Why the acquisition offer of $ 5 billion of Ripple was rejected by Circle? (Report)

Ripple seems determined to make a great movement in the Stablecoin space, but his offer to acquire the second largest was rejected.

At the same time, its own Stablecoin has stagnated after the impressive initial launch, and its market capitalization remains below $ 320 million, according to Coinmarketcap and Coingcko.

The circle refuses

He report He said that the acquisition attempt stopped dry, since Circle said that the offer of between $ 4 billion and $ 5 billion was too low. Citing people familiar with the matter, Bloomberg said Ripple has no plans to increase the offer to acquire the company behind the second largest stablecoin, USDC.

In contrast, the cryptographic giant based in the United States completed the acquisition of Hidden Road, a main brokerage company, for $ 1.2 billion earlier this year, in what was described as one of the largest agreements in the industry. The movement is expected to be a game change for XRP, since the asset and the network behind it, Xrpledger, will be used for the settlement after trade in some transactions, as confirmed by the CEO Brad Garlinghouse.

Although the SEC has not yet published an official confirmation and many believe that it is necessary to conclude the case, Galirnghouse announced in mid -March that the legal battle between its company and the surveillance agency of the US values. UU. It had come to an end since both parties refused to continue their appeals.

It seems that the conclusive legal problems of Ripple in the United States have opened the door to the company to make some great movements, although one of them was rejected.

Rlusd fights?

While it was prevented from taking over the second largest stable issuer, Ripple has already entered the growing niche of the industry. Remember that the company launched its own product at the end of last year, called RLUSD.

He started with his right foot after obtaining the regulatory green light in the United States. Its market capitalization continued to increase in early April, jumping 50% in a few days from $ 200 million to $ 300 million, as reported at that time.

However, its progress has been stagnated since then, and the market capitalization of the asset has earned less than $ 20 million in the following weeks. However, CEX volumes have increased by 30% on the last day to more than $ 50 million, according to CMC.