Ripple categorically denies media reports claiming it attempted to acquire stablecoin issuer Circle, stating no such deal was pursued. Meanwhile, Ripple’s RLUSD stablecoin has been granted regulatory approval for use by over 7,000 firms operating within the Dubai International Financial Centre (DIFC). This comes as Ripple navigates a M&A surge and expands its presence in the stablecoin market.
Ripple CEO Brad Garlinghouse clarified that their company never pursued an acquisition of Circle. Despite this denial, media reports previously claimed Ripple aimed to acquire Circle for around $4 billion-$5 billion. Circle has remained committed to its public listing on the NYSE and aims to raise up to $896 million through a share sale.
Ripple’s RLUSD stablecoin, launched in April 2024, received regulatory approval from both the New York Department of Financial Services (NYDFS) and now boasts approval by the Dubai Financial Services Authority (DFSA). This marks a significant milestone as it allows over 7,000 licensed firms within the DIFC to use RLUSD for various operations.
This expansion into the Middle East coincides with Ripple’s broader strategic vision, aiming to bridge traditional finance with crypto-native infrastructure. Ripple has recently acquired Hidden Road, a global credit network, and is actively exploring other acquisitions. This move is in line with their efforts to develop a hybrid financial system that seamlessly integrates tokenized assets, fiat onramps, and blockchain technologies. The company remains confident in the growth of RLUSD despite early market stage.
Whether RLUSD reaches its potential as a competitor to USDC remains to be seen but Ripple’s focus on infrastructure and interoperability may prove more sustainable in the long run.
Ripple’s new stability features will allow for faster and cheaper cross-border transactions, potentially impacting global trade. As regulations continue to evolve, stablecoins are increasingly being seen as a bridge between traditional finance and blockchain technology.