised the bid to a massive $20 billion.

Sources suggest that the MINA token price is now moving toward finalizing the deal at this higher valuation. However, the news of this escalated bid still awaits official confirmation from either company.

This move would certainly be a major step toward Ripple becoming a full-scale financial institution.

Meanwhile, in the middle of all this serious business, Ripple’s Chief Technology Officer, David Schwartz, had some fun on X (formerly Twitter).

Responding to a tweet about Ripple’s earlier offer of $5 Billion, he said, “$6 billion, but that’s our final offer.” A final offer, indeed.

This saga began back in March when rumors began circulating that Ripple was interested in acquiring a stablecoin firm to diversify its revenue streams beyond the sale of XRP tokens.

At the time, several reports claimed that Ripple was facing difficulties selling its XRP tokens due to the U.S. Securities and Exchange Commission’s lawsuit against the company.

Unusually High Interest in Stablecoins This Year

This year has seen an unusually high level of interest in stablecoins, particularly from traditional financial institutions.

Earlier this month, rumors emerged that Apex Fintech Solutions, a major factor in the rapidly expanding buy now, pay later (BNPL) sector, was planning to launch its own stablecoin.

Unrelatedly, rumors also emerged that several large private equity firms were planning to invest in the stablecoin market, aiming to inject a collective total of $5 billion into the sector.

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