Blockchain powerhouse Ripple has reportedly quadrupled its initial offer to acquire Circle, the issuer of the $61.7 billion USDC stablecoin. This dramatic move underlines Ripple’s ambitions to dominate the stablecoin sector, a critical battleground in the crypto industry.

Ripple’s Escalating Bid: From $5 Billion to $20 Billion

Initial reports revealed Ripple’s $4–5 billion offer for Circle was swiftly rejected, deemed insufficient to value the issuer of USDC, the second-largest stablecoin globally. Undeterred, Ripple’s CEO Brad Garlinghouse allegedly returned with a $20 billion offer. While neither Ripple nor Circle has confirmed this, crypto influencer “Crypto Barbie” fueled speculation with a viral tweet claiming the deal was nearing completion.

Why Ripple Wants Circle?

Ripple’s native stablecoin, RLUSD, has struggled to gain traction, with a market cap of only $317 million compared to USDC’s dominance. Acquiring Circle would immediately bolster Ripple’s position in cross-border payments—a core area of its business—and deliver a significant share of the stablecoin market. The timing aligns with Circle’s preparation for a confidential U.S. IPO, which could be derailed if the acquisition moves forward.

Regulatory and Political Context

Ripple’s regulatory landscape has recently improved. The SEC dropped its appeal against Ripple in March after the company agreed to a $50 million settlement. Ripple’s strengthened ties with the Trump administration, including a $5 million donation to Trump’s 2025 inaugural fund, may further bolster its regulatory standing. For Circle, however, merging with Ripple could threaten its reputation as a neutral and transparent issuer.

What’s Next for the $20 Billion Rumour?

Despite the buzz, both companies remain tight-lipped. The lack of official confirmation means the $20 billion figure remains speculative. For Ripple, this acquisition could signify a pivot from blockchain infrastructure to becoming a central figure in the digital dollar ecosystem. For Circle, the deal could amplify USDC’s adoption but raise concerns over independence and stability.

The coming weeks will reveal whether this ambitious bid materialises or remains a rumour. Either way, it underscores the intensifying competition in the stablecoin market as major players vie for dominance.