Ripples $4B-$5B Bid for Stablecoin Issuer Circle Rejected amid IPO Plans: Report

Ripple proposed a takeover of rival stablecoin provider Circle Internet Group Inc. for $4 billion to $5 billion, a bid that was rejected as too low, according to sources cited by Bloomberg.

While Ripple remains interested in Circle, it hasn't decided whether to make another offer, said the people, who asked not to be identified because the details aren't public. For its part, Circle is focused on following through on an initial public offering that it filed for earlier this month, the people added.

Sources told Bloomberg that Ripple remains interested in Circle, but hasn't decided on whether to make another offer. Ripple's recently launched RLUSD stablecoin has a market capitalization just above $300 million, while Circle's USDC's market cap tops $60 billion.

Blockchain firm Ripple made a multibillion-dollar bid to acquire the USDC issuer, but the offer was rejected, according to Bloomberg. Blockchain payments firm Ripple has reportedly bid up to $5 billion in an effort to acquire stablecoin issuer Circle, but the offer was rejected.

According to an April 30 Bloomberg report, Ripple put in a bid of between $4 billion and $5 billion as part of an attempted takeover of Circle, which was rejected as being too low. Ripple hasn't considered whether to make another bid to purchase the stablecoin issuer.