Ripple reportedly made an acquisition offer ranging from $4 billion to $5 billion for Circle, the company behind the USDC stablecoin, according to a Bloomberg report citing unnamed sources.
Circle rejected the offer, deeming it too low, though Ripple is said to still be interested in a potential deal.
Circle Focused on Public Market Debut
The development comes shortly after Circle filed a prospectus for an initial public offering. The company was previously valued at $9 billion during an abandoned SPAC merger attempt in 2022.
USDC, pegged to the U.S. dollar, is currently the second-largest stablecoin by market supply—trailing only Tether’s USDT. A successful acquisition would have significantly strengthened Ripple’s position in the stablecoin and payments space.
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/ripples-5b-bid-for-circle-rejected-ahead-of-ipo-plans/