Ripple reportedly made a $4–$5 billion takeover offer for Circle Internet Financial

Ripple reportedly made a $4-$5 billion takeover offer for Circle Internet Financial, the issuer of the USDC stablecoin, but the proposal was rejected as "too low," sources familiar with the matter told Bloomberg.

The report claims that the development marks a major power play by Ripple, which is aggressively expanding into the stablecoin space via its newly launched RLUSD. While Ripple remains interested, it hasn't yet decided whether to pursue a second offer.

However, Circle, which confidentially filed for an IPO in early April, appears to be betting on a significantly higher valuation through public markets.

With USDC commanding a $62 billion market cap, second only to Tether's USDT, Circle is positioning itself as a core piece of crypto's financial plumbing. By contrast, Ripple's RLUSD has just crossed the $317 million mark.

This highlights the valuation gap as the IPO prospects for the stablecoin issuer become more apparent.

Circle declined to comment, citing SEC quiet-period guidelines, while a spokesperson for Ripple said the company had no comment.

The rejected offer follows Ripple's recent $1.25 billion acquisition of prime brokerage firm Hidden Road.

The firm's President, Monica Long, had recently noted that the company wasn't pursuing an IPO but was actively looking for acquisitions.

This signals a broader ambition to lock in influence across digital payments, trading infrastructure, and now stablecoins.

By attempting to buy Circle outright, Ripple clearly aimed to leapfrog into stablecoin dominance in a single move.

This attempted takeover highlights the intensifying competition in the stablecoin arena, as crypto-native giants vie for scale and regulatory legitimacy.

With Circle focused on IPO aspirations and Ripple sharpening its M&A appetite, the market is watching closely. A revised bid can't be ruled out, especially as stablecoins cement their role in cross-border settlements, tokenized finance, and the next wave of institutional crypto adoption.

Alpaca Finance Token ALPACA Soars Over 1,000% in a Week After Short Squeeze

XRP is currently trading at $1.94, down 2% for the day, according to price data from CoinGecko.

The lack of price action appears to stem from uncertainty regarding a potential spot ETF approval.