(The Center Square) – The crypto company Ripple recently offered big money to purchase the company best known for issuing the USDC stablecoin

Ripple, best known for its XRP token, offered somewhere between $4 billion and $5 billion to take over Circle Internet Group Inc.

Crypto company Ripple recently made a big-money offer to purchase the company best known for issuing the USDC stablecoin.

According to Bloomberg, Ripple, best known for its XRP token, offered somewhere between $4 billion and $5 billion to take over Circle Internet Group Inc (NYSE:COIN). However, its proposal was seen as too low and rejected by the stablecoin firm.

The offer would have consolidated two prominent stablecoin companies and diversified both companies’ revenue streams, former Amazon and IBM executive Sandy Carter wrote in a recent Forbes article.

It also would have expanded USDC’s reach to new markets.

“Its network reaches far beyond U.S. borders, with strong relationships across Asia, Latin America, and Europe,” Carter said of Ripple. “Ripple says that 90% of the company’s business is conducted outside of the United States. That kind of reach could’ve propelled USDC into markets where stablecoin adoption is still in its infancy but growing fast.”

The rejection indicates that Circle has confidence in its product and thinks it can build the digital infrastructure necessary to increase its global market share, she added.

“For leaders in fintech, digital assets, and global payments, the lesson is clear: market share alone doesn’t win the future. It’s about ecosystem reach, interoperability, and trust. Circle is betting that those three pillars will serve it better independently. Ripple is betting it can build or acquire its way to the same destination, faster.”

Tech policy expert Roslyn Layton said the two sides could have made a good team, especially as Circle has struggled to have an Initial Public Offering.

“Acceleration happens in bear markets, and innovation turns to conquest in the rebound,” she posted on X. “The window is closing. @Circle is hitting IPO headwinds and @Ripple has cash, infrastructure and legal clarity.”

This year, Circle is amid its second attempt to go public. It tried to in 2022 but had a $9 billion merger deal collapse that would have allowed it to happen, according to Reuters.

Amid ongoing stock market volatility, other cryptocurrency companies are delaying their plans to go public, The Wall Street Journal reports.

Earlier this year, Ripple launched its own stablecoin, called RUSD, and wants to become a serious competitor to Circle’s USDC and Tether’s USDT, both of which would see their market shares decrease if more stablecoins enter the market. Both USDC and Tether’s USDT are cryptocurrencies with values pegged to the United States dollar.

If the merger had taken place, then Ripple would have owned the world’s second-largest stablecoin, according to CNBC.

“Allaire is assuming a lot of risk over whether #Circle will be able to survive on its own when the stablecoin wars are unleashed (every bank, tech company, etc.). However, $USDC is Allaire’s baby and it’s certainly hard to part with autonomy over your baby and merge it with Garlinghouse. $XRP,” crypto hedge fund ProChain Capital president David Tawil posted on X.