Ripple and Coinbase Battle to Acquire Circle in $11B Deal Amid Antitrust Concerns

Ripple and Coinbase are reportedly in a high-stakes bidding war to acquire stablecoin issuer Circle, according to Paul Barron on X. Sources say Ripple currently holds the advantage, offering a valuation between $9 billion and $11 billion for the Boston-based company behind USDC.

The potential acquisition is stirring major concerns within the crypto industry. Gabriel Shapiro, founder of MetaLeX Labs, warned that if Ripple succeeds, it could trigger a "crypto apocalypse." Shapiro argued the deal could grant Ripple outsized control across multiple blockchain ecosystems, possibly making it the dominant issuer of digital assets. He noted such dominance could severely undermine competition and innovation, stating that Ripple has previously leveraged its influence to suppress rivals by spreading fear, uncertainty, and doubt (FUD).

Shapiro also emphasized that the proposed acquisition may not pass regulatory scrutiny. U.S. antitrust authorities could view the deal as monopolistic, especially with Ripple’s existing influence in the digital asset space. The risk of violating the Revlon doctrine—a legal standard requiring companies to seek the best value for shareholders during a sale—was also raised, underscoring the need for Circle’s board to evaluate offers carefully.

The move comes amid intensifying competition in the stablecoin sector and increased regulatory focus on consolidation in crypto markets. With USDC being one of the largest dollar-backed stablecoins, any deal involving Circle could reshape the digital finance landscape. Industry observers are closely watching how this potential acquisition could affect decentralization, interoperability, and fair market access across blockchains.

As Ripple and Coinbase continue their pursuit, the crypto community braces for a decision that could redefine power dynamics in the blockchain world.