Charles Hoskinson Supports Ripple Instead of Coinbase in the Circle Acquisition Conflict

Summary

• Charles Hoskinson commented on the speculated multi-billion-dollar competition between Ripple and Coinbase for the stablecoin company Circle.
• He also mentioned ongoing discussions about integrating Ripple’s RLUSD into the Cardano platform.

Hoskinson’s Insights

In a recent online video, the founder of Cardano stated that such an acquisition would enhance the cryptocurrency landscape. He expressed the view that the “mafia” surrounding Coinbase, a16z, and Circle has created a self-serving environment.

“If you’re not part of it, you face being completely blacklisted, making it difficult to gain listings, liquidity, or access to a stablecoin,” he remarked.

The American entrepreneur believes that a deal between Ripple and Circle could dismantle that “monopoly” and foster greater diversity. He views Ripple as a more suitable steward for the XRP token.

A business publication was among the initial sources to report on Ripple and Coinbase vying for Circle, which is responsible for the USDC stablecoin. Each company is reportedly prepared to invest billions in the acquisition.

Recently, angel investor Paul Barron indicated that insiders suggest Ripple may have an advantage in the potential settlement worth over $9 billion.

The competition for the stablecoin issuer sparked considerable discussion over the weekend, with some users on social media alleging that Ripple submitted an $11 billion bid.

Others speculated that the company might make a non-rejectable offer soon. However, various industry experts downplayed this idea, noting that Monday is a public holiday in the U.S., making an announcement unlikely in that timeframe.

Importantly, reports from weeks earlier suggested that Ripple offered approximately $4-$5 million to acquire Circle, a bid that was allegedly rejected as insufficient. However, rumors later surfaced that the offer might have increased to $20 billion, although this remains unverified.

Collaboration Between Cardano and Ripple?

Hoskinson mentioned that the Cardano team reached out to their Ripple counterparts to discuss the integration of RLUSD.

“We are exploring ways to incorporate RLUSD into Cardano… We would handle the integration at no cost because we appreciate the XRP community, but discussions are ongoing,” he stated.

The prospect of a partnership between Cardano and Ripple has been a topic of interest for some time. Towards the end of 2024, the leaders of the two organizations, Brad Garlinghouse and Charles Hoskinson, exchanged positive remarks. Following that, Hoskinson hinted at the possibility of Cardano incorporating Ripple’s stablecoin into its network.

“We’ve already had discussions with the RLUSD team. We are in active talks,” he had mentioned at that time.

In April, Ripple released a video emphasizing the future of tokenization. Notably, the video opened with a brief glimpse of Cardano’s logo, which led to increased speculation about a potential partnership. However, there has been no official confirmation of such collaboration.