Ripple has proposed a takeover of Circle, offering between $4 billion and $5 billion to acquire the stablecoin issuer, Bloomberg News reported on April 30, citing sources familiar with the matter.
Circle rejected the bid because it was too low, and no final decision has been made on whether Ripple will submit another offer.
The sources, who requested anonymity due to the sensitivity of the negotiations, stated that Ripple has not ruled out making another approach but is undecided at this stage.
For now, Circle’s leadership remains committed to executing its initial public offering (IPO) strategy following the filing of registration documents on April 1. However, Circle has not commented publicly on its valuation or market timing.
A spokesperson for Circle declined to confirm or deny the Bloomberg report, adding that due to current regulatory restrictions during the quiet period, the firm cannot elaborate further on its corporate financial plans. Ripple similarly declined to provide comment.
The attempted acquisition would have brought together two major players in the crypto sector.
Circle issues USDC, the second-largest stablecoin with a market capitalization of $61.7 billion, while Ripple launched its own RLUSD stablecoin in December 2024, which currently holds a market value of approximately $250.2 million.
M&A movements in crypto
The offer from Ripple arrives as deal activity in the digital asset sector intensifies. Crypto-native firms such as Circle, BitGo, Gemini, and Bullish Global are reportedly preparing for public listings, buoyed by a recovery in token prices and investor demand for digital financial infrastructure.
Earlier this month, Ripple itself agreed to acquire brokerage infrastructure firm Hidden Road for $1.25 billion, following a win in its legal battle with the SEC.
Circle’s growing position as the key issuer of USDC, particularly as stablecoins gain regulatory clarity and merchant adoption, positions it as a central target in broader consolidation trends.
Ripple’s RLUSD, while smaller in scale, reflects the company’s ambitions to compete directly in the stablecoin payments market, where integration with global institutions and on-chain infrastructure is becoming increasingly critical.
According to the sources, the outcome of Ripple’s interest in Circle remains uncertain. Still, the rejected bid adds to a wave of corporate positioning as crypto firms in the US seek to secure strategic footholds ahead of broader mainstream adoption.
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