Ripple attempted to acquire Circle for the stablecoin market, but the proposal of $4-5 billion (approximately 56.7-70.8 trillion won) was reportedly rejected.
According to Bloomberg, Circle rejected Ripple's acquisition proposal, deeming the amount too low. Sources indicate that Ripple currently has no plans to increase the acquisition price.
Meanwhile, Ripple successfully acquired Hidden Road, a prime brokerage firm, for $1.2 billion (approximately 17.04 trillion won) earlier this year. This is considered one of the largest transactions in the industry. Brad Garlinghouse, Ripple's CEO, confirmed that XRP and XRP Ledger would be used for payment in some transactions.
In mid-March, the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) was concluded. With both sides abandoning appeals, it was effectively settled. This allowed Ripple to move away from legal issues in the U.S. and attempt large-scale mergers and acquisitions, though the Circle acquisition did not materialize.
Ripple launched its own stablecoin RLUSD last year. Approved by U.S. regulatory authorities, RLUSD had a smooth initial start. In early April, its market capitalization increased by 50%, from $200 million to $300 million.
However, growth has since slowed, with market capitalization increasing by less than $20 million in recent weeks. Nonetheless, trading volume on centralized exchanges increased by 30% to $50 million in the past 24 hours.
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