Ripple seems determined to make a big move in the stablecoin space, but its offer to acquire the second-largest such issuer was reportedly turned down.<\/p>\n
At the same time, its own stablecoin has stalled after the initial impressive launch, and its market cap remains under $320 million, according to CoinMarketCap and CoinGecko.<\/p>\n
The report<\/a> claimed that the takeover attempt was halted in its tracks as Circle said the offer of somewhere between $4 billion and $5 billion was too low. Citing people familiar with the matter, Bloomberg said Ripple has no plans to raise the bid to acquire the company behind the second-biggest stablecoin, USDC.<\/p>\n In contrast, the US-based crypto giant completed the acquisition of Hidden Road, a prime brokerage company, for $1.2 billion earlier this year, in what was described as one of the largest deals in the industry. The move is expected to be a game-changer<\/a> for XRP as the asset and the network behind it, XRPLedger, will be used for post-trade settlement on some transactions, as CEO Brad Garlinghouse confirmed.<\/p>\n Although the SEC is yet to publish an official confirmation and many believe it\u2019s necessary to conclude the case, Galirnghouse announced<\/a> in mid-March that the legal battle between his company and the US securities watchdog had come to an end as both parties refused to continue with their appeals.<\/p>\n It seems that Ripple\u2019s concluding legal troubles in the US have opened the door for the company to make some big moves, albeit one of them was reportedly rejected.<\/p>\n While it was stopped from taking over the second-biggest stablecoin issuer, Ripple has already entered that growing industry niche. Recall that the firm launched its own such product late last year, called RLUSD<\/a>.<\/p>\n It started on the right foot after getting the regulatory green light in the US. Its market cap continued to increase in early April, jumping by 50% within days from $200 million to $300 million, as reported<\/a> at the time.<\/p>\n However, its progress has stalled since, and the asset\u2019s market capitalization has gained less than $20 million in the following several weeks. Nevertheless, the volumes on CEX have surged by 30% over the past day to over $50 million, according to CMC.<\/p>\n The post Why Was Ripple\u2019s $5 Billion Takeover Offer Rejected by Circle? (Report)<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Ripple seems determined to make a big move in the stablecoin space, but its offer to acquire the second-largest such issuer was reportedly turned down. At the same time, its own stablecoin has stalled after the initial impressive launch, and its market cap remains under $320 million, according to CoinMarketCap and CoinGecko. Circle Refuses The […]<\/p>\n","protected":false},"author":0,"featured_media":63328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-63327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/63327"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63327"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/63327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/63328"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}RLUSD Struggles?<\/h2>\n