Circle Rejects Ripple’s $5B Play—Is a Bigger Offer Coming?

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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April 29, 2025

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The USDC stablecoin issuer Circle has reportedly turned down an acquisition bid of between $4 billion and $5 billion made by Ripple.

According to Bloomberg, people familiar with the matter disclosed that the bid was declined, with sources saying it was considered too low.

Ripple Eyes Stablecoin Expansion

Circle is instead moving ahead with its plan to go public. It confidentially filed for an IPO earlier this month and is currently in a quiet period. A Circle spokesperson declined to comment on the reported offer and reiterated the firm’s long-term focus.

“We do not comment on market rumors,” the spokesperson said in an email. “As we are currently in a quiet period with the SEC, we cannot comment further on our corporate financial plans.”

Ripple launched its own stablecoin, RLUSD, in December. While its circulation remains small, with a market cap of $316.9 million compared to USDC’s $61.7 billion, the move places the company in direct competition with Circle.

Ripple has not confirmed whether it plans to submit a revised bid. A spokesperson for the firm declined to comment.

Circle Secures Regulatory Green Light in the UAE

Circle has just received in-principle approval from Abu Dhabi’s Financial Services Regulatory Authority to operate as a money services business in the Abu Dhabi Global Market. The authorization advances the company’s licensing process in the UAE and follows its incorporation in the region late last year.

The company also announced a partnership with Hub71, a government-backed tech ecosystem in Abu Dhabi.

Through this collaboration, Circle will gain access to regulatory sandbox resources to test its blockchain-based products, including its stablecoins USDC and EURC, under local supervision.

The stablecoin space is drawing increased interest from established crypto firms and financial institutions alike.

Acquisitions like the one Ripple reportedly pursued represent a broader trend of consolidation, as firms seek to strengthen their foothold ahead of clearer regulatory frameworks.