Ripple CEO Denies Report of Offer to Acquire Circle

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In a definitive statement that puts an end to weeks of speculation, Ripple CEO Brad Garlinghouse has firmly denied that the company made any offer to acquire Circle, the issuer of the USDC stablecoin. This clarification comes amid growing interest in the stablecoin sector and mounting rumors about major industry consolidation.

Speaking at the XRP Las Vegas event alongside Georgetown Law professor Chris Brummer, Garlinghouse addressed the rumors head-on, stating clearly that Ripple has never pursued an acquisition of Circle.

“The company never sought to acquire the stablecoin issuer Circle,” Garlinghouse said, according to Eleanor Terrett, host of the Crypto America podcast who reported on the conversation.

Brummer, who moderated the session, later reinforced this message in a post on X (formerly Twitter), emphasizing the clarity of Garlinghouse’s position.

“Brad was unequivocal in stating that Ripple did not pursue the acquisition of Circle,” Brummer noted.

While some speculated that Garlinghouse might have only denied a specific $10 billion offer, Brummer clarified that the CEO never considered any acquisition of Circle, regardless of price.

“Perhaps Ripple made an offer at another value. Maybe! Either way, his main point was clear: he wasn’t considering any acquisition,” Brummer added.

Debunking the Acquisition Rumors

These statements directly contradict reports from early May, including claims by BeInCrypto—based on unverified sources—that Ripple had made a $20 billion bid for Circle. Other outlets echoed similar narratives, suggesting Circle rejected the offer as undervalued.

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However, with Garlinghouse’s direct denial, those reports now appear to be unfounded. The rumors gained traction due to Ripple’s expanding footprint in the stablecoin space, particularly following a key regulatory milestone in December 2024.

At that time, Ripple Labs received approval from the New York State Department of Financial Services (NYDFS) to issue RLUSD, its U.S. dollar-pegged stablecoin. Designed to operate natively on both the XRP Ledger and Ethereum blockchain, RLUSD marks a strategic step in Ripple’s broader vision for tokenized finance.

RLUSD: A Foundational Layer for Tokenized Assets

Unlike USDC, which primarily functions as a digital dollar for trading and payments, Ripple is positioning RLUSD as more than just a payment rail—it’s being developed as on-ledger collateral.

“Ripple is positioning RLUSD as ledger-based collateral, with transactions recorded directly on the XRP Ledger,” Brummer observed.

This architectural difference highlights Ripple’s focus on institutional use cases, such as cross-border settlements, asset tokenization, and decentralized finance (DeFi) infrastructure. Rather than competing directly with USDC in retail crypto transactions, RLUSD aims to serve as a foundational building block in a tokenized financial ecosystem.

This distinction is crucial for understanding Ripple’s long-term strategy. While Circle continues to push for mainstream financial integration through its planned IPO—having officially filed with the U.S. Securities and Exchange Commission (SEC) just one week ago—Ripple is carving out a niche in enterprise-grade blockchain solutions.

Circle’s IPO filing underscores its commitment to regulatory transparency and long-term independence. It also signals that the company intends to remain a standalone player in the digital asset economy.

Market Implications and XRP Price Movement

The clarification from Garlinghouse has had immediate effects on market sentiment. Following the news, XRP saw a nearly 3% price increase over the past 24 hours and was trading at $2.25 at the time of reporting. According to CoinGecko data, XRP emerged as the top-performing asset among the top 18 cryptocurrencies during this period.

This rally reflects investor confidence in Ripple’s strategic direction and reinforces belief in XRP’s utility within Ripple’s growing ecosystem. Analysts suggest that avoiding a Circle acquisition may actually strengthen XRP’s role rather than dilute it.

Earlier industry observers had warned that a merger between Ripple and Circle could marginalize XRP by replacing it with USDC as the primary liquidity token across platforms. Garlinghouse’s statements effectively eliminate that concern—at least for now.

“I came away with the sense that Ripple isn’t chasing a world where crypto replaces TradFi… but rather one where the two are hybridized,” Brummer reflected on the tone of the discussion.

This hybrid vision aligns with Ripple’s ongoing partnerships with banks and financial institutions worldwide, using blockchain technology to improve efficiency without fully displacing traditional systems.

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Frequently Asked Questions (FAQ)

Q: Did Ripple ever make an offer to buy Circle?
A: No. Ripple CEO Brad Garlinghouse explicitly stated that the company never pursued or made any offer to acquire Circle.

Q: What is RLUSD and how is it different from USDC?
A: RLUSD is Ripple’s U.S. dollar-backed stablecoin, approved by NYDFS. Unlike USDC, which focuses on payments and trading, RLUSD is designed as on-ledger collateral within the XRP Ledger ecosystem, supporting tokenized finance and institutional use cases.

Q: Why did rumors about a Ripple-Circle deal emerge?
A: The speculation arose due to Ripple’s growing presence in the stablecoin market and its recent regulatory approvals. However, no credible evidence supports the claim that an offer was made.

Q: Is Circle going public?
A: Yes. Circle officially filed for an IPO with the U.S. SEC, signaling its intent to become a publicly traded company and maintain independence.

Q: How did XRP react to the acquisition denial?
A: XRP rose nearly 3% following Garlinghouse’s comments, outperforming other major cryptocurrencies and reflecting renewed investor confidence.

Q: Could Ripple and Circle collaborate in the future?
A: While no partnership has been announced, both companies operate in complementary areas of digital finance. Future collaboration isn’t ruled out, though competition remains likely.

A Strategic Path Forward

Garlinghouse also took the opportunity at XRP Las Vegas to critique internal divisions within the crypto industry. He described Ripple’s recent donation of the “Satoshi skull” artifact as “a diplomatic gesture,” aimed at fostering unity rather than stoking rivalry.

This diplomatic tone reflects a broader shift in narrative—from disruptive rebellion against traditional finance to constructive integration with it. Ripple’s approach prioritizes interoperability, regulatory compliance, and real-world utility over speculative dominance.

As stablecoins continue to evolve into core components of global financial infrastructure, companies like Ripple and Circle are playing pivotal roles—albeit through different strategies. While Circle seeks validation through public markets, Ripple is deepening its technological foundation with RLUSD and expanding its network of institutional partners.

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Core Keywords:

With clear leadership, regulatory progress, and a focused roadmap, Ripple appears poised to strengthen its position in the future of finance—without needing to acquire its competitors.