Author
Hongji Feng
Author
Hongji Feng
Share
Key Takeaways:
- Garlinghouse’s criticism of Lummis comes as Ripple attempts to expand its influence in Washington while pursuing a $4–5 billion bid to acquire USDC issuer Circle.
- Circle rejected Ripple’s offer and is still in talks with both Ripple and Coinbase while targeting a $5 billion IPO valuation.
- Coinbase is viewed as a stronger suitor due to its equity stake in Circle and control over key aspects of the USDC infrastructure.
Ripple CEO Brad Garlinghouse blasted U.S. Senator Cynthia Lummis on Monday for canceling their planned meeting and declining to reschedule, intensifying Washington drama as Ripple pursues a $4-5 billion grab for USDC creator Circle.
According to a social media post published by Garlinghouse on May 19, the statement came ahead of his visit to Washington, where he said he was meeting with lawmakers to support legislation on stablecoins and market structure.
Garlinghouse Invites Lummis to Re-engage on Public Crypto Dialogue
Lummis, who chairs the Senate Digital Assets Subcommittee and represents Wyoming, was singled out for her absence. Garlinghouse said he hoped she would reconsider, describing her as a key figure in one of the most crypto-friendly states.
In the post, Garlinghouse extended an open invitation to speak with Lummis publicly, either through a live-streamed X Space or in person at upcoming industry events. He linked the discussion to broader efforts by the Trump administration to position the U.S. as a leader in crypto.
“I will continue to do everything possible to support that goal,” he wrote.
Ripple’s Bid for Circle Raises Stakes in Stablecoin Power Struggle
The recent confrontation between Ripple and Coinbase over Circle has added urgency to the stablecoin policy debate.
Garlinghouse’s post came just days after reports that Ripple submitted a $4–5 billion offer to acquire Circle, the issuer of USDC, one of the largest dollar-backed stablecoins. The offer was rejected as too low, according to Bloomberg.
Sources familiar with the matter say Circle is holding informal talks with both Ripple and Coinbase, even after filing for an IPO in April. While still pursuing a public listing, Circle is seeking a $5 billion valuation—setting the bar for any potential sale.
The competing bids now place two of the industry’s most prominent firms in a direct contest over the future of USDC. Ripple’s offer likely included a mix of cash and XRP, tapping into its sizable token reserves.
However, Coinbase is widely viewed as the stronger contender due to its equity stake in Circle and control over key aspects of the USDC framework. The two firms previously co-managed USDC through the now-dissolved Centre Consortium and still share revenue from the stablecoin’s reserves.
What’s unfolding goes beyond corporate rivalry. The future of USDC carries implications for how private stablecoins are governed, distributed, and embedded into financial infrastructure.
With legislation advancing slowly, acquisitions and strategic positioning may prove just as influential in shaping the rules that will govern stable digital dollars. For lawmakers, these corporate maneuvers add pressure to define not just who gets regulated, but who gets heard.
Frequently Asked Questions (FAQs)
The clash demonstrates diverging priorities: Ripple promotes a multichain, enterprise-first vision, while some policymakers and insiders lean Bitcoin-first or stablecoin-conservative. These divisions are becoming more pronounced as regulation approaches.
Controlling a major stablecoin like USDC isn’t just about payments. It offers leverage over liquidity flows, partnerships, and regulatory negotiations. Ownership shows influence over how digital dollars function in the broader economy.
If Ripple fails to secure Circle, it could fall behind in the race to shape the stablecoin layer of crypto infrastructure, especially if Coinbase gains even more control over USDC’s future direction.
Credit: Source link
