Ripple has proposed a takeover deal to rival stablecoin provider Circle worth $4bn to $5bn , according to Bloomberg.
Circle, issuer of the USD Coin, has reportedly declined the offer, deeming the bid from Ripple too low.
While Ripple remains interested in a potential takeover, it hasn’t decided whether to make another offer, said sources who asked to not be identified because the details are not publicly available.
Those who gave comment said that Circle is focusing on the initial public offering it filed for last month.
“We do not comment on market rumours,” a spokesperson for Circle said in an emailed statement to Bloomberg.
“As we are currently in a quiet period with the SEC, we cannot comment further on our corporate financial plans. Our long-term goals remain the same.”
A representative for Ripple declined to provide Bloomberg with comment.
Ripple’s recently launched RLUSD stablecoin has a market capitalisation just above $300m, while Circle’s USDC’s market cap tops $60bn, according to CoinDesk.
Circle remains one of the key market players looking to go public this year, alongside Kraken and BitGo.
