fyi @circle IPO valuation is ~$5 billion (which is the valuation Ripple is looking at when it made its acquisition offer).
there is no way Ripple would offer $20 billion for Circle.
ps i see lots of people saying $5 billion is a low offer since circle holds $60 billion in collateral for the stablecoins it issues. however, that collateral simply backs the coins Circle issues ($USDC). it does not own that collateral.
Circle generates revenue from the interest on that collateral, which is used to calculate the $5 billion valuation.
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