Crypto giants Ripple and Coinbase are reportedly engaged in a bidding war to acquire Circle, the issuer of the USDC stablecoin. According to a Fortune report cited in a recent Paul Barron Network broadcast, the unnamed sources claim that Ripple and Coinbase have emerged as the top contenders to buy Circle with potential valuations ranging between $6 to $11 billion.
Is Ripple Winning Against Coinbase to Acquire Circle?
Ripple had reportedly offered “$4 to $5 billion to acquire Circle earlier this year and they were rejected,” Paul Barron stated in the May 2025 episode of TechPath. However, new developments suggest Ripple may now be prepared to put forward a significantly higher bid. According to social media discussions, the company could potentially use both cash and XRP tokens from its reserves for a deal of possibly $11 billion.
In a now-deleted post on X, Barron claimed, “Ripple and Coinbase now in a bidding war for Circle. Sources say Ripple has the upper hand at 9-11 Billion price tag.” Ripple is believed to be holding a substantial crypto war chest. “Ripple is setting on holdings at about $94 billion based on estimated around $40 billion in XRP at the current price at $2.37,” Barron said.
However, he noted legal constraints on Ripple’s ability to liquidate XRP: “They aren’t able to get rid of that unless the judge maybe changes the position.” A recent ruling by Judge Torres denied a procedural motion that might have restored jurisdiction to allow Ripple token sales. “The court would deny the parties a motion to procedurally improper,” said Barron.
On the other side, Coinbase appears to have the financial capacity to compete. “Coinbase’s assets… around $8.5 billion in cash and almost $2.8 billion in cryptocurrency investments,” Barron reported, with a total balance sheet of roughly $22 billion. However, an acquisition could trigger a “balance sheet reshuffle,” with uncertain implications for Coinbase’s financial standing.
Barron questioned why Coinbase hasn’t already made a move: “Why have we not seen Coinbase acquire Circle before now?” He added, “Was this a strategic error or something else?”
There may also be other entrants in the bidding war. “You have to consider a dark horse,” Barron said. He suggested that firms such as Japan’s SBI Holdings could enter the fray. “SBI… one of the biggest XRP holders out there… could actually come into potential cash flow positions to support a Ripple bid.”
Chances of Circle’s Acquisition by Ripple or Coinbase
Beyond acquisition strategy, the implications for stablecoin competition are substantial. “Imagine the disruption in the credit card industry if we truly saw a US stablecoin start to get great market share,” Barron remarked. If Ripple were to acquire Circle, the company could significantly expand its influence over USDC and cross-border payments.
During the discussion, Barron assessed the bidding race as “45% Coinbase, 45% XRP, and 10% Darkhorse,” based on available financials and strategic position. However, no official confirmation has yet been made by Ripple, Coinbase, or Circle.
Nonetheless, sources say that Coinbase could beat Ripple despite the higher valuation the latter is reportedly offering. “If Coinbase wanted to buy them, Circle would sell in a heartbeat,” one banker said.
Also Read: Could XRP Make You Wealthy in 2025? A Reality Check
