Ripple CEO Brad Garlinghouse has publicly addressed the swirling rumours surrounding Ripple’s alleged attempt to acquire stablecoin issuer Circle. During a fireside chat at the XRP Las Vegas conference, Garlinghouse clarified that Ripple never offered $10–$20 billion to acquire Circle, directly challenging months of media speculation.
Ripple Refutes $10B–$20B Circle Acquisition Claims
The rumours began circulating in April, suggesting that Ripple had expressed interest in acquiring Circle, the company behind USDC. Initial reports claimed Ripple made an offer ranging from $4 billion to $5 billion, which Circle allegedly rejected. Follow-up reports alleged that Ripple then raised its offer to a staggering $10 billion to $20 billion.
However, fintech policy expert Chris Brummer, who hosted the discussion with Garlinghouse, shared a detailed summary on X (formerly Twitter), making it clear that Garlinghouse denied such high-value bids. While the Ripple CEO did not completely rule out the idea of prior acquisition interest, he emphasised that Ripple had no intention of pursuing a full takeover of Circle. Notably, he chose not to disclose exact figures, maintaining a degree of strategic ambiguity.
Circle Shifts Focus Amid IPO Filing
Meanwhile, Circle has also pushed back against the narrative of the acquisition. A company spokesperson reiterated that Circle remains focused on its long-term strategic vision. In a clear sign of this, the company has since filed for an initial public offering (IPO) on the New York Stock Exchange, proposing the sale of 24 million Class A common shares priced between $24 and $26 each.
This IPO move solidifies Circle’s intent to operate independently and pursue its growth objectives without relying on acquisition pathways.
RLUSD Positioned as On-Ledger Collateral
Beyond clearing the air about Circle, Garlinghouse used the XRP Las Vegas platform to shed light on Ripple’s broader ambitions, particularly regarding RLUSD, the company’s native stablecoin.
Ripple recently acquired Hidden Road, a prime brokerage platform. According to Garlinghouse, this acquisition is more than just a business move; it signals Ripple’s plan to deploy RLUSD as on-ledger collateral for financial services. Hidden Road’s integration of RLUSD would support trading and clearing services, emphasising RLUSD’s value beyond just another dollar-pegged token.
Brummer described this direction as “infrastructural thinking” — foundational, though not flashy, and critical for scaling blockchain finance.
XRPL Selected for Dubai Real Estate Tokenisation
Ripple also achieved a major milestone with the XRP Ledger (XRPL) being selected to power a government-backed real estate tokenisation project in Dubai. Garlinghouse explained that the Dubai Land Department, in partnership with Ctrl Alt, the Dubai Future Foundation, and the Virtual Assets Regulatory Authority, will issue tokenised property title deeds on XRPL.
This selection reinforces Ripple’s utility in real-world use cases, especially in regions that are actively embracing blockchain innovation. Garlinghouse emphasised that tokenisation is no longer hypothetical; it is becoming a practical solution in tech-forward areas, such as the UAE.
Call for Unity in the Crypto Industry
Lastly, Garlinghouse addressed the division within the crypto community, highlighting the need for collaboration. Reflecting on Ripple’s symbolic donation of the “Skull of Satoshi” to the Bitcoin community, he urged industry players to abandon tribalism.
He argued that infighting stifles progress and damages the collective reputation of the blockchain ecosystem. Instead, Garlinghouse called for unity in achieving common goals, such as regulatory clarity, technological advancement, and mass adoption.
Related article: Ripple’s RLUSD Gains DFSA Approval as Recognised Crypto Token
Final Thoughts
Brad Garlinghouse’s remarks at the XRP Las Vegas conference delivered a mix of clarification and forward-thinking strategy. While Ripple isn’t acquiring Circle, the company is doubling down on infrastructure, real-world use cases, and industry cohesion. With RLUSD set to play a larger role in finance and XRPL gaining institutional trust abroad, Ripple is quietly shifting gears toward becoming a backbone of blockchain finance, even without the headlines of billion-dollar takeovers.
