波紋出價$ 4- $ 5B，以獲取USDC Stablecoin的發行人Circle。圈子拒絕了這個提議。

本週早些時候，彭博社報導說，Ripple對USDC Stablecoin的發行人Circle進行了4至50億美元的競標。 Circle顯然拒絕了要約太低。

Earlier this week Bloomberg reported that Ripple made a $4 – $5 billion bid for Circle, the issuer of the USDC stablecoin. Circle apparently rejected the offer as being too low. At the beginning of the month, Circle published the offer documents to list its stock on the New York Stock Exchange (NYSE).

本週早些時候，彭博社報導說，Ripple對USDC Stablecoin的發行人Circle進行了4至50億美元的競標。 Circle顯然拒絕了要約太低。在本月初，Circle發布了報價文件，將其股票列在紐約證券交易所（NYSE）上。

Despite posting $1.67 billion in revenues in 2024, Circle earned just $156 million in profit, largely because it paid 60% of its revenues to distributors, particularly Coinbase.

儘管在2024年發布了16.7億美元的收入，但Circle僅賺了1.56億美元的利潤，主要是因為它向發行商（尤其是Coinbase）支付了60％的收入。

On the one hand, the Ripple bid makes tremendous sense from Ripple’s perspective. But it’s also logical for Circle to reject it.

一方面，從波紋的角度來看，波紋出價具有巨大的意義。但是，拒絕它也是合乎邏輯的。

The rationale for Ripple to acquire Circle

Ripple獲取圓圈的理由

Late last year Ripple launched the RLUSD stablecoin, which surpassed a market capitalization of $300 million during the past week. Circle’s USDC has an issuance of more than $61 billion. The challenge for Ripple is its desired target market for RLUSD overlaps with Circle’s USDC, which has an institutional bent.

去年下半年，Ripple推出了RLUSD Stablecoin，在過去一周中，市值超過了3億美元的市值。 Circle的USDC發行超過610億美元。 Ripple面臨的挑戰是其與Circle USDC重疊的RLUSD重疊的目標市場，該公司具有機構的傾向。

Ripple is flush with cash

波紋充滿現金

So Circle fits Ripple from a product positioning perspective, plus Ripple is flush with cash. It is still the largest holder of the XRP cryptocurrency, which has more than quadrupled in price since the US elections, despite having dropped a third from its January peak. Today XRP is valued at $2.22 or $130 billion in total. At the end of last year Ripple held 4.5 billion in XRP tokens outright, plus 38 billion tokens locked up in escrow. The outright XRP holdings are equivalent to $10 billion. However, it recently committed $1.25 billion to acquire prime broker Hidden Road, an active player in the FX markets.

因此，Circle從產品定位的角度適合漣漪，加上漣漪帶有現金。它仍然是XRP加密貨幣的最大持有人，儘管從1月份的山峰開始下降了三分之一，但自美國大選以來，價格的價格超過三倍。如今，XRP的總價值為222美元或1300億美元。去年年底，Ripple直接在XRP代幣中持有45億張，加上380億個代幣鎖定在託管中。 XRP持有的持有量相當於100億美元。但是，最近，它承諾了12.5億美元，以收購Prime Broker Hidden Road，這是FX市場上的活躍參與者。

If Ripple offloaded its 4.5 billion XRP over a short period, theoretically that should suppress the XRP price. That said, the XRP price is more driven by speculation than other cryptocurrencies, so it could go either way.

如果Ripple在短時間內將其45億XRP卸載，從理論上講，這應該抑制XRP價格。也就是說，XRP價格比其他加密貨幣更受猜測的驅動，因此可以採用任何一種方式。

Why is the XRP price described as speculative? Because the current market capitalization of XRP is around 58% of Ethereum’s. If you use the fully diluted figure (including Ripple’s escrowed tokens), the total value of all XRP and Ethereum tokens are the same. Yet Ethereum’s daily active addresses are around 465,000, or twenty times more than the roughly 23,000 for XRP. That’s without considering the vastly different numbers of Ethereum developers and every other metric.

