Circle, the issuer of the USDC stablecoin, is strengthening its ties with Ripple by announcing the launch of USDC on the XRP Ledger. This event is heightening market expectations for an XRP price increase.
USDC on XRP Ledger
According to a June 12 announcement, developers and institutions can now easily mint and redeem USDC tokens on the XRP Ledger. This integration simplifies access to USDC liquidity and allows for the utilization of the fast and secure XRPL network. USDC is currently the industry’s second-largest stablecoin with a market cap of $61 billion, trailing only Tether’s USDT.
Circle’s Successful IPO
Circle made its trading debut on the New York Stock Exchange last week, and the company's IPO was successful, raising $1.1 billion. This IPO surpassed the initial performances of major tech companies like Meta and Airbnb. Market commentators point to the fundamental belief that the GENIUS Act—the landmark U.S. stablecoin legislation—will pass as a key driver for Circle’s IPO success.
Potential Deal Between Circle and Ripple
Before the IPO, there were rumors that Ripple tried to acquire Circle for at least $5 billion, but the offer was rejected as too low. However, as reported by *ZyCrypto*, Ripple CEO Brad Garlinghouse dismissed claims about plans to acquire Circle.
The launch of USDC on the XRP Ledger represents a significant development for both companies and may impact the cryptocurrency market. The success of Circle’s IPO further confirms investor confidence in the future of stablecoins.
