XRP is at the center of ongoing buzz in the crypto world as Ripple positions itself in a high-stakes battle with Coinbase to acquire Circle, the issuer of the widely used USDC stablecoin. The competition between these crypto heavyweights reveals a larger narrative about influence and growth in the stablecoin and financial services sector.
Ripple and Coinbase are reportedly in advanced talks to acquire Circle, with offers said to exceed $10 billion. Although Circle has been planning a public listing under the ticker symbol CRCL on the New York Stock Exchange, that strategy might soon change depending on how this acquisition drama unfolds. According to a recent report, both companies have expressed strong interest in purchasing Circle outright, shifting its future trajectory away from an IPO.
Ripple’s involvement has especially caught the attention of the cryptocurrency community. Crypto analyst and investor Paul Barron recently suggested that Ripple could be in the lead, noting that internal sources have mentioned a potential deal value of over $10 billion. Initial reports had speculated that Ripple made a $4-$5 billion bid, which Circle reportedly turned down. There were subsequent rumors that Ripple raised its offer to as much as $20 billion, though this has not been formally confirmed.
Despite Ripple’s strong financial footing, Circle may be leaning toward Coinbase due to their shared history. In 2018, the two companies joined forces to establish the Centre Consortium, which introduced USDC, a stablecoin pegged to the US dollar. Although that joint venture was dissolved in 2023—with Circle taking sole control of USDC issuance—the collaboration built a strategic bond, potentially influencing Circle’s preference in this acquisition match-up.
Regardless of Circle’s inclinations, Ripple has proven its ability to execute major transactions. Earlier this year, the company acquired Hidden Road, a prime brokerage firm, for $1.25 billion. That acquisition was notable not just for its size, but for the possibilities it opens for Ripple to connect cryptocurrency services with more traditional financial ecosystems. CEO Brad Garlinghouse described it as a landmark deal that could facilitate mutual access between the crypto space and traditional markets.
Hidden Road’s integration into Ripple’s ecosystem also means XRPL (XRP Ledger) will be used for post-trade settlements in some instances, strengthening XRP’s relevance in global finance. Industry watchers believe this could significantly benefit the token in terms of utility and market appeal. One analyst, known as WrathofKahneman, shared insights into why this could be a turning point for Ripple and XRP’s future.
If Ripple manages to secure the Circle acquisition, the impact could be profound. Gaining control over one of the dominant stablecoins like USDC would dramatically expand Ripple’s influence in the crypto economy. It would also position the company as a formidable bridge between decentralized finance and traditional monetary systems. Despite Coinbase’s longstanding partnership with Circle, Ripple’s aggressive moves and financial capability make it a strong contender in this competition.
While no final decision has been announced, analysts and investors continue to monitor the situation closely. Whether Circle aligns with Ripple or Coinbase will ultimately shape the landscape of stablecoin adoption and crypto-financial services integration in the years ahead.
