Hoskinson: Crypto Space Is Better Off With Ripple Acquiring Circle - Blockzeit
Cardano founder Charles Hoskinson stated that Circle is in better hands with Ripple. He believes the USDC issuer’s potential acquisition by Coinbase or a16z would be bad news for the stablecoin and broader...
- Cardano founder Charles Hoskinson stated that Circle is in better hands with Ripple.
- He believes the USDC issuer’s potential acquisition by Coinbase or a16z would be bad news for the stablecoin and broader crypto industry.
Charles Hoskinson, CEO of IO and founder of Cardano (ADA), recently aired his take on the issue surrounding the acquisition attempts on Circle. The issuer of USDC has been in the sights of cryptocurrency industry giants following its IPO (initial public offering) filing.
Circle on the Crosshairs of Ripple, Coinbase, and a16z
Going in hot for the potential acquisition of the company issuing the second-largest stablecoin in the world, USDC, were Ripple and Coinbase. There’s also the Andreesen Horowitz-led a16z jumping into the fray.
However, if the decision were up to the Cardano founder, he’d rather have Ripple take the helm of Circle. This is despite the cross-border payments platform’s failure to get the USDC issuer’s approval after a $5 billion acquisition bid.
Hoskinson believes that Circle merging with Ripple would be better for the crypto space. He claimed it would provide diversity and healthy competition against a monopoly from the “Coinbase-a16z-Circle mafia,” which runs around things within a “self-serving ecosystem.”
In addition, the crypto personality criticized Coinbase for unfairly blacklisting other players. With the crypto exchange in control of Circle, it could rig the system to make it hard for potential competitors to gain a listing. Hence, it would paralyze their access to liquidity for their stablecoins.
Moreover, Hoskinson pointed out that the move would make perfect business sense as he considers Ripple a better custodian than other alternatives.
Ripple Willing to Bid Higher for Circle
Interestingly, Hoskinson floated around the idea that Ripple is looking to up the ante in its bid for Circle. He said that, according to rumors, the company helmed by CEO Brad Garlinghouse is willing to raise the stakes to $11 billion.
Previously, Circle rejected Ripple’s offer because it deemed the amount to be too low. It’s unclear how much Coinbase is currently bidding, though.
Stablecoin Market Valuation
As of today, the total stablecoin market cap has already reached $246.554 billion based on DefiLlama data. Tether’s USDT remains the most dominant in this market segment, with a $153.37 billion overall valuation, translating to a market dominance of over 62%.
Circle’s USDC trails USDT by a long shot at $61.29 billion, taking roughly 25% market share. Ethena’s USDe, a synthetic stablecoin also pegged 1:1 to the US dollar, holds the third spot with its $5.2 billion market cap and 2% market share. Dai and Sky Dollar (USDS) clinched the fourth and fifth ranks, respectively.
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Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines. In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013. Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO's core management team, contributing to strategic planning and business development endeavors.
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