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Ripple Labs is reportedly increasing its bid for the stablecoin issuer, Circle, in a bid to increase its stablecoin market dominance.
Ripple Labs, the technology company offering blockchain-based payment solutions and the creator of the XRP ledger, has caught the market’s attention due to its strategic moves. The company is seeking dominance in the stablecoin market, potentially rivaling the current King of stablecoin, Tether. RippLe has recently issued its stablecoin RLUSD, backed 1:1 by USD reserves.
However, to gain significant market dominance, the company moved ahead to bid $5 billion to buy Tether’s rival, Circle. Following an offer rejection, Ripple is reportedly offering $20 billion to secure the USDC stablecoin issuer. According to Roundtable Network on X (formerly Twitter):
Ripple is going big – reportedly increasing its bid to #acquire #Circle from $5B to $20B after being turned down the first time.
Ripple could be poised for growth
Looking at the market sentiment, Ripple’s XRP has surged 4.76% over the past month, signalling rising investor confidence. Additionally, Whales have been accumulating XRP in the same period.
Per the on-chain data, Whales have bought 900 million XRP coins in the past 30 days. Considering a positive outcome on the SEC Case against the company, Ripple’s on-chain data and fundamentals hint at long-term growth.
[…] initiatives, moving beyond crypto payments. In the past month, Ripple has portrayed impressive aggression to dominate the stablecoin market and advance crypto utility in everyday […]