Coinbase and Ripple are engaged in a rapidly escalating bidding war to acquire Circle, the issuer of the USDC stablecoin. Ripple initially offered between $4 billion and $5 billion at the end of April, but recent bids have surged to an estimated $9 billion to $11 billion, including proposals involving both cash and XRP tokens. Coinbase, which already shares 50% of USDC revenue with Circle and holds $8 billion in cash, is considered a strategically logical buyer despite Circle's ongoing IPO plans valued around $4 billion. The potential acquisition has sparked debate within the cryptocurrency community, with concerns that a Ripple takeover could undermine USDC's stability and benefit competitors like Tether and Tron. Some developers have even threatened to disrupt USDC if Ripple succeeds. Others argue that a Ripple acquisition might reinforce the importance of decentralization. Meanwhile, Bitcoin remains unaffected due to its lack of tokenization. Circle recently discontinued its payments network amid the bidding battle. The outcome of this contest will have significant implications for the stablecoin market and the broader crypto ecosystem.