Ripple proposed a takeover of rival stablecoin provider Circle Internet Group Inc. for $4 billion to $5 billion, a bid that was rejected as too low, according to sources cited by Bloomberg.
While Ripple reportedly remains interested in Circle, it hasn't decided whether to make another offer, said the people, who asked not to be identified because the details aren't public. For its part, Circle is focused on following through on an initial public offering that it filed for earlier this month, the people added.
???? Circle Rejected Ripple Takeover Bid of $4-5B https://t.co/6VPRVN5hZx pic.twitter.com/mP3Ff6EEKU
— matthew sigel, recovering CFA (@matthew_sigel) April 30, 2025
Ripple Bid for Stablecoin Issuer Circle
Sources told Bloomberg that Ripple remains interested in Circle, but hasn't decided on whether to make another offer. Ripple's recently launched RLUSD stablecoin has a market capitalization just above $300 million, while Circle's USDC's market cap tops $60 billion.
Blockchain firm Ripple made a multibillion-dollar bid to acquire the USDC issuer, but the offer was rejected, according to Bloomberg. Blockchain payments firm Ripple has reportedly bid up to $5 billion in an effort to acquire stablecoin issuer Circle.
Following the Acquisition of Hidden Road
Ripple Labs, the crypto company behind the popular cryptocurrency XRP, is eying expansion following favorable digital asset regulations in the US. Recently, the company bought Hidden Road for $1.25 billion, marking one of the largest deals in the digital assets sector.
The deal marked the first crypto company to own and operate a global, multi-asset prime broker. Hidden Road is a prime broker offering services across foreign exchange, digital assets, derivatives, swaps, and fixed income.
Today, Ripple announced it is acquiring Hidden Road for $1.25B– becoming the first crypto company to own and operate a global, multi-asset prime broker. Together, Ripple and Hidden Road are bringing the promise of digital assets to institutional customers at scale, bridging…
— Ripple (@Ripple) April 8, 2025
“We are at an inflection point for the next phase of digital asset adoption—the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” said Brad Garlinghouse, CEO of Ripple.
Michael Higgins, the International CEO of Hidden Road, later spoke to FinanceMagnates.com about the deal describing it as a natural fit. Higgins also highlighted the growing demand for the prime brokerage firm’s services.
???? Here is the full speech of @MonicaLongSF about @Ripple acquiring Hidden Road for $1.25B????How RLUSD will be used ?!Will XRP be involved in this deal ?Is volume on the XRPL going to explode ?Check and repost the video guys ???? pic.twitter.com/knOQ1WP7aM
— Arthur (@XrpArthur) April 8, 2025
“We are fortunate to have 20 times more demand for balance sheet than supply at Hidden Road,” Higgins said. “By partnering with Ripple,” he added, “we can immediately solve the supply and demand issue for Hidden Road’s existing clients, expand our capacity to service our pipeline, and continue to scale.”
This article was written by Jared Kirui at www.financemagnates.com.
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