Hoskinson on Ripple-Circle Deal: “It Could Fix Crypto’s Biggest Problem”

Ripple-Circle Deal Could Break the Stablecoin Monopoly, Says Hoskinson

In an AMA on YouTube on Sunday, Charles Hoskinson, the founder of Cardano, shrugged off the antitrust issues raised by Ripple’s possible acquisition of Circle. Speaking positively about a potential agreement, Hoskinson contended that it would improve the cryptocurrency market in the long run.

I think it would make the space better. There’s like this Coinbase-a16z-Circle mafia where they’ve built an ecosystem, and it’s self-serving in that ecosystem, and if you are outside of it, you get completely blacklisted, and it’s hard to get listed, it’s hard to get liquidity, and it’s hard to get a stablecoin,

Hoskinson

Ripple Pushes for Circle Takeover, Hoskinson Says It Could Diversify the Ecosystem

According to Hoskinson, XRP and Ripple have the potential to dismantle the current monopoly and increase diversity.

And I think they’ll be a better custodian…than some of the people, especially on the circle side,

Hoskinson

Circle turned down Ripple‘s $5 billion purchase bid, which Bloomberg first revealed in late April, because it was thought to be too cheap. Rumor has it that Ripple is prepared to spend up to $11 billion to buy Circle, according to Hoskinson.

Who Will Acquire Circle? Coinbase and Ripple Lead the Race

Fortune reports that Coinbase and Ripple are currently the leading candidates to buy Circle, with Coinbase appearing to have the advantage because of its close connections to the business. Despite some rumors of purchase talks, it appears that Circle still plans to go public, having filed for an IPO in early April.

Gabriel Shapiro, the founder of MetaLeX Labs, had predicted that a full-scale crypto catastrophe would result from Ripple’s acquisition of Circle. Nevertheless, he thinks that a possible agreement, if it materializes, will ultimately fall short of antitrust requirements.

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