Ripple’s rumored bid to acquire Circle, the company behind USDC, has taken another twist as legal commentator and XRP holders' advocate John Deaton stepped in with key context on the situation.

While early reports pointed to a $5 billion offer from Ripple, that number now appears to be just the starting point. Sources close to the talks suggest the crypto company has increased its offer, possibly even up to $20 billion, though no deal has been confirmed. Discussions are reportedly still active, with serious back and forth happening between the two sides.

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Deaton highlighted that Circle’s IPO plans add to the complexity. The company filed its S-1 with the SEC on April 1, aiming to the list on the NYSE under the ticker "CRCL." JPMorgan and Citigroup are leading the IPO process, which is targeting a $4-5 billion valuation - roughly in line with Ripple’s initial offer.

That initial bid may have been rejected because Circle believes it is worth more, especially after going public. Back in 2022, the company was aiming for a $9 billion valuation through a SPAC deal that ultimately did not close. 

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Given the recent shift in U.S. regulatory tone and growing political support for crypto - including the likely passage of the STABLE GENIUS Act - Circle may be betting that the market will value it closer to that earlier figure or beyond.

Ripple, for its part, clearly has not walked away. USDC is the second-largest stablecoin behind Tether's USDT, and acquiring Circle would give Ripple a major foothold in the space. Its own USD-pegged stablecoin, RLUSD, quietly launched and has grown to a market cap of $317 million.

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There are also projections that the global stablecoin market could reach $2.8 trillion in value within the next five years. With crypto regulation easing and stablecoins becoming a major attraction, a renewed push shows Ripple is playing a longer game - and Circle knows what it is holding.

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