A fierce bidding war has erupted as crypto giants Ripple and Coinbase vie to acquire Circle, the issuer of the popular USD Coin (USDC) stablecoin. According to a recent report by Paul Barron Network, sources close to the negotiations claim that Ripple and Coinbase are neck-and-neck in their pursuit, with valuations for the potential acquisition potentially ranging between $6 billion and $11 billion. Ripple reportedly made an offer earlier this year of around $4-$5 billion, which was rejected. **However, it’s now suggested that Ripple may be ready to boost its bid considerably.** Social media discussions suggest they could employ a combination of cash and XRP tokens from their reserves for the deal. Paul Barron Network reports that Ripple is positioned with an estimated $94 billion in holdings, with around $40 billion in XRP currently valued at $2.37. However, legal restrictions may be hampering Ripple’s ability to liquidate its XRP. Judge Torres recently denied a motion from Ripple to restore XRP sale jurisdiction, which could affect the deal.** Meanwhile, Coinbase is also vying for Circle with over $8.5 billion in cash and almost $2.8 billion in cryptocurrency investments. ** A purchase by Coinbase might trigger significant changes in their financial standing**, Barron said. **He questioned why Coinbase hasn’t already made a move to acquire Circle.** **Other companies, such as SBI Holdings from Japan, could also enter the fray. This acquisition would have substantial consequences for the stablecoin market and cross-border payments. **Barron’s analysis indicates that Ripple is currently favored at 45%, Coinbase is at 45% and a dark horse has been considered at 10%.** No official confirmations from Ripple, Coinbase, or Circle have been made yet. But sources say that Coinbase could succeed in the acquisition even if Ripple makes a higher offer, adding to the intrigue of this high-stakes competition.** The implications for stablecoin competition are significant**, Barron remarked. **If Ripple successfully acquires Circle, it would significantly expand its influence over USDC and cross-border payments.** A possible scenario is that Coinbase could make the purchase if they wanted to, as one banker has suggested.** **This battle for control of Circle represents a pivotal moment in the crypto market**, highlighting the growing consolidation within the industry. **