USDC Coin (USDC), the second-largest stablecoin by market cap, is now live on the XRP Ledger mainnet, according to a Wednesday announcement.
Developers and institutions will now be able to easily mint and redeem USDC tokens on XRPL following the surprising integration.
According to CoinGecko data, USDC currently boasts a market cap of $61 billion. Tether (USDT), for comparison, comes in first place with a whopping $155 billion.
Apart from XRPL, Circle’s USDC is also supported on 21 other native blockchains, such as Ethereum, Solana, Algorand, Stellar, Hedera, Base and other networks.
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Last year, Ripple also made a foray into the red-hot stablecoin sector with the launch of its own highly regulated RLUSD stablecoin. The token, which competes directly with USDC, currently has a rather modest market cap of $413 million. RLUSD is currently available on Ethereum and XRPL.
XRP Ledger also supports StraitsX Singapore Dollar (XSGD), Schuman Euro (EUROP) and BrazaBank USD (USDB).
Circle acquisition rumors
As reported by U.Today, it was rumored that Ripple was attempting to buy Circle for $5 billion. However, the offer was reportedly rejected by the USDC issuer for being too low.
It is worth noting that Circle denied that it was having informal acquisition talks on the verge of its initial public offering (IPO).
Ripple CEO Brad Garlinghouse recently stated that his company definitely did not offer as much as $20 billion for Circle, denying social media rumors.
Circle recently had one of the most successful IPO launches in recent history, with its shares going on a massive rally.
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