Did Ripple CEO Really Deny Circle Acquisition, or Was There a Misconception?

Ripple CEO Brad Garlinghouse has reportedly denied ongoing rumors that the company was in talks to acquire Circle, the issuer of the USDC stablecoin. The speculation, which had circulated in crypto circles and media outlets for several weeks, suggested Ripple made a $5 billion offer that Circle rejected.

According to Georgetown Law professor Chris Brummer, who spoke with Garlinghouse during a recent industry conference, the Ripple executive was “unequivocal” in stating that no acquisition pursuit was ever made.

Brummer shared in a public statement that, while Garlinghouse wished Circle well, acquisition talks were never on the table.

However, in the same tweet, Brummer updated the information, stating that Brad denied Ripple offering $10 billion for Circle, suggesting that a deal might have been made, but not up to the stated amount.

“Update: one response suggests that Brad really said that Ripple never offered 10B for Circle, so perhaps Ripple floated an offer at another price point,” he wrote.

Also Read: XRP Could Reach $300, Says Analyst Citing Strong Infrastructure Support

Context: Why Circle Was Rumored to Be in Play

The denial comes at a critical moment. Circle is preparing for its public market debut with a projected valuation of $7.2 billion, trading under the ticker CRCL. Speculation about a possible acquisition gained traction after reports emerged that both Ripple and Coinbase were engaged in informal discussions with Circle.

However, in late May, Circle released a statement dismissing all acquisition rumors, asserting it had no plans to sell. The company’s IPO launch this week further underscores its independent growth trajectory, and investors are closely watching how USDC will fare in a market still navigating regulatory and competitive uncertainty.

Ripple’s Broader Strategy: Infrastructure Over Headlines

While Ripple may have distanced itself from the Circle deal, it continues to build aggressively in other areas. Chris Brummer pointed to Ripple’s recent acquisition of Hidden Road, a digital prime brokerage, as a sign of the company’s strategic focus on institutional-grade infrastructure rather than headline-grabbing deals.

A significant element of Ripple’s evolving strategy is RLUSD, its U.S. dollar stablecoin. Unlike many current stablecoins, RLUSD is designed to function as on-ledger collateral with full transparency via the XRP Ledger (XRPL). This emphasis on real utility and verifiable settlement may position Ripple ahead of competitors in the next phase of digital finance.

In parallel, Ripple is also working with the United Arab Emirates to explore tokenized real estate solutions, further underscoring its vision to integrate blockchain into tangible, real-world assets and industries.

Garlinghouse Urges Crypto Industry Cooperation

Beyond acquisitions and product rollouts, Garlinghouse used his platform to advocate for greater unity in the crypto space. He criticized the “cannibalistic behavior” of some projects that tear each other down in public arenas—a trend he believes weakens the industry’s collective credibility and resilience.

In a notable moment, Brummer revealed that Ripple’s recent gift of the ‘Satoshi skull’ wasn’t just a clever marketing stunt. It was, in Garlinghouse’s words, a diplomatic gesture, aiming to bridge divides across different blockchain communities.

Garlinghouse also reflected on Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), recalling stark differences in how various agency staff members approached the case during its multi-year duration.

What’s Next for Ripple?

Rather than chasing deals for token platforms or decentralized exchanges, Ripple’s next targets may include:

• Prime brokerages for digital asset servicing

• Fiat on-ramps that connect crypto to traditional banking

• Global payment processors that integrate blockchain into mainstream finance
  

These potential acquisitions reveal a deliberate pivot toward enterprise-focused infrastructure, suggesting Ripple is playing a long game—building a foundation that traditional finance institutions can eventually trust and adopt.

While the Ripple-Circle acquisition still floats, it’s clear the company is deepening its reach into key areas that will define the next era of digital asset adoption. With its growing list of institutional partnerships, Ripple is positioning itself to become a bridge, not just between currencies, but between entire financial ecosystems.

Also Read: Banks Are Too Slow for XRP? Ripple CTO Exposes Frustrating Reality

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