為什麼將XRP價格描述為投機性？因為當前XRP的市值約為以太坊的58％。如果您使用完全稀釋的圖（包括波紋的託管令牌），則所有XRP和以太坊令牌的總價值相同。然而，以太坊的每日活動地址約為465,000，比XRP的大約23,000倍多了二十倍。這是沒有考慮以太坊開發人員和其他所有指標的截然不同的。

So for Ripple, it’s a great time to spend XRP. But any acquisition target that has to hold on to XRP for any period of time might worry about the sustainability of the token’s price.

因此，對於Ripple來說，這是度過XRP的好時機。但是，任何必須在任何時期內必須堅持XRP的收購目標都可能擔心令牌價格的可持續性。

Circle and Ripple are targeting the same segment

圓圈和波紋針對同一段

Coming back to targeting the same segment, Circle’s institutional positioning is underlined by partnering with BlackRock to manage its reserves, as well as BlackRock investing in the firm. Plus, BNY provides custody for its reserves and manages of its cash.

回到針對同一細分市場的目標，Circle的機構定位是通過與Blackrock合作管理其儲備以及對公司的BlackRock投資的強調。另外，BNY為其現金的儲備和管理提供了監護權。

Recently there’s been talk of using stablecoins as margin for listed derivatives. The Commodity Futures Trading Commission (CFTC) recently announced pilots for tokenized collateral which would include stablecoins. USDC and PayPal’s PYUSD are usually the coins of choice. But this is where Ripple wants to participate, but is a late joiner.

最近，有人談論使用穩定劑作為列出的衍生工具的邊緣。商品期貨貿易委員會（CFTC）最近宣布了包括Stablecoins在內的代幣化抵押飛行員。 USDC和PayPal的Pyusd通常是選擇的硬幣。但這是Ripple想要參加的地方，但是較晚的木匠。

Ripple, as a company, has always positioned itself in the enterprise and institutional payments space. In its early days, several banks used a private version of its XRP Ledger as a superior messaging system for cross border payments. However, few banks used XRP for payments, although the confusion and conflation didn’t do XRP’s price any harm.

作為一家公司，Ripple一直將自己定位在企業和機構支付領域。在早期，幾家銀行使用其XRP Ledger的私人版本作為跨境支付的出色消息傳遞系統。但是，很少有銀行使用XRP進行付款，儘管混亂和混亂並沒有對XRP的價格造成任何損害。

Ripple doubled down on its institutional play by acquiring custody technology firm Metaco for $250 million, which serves many major banks. It’s also worked with some emerging market governments on central bank digital currencies.

Ripple以2.5億美元的價格收購了監護技術公司Metaco，將其機構發揮作用，為許多主要銀行提供服務。它還與一些新興市場政府在中央銀行數字貨幣上合作。

Why Circle wouldn’t be interested in $4 – $5 billion

為什麼Circle對4至50億美元不感興趣

Circle is planning an IPO which is likely to value the company at around this price, after cumulative funding rounds totaling $1.5 billion. Post IPO, the founders will still hold some stock, which they will expect it to be worth far more in the future.

Circle計劃在總計15億美元的累計資金後，可能會以此價格重視該公司的IPO。 Post IPO，創始人仍將持有一些股票，他們期望將來它的價值更高。

The prospectus states that the CEO Jeremy Allaire and another co-founder will have Class B shares with five times the Class A share votes, that could represent up to 30% of total votes.

招股說明書指出，首席執行官傑里米·阿萊爾（Jeremy Allaire）和另一個聯合創始人將擁有B級股票，其股票股票股票五倍，最多代表總數的30％。

Allaire is not a rookie CEO, nor is this his first IPO. Allaire Corporation conducted an IPO in 1999 and was acquired by Macromedia in 2001, with Mr Allaire staying on for a couple of years as CTO. This experience combined with the share voting structure shows that the IPO is not an exit for Mr Allaire. It’s the opportunity to build a major market infrastructure.

Allaire不是新秀首席執行官，這也不是他的第一個IPO。 Allaire Corporation於1999年進行了IPO，並於2001年被Macromedia收購，Allaire先生擔任CTO幾年。這種經驗與股票投票結構相結合，表明IPO不是Allaire先生的退出。這是建立主要市場基礎設施的機會。

So exiting to Ripple at the current IPO valuation wouldn’t

因此，以當前的IPO估值退出波紋不會