Ripple and Coinbase are now at the center of a heated acquisition battle for Circle, the issuer of the USDC stablecoin. The bidding war, reportedly reaching as high as $11 billion, has sparked intense reactions across the crypto space as the future of one of the most trusted stablecoins hangs in the balance.
According to the Paul Barron Network, Ripple approached Circle with an offer to buy worth over $4 billion in February, but Circle firmly turned it down. Since then, Ripple is believed to be preparing a stronger offer using a combination of cash and XRP reserves. According to news being spread around social media, the company is willing to go as high as $11 billion.
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Coinbase is another name being considered for the role, with the exchange estimated to have $8.5 billion in cash and $2.8 billion in digital assets on hand. There has not been a formal opposing offer from Coinbase, but people involved in the industry expect it to match the value of Ripple. With around $22 billion on its total balance sheet, the company can be flexible in its bidding procedures.
Ripple’s XRP holdings, now valued at about $40 billion, could be affected by continuing legal challenges to their use. A recent court ruling denied Ripple’s motion to expand its ability to sell XRP, which could complicate efforts to use its reserves in a major acquisition.
Crypto Community Divided as Bidding War Escalates
The news of the possible acquisition has generated strong reactions from the crypto community. On X, users voiced concerns about the future of USDC under Ripple’s control. One user, GwartyGwart, compared the potential deal to “Hooli buying Pied Piper,” implying that corporate dominance could threaten innovation and decentralization.
Another user, 0xShual, warned that the move could cause “mass panic,” highlighting fears that Ripple’s influence over USDC could lead to excessive centralization. Critics argue that if Ripple directs what happens with USDC, its priorities could affect the fairness and openness of USDC’s position in the market.
People watching the market are concerned that Ripple’s influence could direct USDC away from common trust and toward industrial strategies. As a result, there is more talk about whether Circle should pursue its own path or partner with a more decentralized company.
Ripple and Coinbase are trying to buy Circle in a huge deal, and the result could set new rules for stablecoin leadership and impact. If community members are divided and tensions rise, the result could affect trust, transparency, and control regarding digital finance for years ahead.
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