波纹出价$ 4- $ 5B，以获取USDC Stablecoin的发行人Circle。圈子拒绝了这个提议。

本周早些时候，彭博社报道说，Ripple对USDC Stablecoin的发行人Circle进行了4至50亿美元的竞标。 Circle显然拒绝了要约太低。

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).

本周早些时候，彭博社报道说，Ripple对USDC Stablecoin的发行人Circle进行了4至50亿美元的竞标。 Circle显然拒绝了要约太低。在本月初，Circle发布了报价文件，将其股票列在纽约证券交易所（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.

尽管在2024年发布了16.7亿美元的收入，但Circle仅赚了1.56亿美元的利润，主要是因为它向发行商（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，从波纹的角度来看，波纹出价具有巨大的意义。但是，拒绝它也是合乎逻辑的。

The rationale for Ripple to acquire Circle

Ripple获取圆圈的理由

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，在过去一周中，市值超过了3亿美元的市值。 Circle的USDC发行超过610亿美元。 Ripple面临的挑战是其与Circle USDC重叠的RLUSD重叠的目标市场，该公司具有机构的倾向。

Ripple is flush with cash

波纹充满现金

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从产品定位的角度适合涟漪，加上涟漪带有现金。它仍然是XRP加密货币的最大持有人，尽管从1月份的山峰开始下降了三分之一，但自美国大选以来，价格的价格超过三倍。如今，XRP的总价值为222美元或1300亿美元。去年年底，Ripple直接在XRP代币中持有45亿张，加上380亿个代币锁定在托管中。 XRP持有的持有量相当于100亿美元。但是，最近，它承诺了12.5亿美元，以收购Prime Broker Hidden Road，这是FX市场上的活跃参与者。

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在短时间内将其45亿XRP卸载，从理论上讲，这应该抑制XRP价格。也就是说，XRP价格比其他加密货币更受猜测的驱动，因此可以采用任何一种方式。

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.

为什么将XRP价格描述为投机性？因为当前XRP的市值约为以太坊的58％。如果您使用完全稀释的图（包括波纹的托管令牌），则所有XRP和以太坊令牌的总价值相同。然而，以太坊的每日活动地址约为465,000，比XRP的大约23,000倍多了二十倍。这是没有考虑以太坊开发人员和其他所有指标的截然不同的。

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，对于Ripple来说，这是度过XRP的好时机。但是，任何必须在任何时期内必须坚持XRP的收购目标都可能担心令牌价格的可持续性。

Circle and Ripple are targeting the same segment

圆圈和波纹针对同一段

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.

回到针对同一细分市场的目标，Circle的机构定位是通过与Blackrock合作管理其储备以及对公司的BlackRock投资的强调。另外，BNY为其现金的储备和管理提供了监护权。

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，有人谈论使用稳定剂作为列出的衍生工具的边缘。商品期货贸易委员会（CFTC）最近宣布了包括Stablecoins在内的代币化抵押飞行员。 USDC和PayPal的Pyusd通常是选择的硬币。但这是Ripple想要参加的地方，但是较晚的木匠。

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.

作为一家公司，Ripple一直将自己定位在企业和机构支付领域。在早期，几家银行使用其XRP Ledger的私人版本作为跨境支付的出色消息传递系统。但是，很少有银行使用XRP进行付款，尽管混乱和混乱并没有对XRP的价格造成任何损害。

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2.5亿美元的价格收购了监护技术公司Metaco，将其机构发挥作用，为许多主要银行提供服务。它还与一些新兴市场政府在中央银行数字货币上合作。

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

为什么Circle对4至50亿美元不感兴趣

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计划在总计15亿美元的累计资金后，可能会以此价格重视该公司的IPO。 Post IPO，创始人仍将持有一些股票，他们期望将来它的价值更高。

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.

招股说明书指出，首席执行官杰里米·阿莱尔（Jeremy Allaire）和另一个联合创始人将拥有B级股票，其股票股票股票五倍，最多代表总数的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不是新秀首席执行官，这也不是他的第一个IPO。 Allaire Corporation于1999年进行了IPO，并于2001年被Macromedia收购，Allaire先生担任CTO几年。这种经验与股票投票结构相结合，表明IPO不是Allaire先生的退出。这是建立主要市场基础设施的机会。

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

因此，以当前的IPO估值退出波纹不会