Ripple, the blockchain-based digital payment company, has dismissed claims about plans to acquire stablecoin issuer Circle. CEO Brad Garlinghouse stated that negotiations with Circle are not happening.
Acquisition Rumors of Circle
Brad Garlinghouse, CEO of Ripple, confirmed that the company does not plan to acquire Circle in response to rumors about a potential deal. Georgetown law professor Chris Brummer, who interviewed Garlinghouse, noted that the CEO was explicit about this matter. In his message, Brummer added that the main point of conversation was Ripple’s intention to continue its operations without considering an acquisition of Circle.
RLUSD: Focus on Stability
Ripple is also working on enhancing its stablecoin RLUSD. The recent $1.25 billion acquisition of the brokerage platform Hidden Road suggests that the company intends to use RLUSD as on-ledger collateral, enabling the memorialization of transactions on the XRP Ledger. This is a strategic move in infrastructure that, while it may seem mundane to some, is vital for future development.
Ripple's Interest in Traditional Finance
Professor Brummer highlighted Ripple's engagement with tokenized real estate in the UAE as well. Garlinghouse’s visit to the SEC was described by him as 'personal.' According to Brummer, these initiatives reflect Ripple's interest in integrating the cryptocurrency ecosystem with traditional financial institutions.
The rumors of acquiring Circle have been denied, yet Ripple's interest in merging cryptocurrencies with traditional finance remains a key direction for the company.
