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Ripple CEO Brad Garlinghouse clarified that his crypto powerhouse never pursued the acquisition of major stablecoin issuer Circle. The statement, which was made during a Las Vegas event, comes after reports claimed that Ripple reportedly offered between $4 billion and $5 billion to purchase Circle.
<h2 class="wp-block-heading" id="h-garlinghouse-squashes-circle-acquisition-rumors">Garlinghouse Squashes Circle Acquisition Rumors</h2>
Speaking to Georgetown Law professor Chris Brummer, Ripple asserted that the company was not exploring a potential acquisition of Circle.
“Brad was unequivocal — Ripple never pursued an acquisition of Circle. And while he wished the company well, it wasn’t something he was considering,” Brummer <a href="https://x.com/ChrisBrummerDr/status/1930000800857706521" rel="noopener noreferrer nofollow">revealed </a>in a June 3 post on<a href="https://x.com/ChrisBrummerDr/status/1930000800857706521" rel="noopener noreferrer nofollow"> X</a>, citing a discussion he had onstage at the Ripple Las Vegas conference “48 hours ago.” The session was not broadcast live.
Bloomberg was the first to <a href="https://zycrypto.com/ripple-moves-to-buy-usdc-issuer-circle-for-around-5-billion-but/" rel="noopener noreferrer nofollow">report </a>that Ripple tried to purchase Circle, but the $4 billion to $5 billion bid was rejected as being too low. America’s leading crypto exchange, Coinbase, allegedly <a href="https://zycrypto.com/circle-exploring-potential-5-billion-sale-to-ripple-or-coinbase-despite-ipo-plans/" rel="noopener noreferrer nofollow">made a counterbid</a>. Sources also <a href="https://zycrypto.com/circle-likely-to-sell-in-a-heartbeat-to-coinbase-for-5-billion-as-xrp-rich-ripple-lurks/" rel="noopener noreferrer nofollow">told </a>Fortune that Circle would sell to Coinbase “in a heartbeat” given their longstanding relationship.
Founded in 2013, Circle is a major company in the crypto industry, known as the issuer of USDC, the industry’s second-largest stablecoin by market cap after Tether’s USDT.
As ZyCrypto previously covered, the reports of Ripple’s potential takeover of Circle were met with a mixed reaction within the cryptosphere. Cardano co-founder Charles Hoskinson, for instance, <a href="https://zycrypto.com/circle-acquisition-race-intensifies-why-cardanos-charles-hoskinson-sides-with-ripple/" rel="noopener noreferrer nofollow">suggested </a>that the deal, if successful, could “make the space better.” Meanwhile, MetaLeX Labs founder Gabriel Shapiro <a href="https://zycrypto.com/ripple-acquiring-circle-would-lead-to-crypto-apocalypse-warns-legal-expert/" rel="noopener noreferrer nofollow">speculated </a>that it could lead to a “crypto apocalypse.”
“Making Ripple the largest asset issuer on every blockchain would obviously be disastrous and anticompetitive,” Shapiro had explained at the time.
According to a recent <a href="https://www.sec.gov/Archives/edgar/data/1876042/000119312525132755/d737521ds1a.htm" rel="noopener noreferrer nofollow">SEC filing</a>, Circle is seeking a fully diluted valuation of up to $7.2 billion in its upcoming initial public offering (IPO). The company will sell up to 32 million shares priced between $27 and $28 each. Circle’s IPO is attracting significant interest from market participants, with the world’s largest asset manager, BlackRock, reportedly planning to <a href="https://zycrypto.com/blackrock-ark-invest-mulls-major-stake-in-circles-proposed-ipo/" rel="noopener noreferrer nofollow">purchase roughly 10% of the offering</a>.

Ripple Boss Brad Garlinghouse Denies Pursuing Deal To Acquire Stablecoin Giant Circle

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