Ripple CTO Claims $6B Offer to Circle Was a Joke After Post Sparks Uproar

Ripple’s Chief Technology Officer, David Schwartz, came under scrutiny after posting on social media that Ripple had offered $6 billion to acquire Circle, the issuer of the USDC stablecoin.

The post quickly stirred speculation across the crypto community before Schwartz deleted it and explained that it was intended as a joke.

According to Schwartz, the message was removed out of concern that people might interpret it as an honest disclosure. His statement followed reports that Ripple offered Circle a multibillion-dollar deal that had already caught people’s attention.

Brad Garlinghouse, CEO of Ripple, has now responded to the speculation, denying during a private session with Georgetown Law professor Chris Brummer at the Las Vegas event that a bid to acquire Circle was ever made.

In a later update, Brummer shared that Garlinghouse specifically denied a $10 billion offer, which added further complexity. This left open the possibility that a smaller offer might have been discussed, though no formal deal has been acknowledged by either party.

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Schwartz’s Deleted Tweet Escalates an Already Active Rumor Mill

Schwartz’s post, though brief and later retracted, contributed to the market buzz surrounding Ripple and Circle. The $6 billion figure surpassed earlier reports and gave fresh momentum to assumptions of an ongoing deal.

That was a joke. Someone posted that Ripple had offered $5 billion and Circle rejected it and I replied something like “Okay, six, but that’s our final offer”. I meant it as a joke but deleted it because I was afraid some might take it seriously.

— David ‘JoelKatz’ Schwartz (@JoelKatz) June 4, 2025

Circle is currently preparing for its upcoming IPO, which is expected to value the company at $7.2 billion. According to Circle, the company is staying independent and will carry on with its plans to list on the Nasdaq under the ticker CRCL.

Ripple has also moved its attention to its broader strategy with its recent acquisition of Hidden Road, a digital prime brokerage, signaling a focus on institutional-grade infrastructure over splashy takeovers.

Besides, Ripple’s creation of RLUSD, a clear stablecoin that runs on the XRP Ledger, underlines their aims to scale in the financial sector. Schwartz claimed the tweet was just a joke, but it is clear that people are susceptible to comments made by executives on important matters.

Even the slightest joke by a public figure can create more guesses about any industry controversy. Ultimately,  Ripple’s denial of any acquisition shows how important it is for leaders in this industry to manage their words carefully.

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