Ripple’s Bid for Circle Deemed Insufficient, Say Sources

American cryptocurrency firm Ripple attempted to acquire Circle, the issuer of the USDC stablecoin, for $4–5 billion, according to Bloomberg, citing sources.

The deal reportedly fell through due to the insufficient offer. Ripple remains interested in the acquisition but has yet to formulate plans or make new proposals.

Circle declined to “comment on market rumors.” According to sources, the firm will continue to work towards its planned IPO. In early April, the procedure was postponed indefinitely due to market uncertainties.

“We are in a ‘quiet period’ with the SEC, so we cannot provide additional insights regarding corporate financial plans,” a representative of the USDC issuer stated.

Earlier, Circle announced its intention to launch its own payment system to compete with Visa and Mastercard.