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It goes back to the times when boxing fights used to be bare-knuckle fights, a circle was drawn in the dirt and prize fighters were ringed by the fans. The name ring continued with the Jack Broughton rules in 1743, which specifed a small circle in the centre of the fight area where the boxers met at the start of each round. The first square ring was introduced by the Pugilistic Society in 1838. That ring was specified as 24 feet (7.3 m) square and bound by two ropes.
Because it used to be a circle. Then a square. That's why they call it the squared circle. Circles look like rings.
There were AsSOCiation football (Soccer) rules and Rugby Football rules back in the day in Europe. Americans adopted Rugby rules football and it later morphed into what it is now (set downs, forward passing, etc).Why do they call it a football when it's clearly a soccer ball?
In WWE they are more specific....its the "squared circle"