## Ripple Interested in Acquiring Circle Internet Group
Ripple is looking to acquire its competitor, Circle Internet Group Inc., which is known for providing StableCoin services. However, Ripple has not yet made a formal proposal as discussions are ongoing. Sources familiar with the situation, who wished to remain anonymous due to the confidential nature of the negotiations, indicated that Circle is currently focused on its recent initial public offering filed earlier this month.
A spokesperson for Circle stated in an email that they do not comment on market rumors. They emphasized that due to being in a quiet period with the SEC, they cannot provide further insights into their financial strategies. Nevertheless, their long-term objectives remain unchanged.
Ripple has also declined to provide any comments regarding the acquisition.
This potential acquisition comes at a time when the cryptocurrency market is experiencing significant activity, following a surge in digital token values. This momentum has encouraged various companies to accelerate their IPO plans. Reports from Bloomberg News suggest that Circle, Bitgo Inc., Gemini, and Bullish Global are all contemplating going public in the near future. In April, Ripple announced a deal to acquire Prime-Brokerage Hidden Road for 1.25 billion dollars, approximately 10,576 crore rupees.
Circle is recognized for issuing one of the largest StableCoins globally, which are crypto tokens pegged to the US dollar and facilitate the transfer of digital assets across exchanges. These tokens are also increasingly used for transactions unrelated to cryptocurrency.
Based in San Francisco, Ripple introduced its RLUSD StableCoin in December. According to data from coinmarketcap.com, the market capitalization of RLUSD is approximately 316.9 million dollars, translating to about 2,681 crore rupees, with a total market value reaching 61.7 billion dollars, or roughly 5,22,046 crore rupees.
