Ripple never pursued a deal to acquire Circle, according to a conversation between Georgetown Law professor Chris Brummer and Ripple CEO Brad Garlinghouse, who contradicted recent media reports that his crypto powerhouse reportedly offered between $4 billion and $5 billion to bring the stablecoin issuer in-house.
“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 posted to X on Tuesday, citing a conversation he had onstage at the Ripple Las Vegas conference “48 hours ago.” The conversation was not initially broadcast.
Bloomberg was first to report that Ripple had made Circle an offer, which was rejected as too low. Coinbase, which has a longstanding relationship with the stablecoin issuer, allegedly made a counterbid. However, a Circle representative told The Block that the firm is unequivocally “not for sale.”
Circle is looking to go public at a recently upsized $7.2 billion valuation as early as this week under the ticker CRCL. It will sell 32 million shares of Class A common stock for between $27 and $28. In 2022, the firm canceled a planned SPAC merger, which would have taken it public at a $9 billion valuation.
Ripple announced plans to issue a rival dollar-pegged RLUSD stablecoin in April 2024, and received approval from the New York Department of Financial Services in early December to begin rolling it out.
RLUSD has a market cap of $310 million, a fraction of Circle’s $61.5 billion USDC.
According to Brummer, Ripple is betting on a world where crypto and traditional finance “are hybridized—where tokenized assets, stablecoins, and traditional financial institutions coexist and interoperate.”
Brummer suggested that if Ripple — which has lately been on a buying spree following the evacuation of its year’s year-long lawsuit with the U.S. Securities and Exchange Commission — were to make additional acquisitions, it would target firms that connect to the real world like “fiat-on ramps and payment processors.”
“Think not only picks and shovels, but also bridges between the old and new,” Brummer said.
In April, Ripple said it spent $1.25 billion to buy out global credit network Hidden Road, a firm that clears $3 trillion annually across markets and serves more than 300 institutional customers. It was briefly the largest crypto M&A deal until Coinbase purchased Deribit.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
