Ripple reportedly offered $4B to $5B to buy stablecoin issuer Circle

Ripple is said to have offered $4 billion to $5 billion to buy the stablecoin issuer Circle, but Circle rejected the bid as "too low," Bloomberg reported on Friday.

According to a post by VanEck's head of digital assets research Matthew Sigel on X, formerly Twitter, citing Bloomberg, sources said that Ripple is still interested in acquiring the company but hasn't decided whether to make another offer.

The firm is focused on following through on an initial public offering (IPO) that it applied for on Apr. 1, the report mentioned.

The report comes after the authors of Rich Dad Poor Dad and Atomic Habits made bleak predictions about the U.S. economy.

Circle applied to list with the Securities and Exchange Commission (SEC) in an S-1 filing to come public with the ticker CRCL on the New York Stock Exchange (NYSE).

On Apr.29, it also secured the regulatory win from Abu Dhabi Global Market's Financial Services Regulatory Authority to act as a money services provider in the region.

The firm is now awaiting approval from the SEC for its IPO.

The possibility of an acquisition arose after the payments firm had a surprising offer that USDC issuer Circle just refused

According to the report, though an IPO "isn't a huge priority" for Ripple, it is nonetheless capable of handling it.

Earlier this month, Ripple agreed to acquire the prime broker Hidden Road for $1.25 billion in one of the biggest crypto deals ever. The firm is also nearing the settlement with the Securities and Exchange Commission (SEC) of its years-long lawsuit over alleged securities violations.

As per Kraken's price feed, XRP was trading at $2.19 at press time, down 5% a day.