The deal would give Ripple control over USDC’s $61 billion market cap.
The proposed $11 billion valuation would make it one of the largest transactions in crypto history.
Coinbase may also enter the race with $8 billion in cash reserves.
Ripple is believed to have increased its offer to acquire Circle, the company behind the $61 billion USDC stablecoin, to $11 billion.
The development marks a dramatic escalation from its previously reported $5 billion bid, and comes amid growing speculation that Coinbase may also be eyeing the acquisition.
While neither Ripple nor Circle has officially confirmed the offer, the rising figure underscores how strategic stablecoins have become in the post-FTX crypto economy.
With a deep XRP reserve and a favourable US regulatory environment under President Trump, Ripple is seen as a serious contender in this high-stakes competition.
XRP reserves support Ripple’s acquisition firepower
Ripple’s Q1 2025 Markets Report reveals the company holds approximately 4.56 billion XRP, valued at $10.72 billion, alongside 37.13 billion XRP in escrow, worth $87.25 billion.
These reserves give Ripple considerable financial leverage to pursue transformative deals like the Circle acquisition.
The proposed $11 billion valuation would make it one of the largest transactions in crypto history.
As stablecoins gain traction among institutional investors, Ripple’s interest in USDC reflects a push to strengthen its position beyond cross-border payments and into mainstream financial infrastructure.
Industry analyst Paul Barron noted that Ripple’s revised offer could fall anywhere between $9 billion and $11 billion.
This speculation intensified after reports surfaced in April 2025 that Circle had rejected Ripple’s earlier offer, suggesting the two firms remain in negotiations.
The potential deal is also being viewed as a counter to Coinbase, which is reportedly preparing its bid.
Coinbase’s financial strength could raise competition
Coinbase remains a formidable rival in the Circle race. According to its Q1 2025 earnings report, the publicly listed exchange holds $8 billion in cash and equivalents.
As a public company, Coinbase can also tap equity markets for additional capital, allowing it to offer a mix of cash and stock in any potential transaction.
The competition comes at a time when Coinbase’s own stablecoin strategy is in flux.
Its partial involvement in USDC through the Centre Consortium was phased out in 2023, but the exchange remains a key distribution partner.
Acquiring Circle would bring USDC fully under its control, offering a strategic response to PayPal’s PYUSD and Tether’s continuing dominance in global markets.
Circle’s next move could reshape the stablecoin landscape
At the heart of this unfolding story is Circle itself, which has yet to publicly respond to acquisition rumours.
The company has been preparing for a public listing since its earlier SPAC deal collapsed in 2022.
With USDC gaining global traction and boasting significant adoption across DeFi and fintech ecosystems, Circle may not be under pressure to sell.
However, if it does entertain Ripple’s or Coinbase’s offers, the resulting deal could shift the balance of power in the stablecoin market, with implications for payments, tokenisation, and digital dollar dominance.
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