Ripple’s ambitious move to acquire Circle, the company behind the second-largest stablecoin, USDC, has reportedly been rejected. Despite Ripple’s efforts to make a significant splash in the stablecoin market, its takeover offer of between $4 billion and $5 billion was turned down by Circle. According to Bloomberg sources, Circle deemed the offer too low, and Ripple has no plans to increase its bid.
While Ripple continues to make strides in other areas, including the acquisition of Hidden Road for $1.2 billion, its own stablecoin, RLUSD, has faced challenges. After a promising start, the market cap for RLUSD has stalled below $320 million, struggling to maintain momentum.
This rejection underscores the differences between Ripple’s ambitions and Circle’s valuation, as both companies push forward in the growing stablecoin space.
