Ripple has proposed a takeover of rival stablecoin provider Circle Internet Group Inc. for $4 billion (roughly Rs. 33,843 crore) to $5 billion (roughly Rs. 42,300 crore), a bid that was rejected as too low, according to people familiar with the matter.
While Ripple remains interested in Circle, it hasn’t decided whether to make another offer, said the people, who asked to not 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.
“We do not comment on market rumors,” a spokesperson for Circle said in an emailed statement. “As we are currently in a quiet period with the SEC, we cannot comment further on our corporate financial plans. Our long-term goals remain the same.”
A representative for Ripple declined to comment.
The offer comes as crypto dealmaking accelerates following a run-up in digital-token values, which has spurred several players to ramp up their IPO plans. Circle, BitGo Inc., Gemini and Bullish Global have all been considering going public as soon as this year, Bloomberg News has reported. Ripple agreed to buy prime-brokerage Hidden Road for $1.25 billion (roughly Rs. 10,576 crore) in April.
Circle issues of one of the world’s largest stablecoins, crypto tokens pegged to the US dollar or other currencies that are used by traders to move digital assets between exchanges and are increasingly being used for non-crypto related transactions.
San Francisco-based Ripple launched its RLUSD stablecoin in December. RLUSD has a market value of about $316.9 million (roughly Rs. 2,681 crore), versus $61.7 billion (roughly Rs. 5,22,046 crore) for Circle’s USDC, according to CoinMarketCap.com.
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