Ripple’s $5 billion proposal for Circle turned down as insufficient.

Ripple has expressed interest in acquiring Circle, proposing a bid of between $4 billion and $5 billion for the stablecoin provider, as reported by Bloomberg News on April 30, drawing from informed sources.

Circle turned down the proposal, deeming it insufficient, and no determination has been reached regarding whether Ripple will present a revised offer.

Sources requesting anonymity due to the confidentiality of the discussions indicated that Ripple has not dismissed the possibility of making another attempt but remains uncertain at this point.

Currently, Circle’s management is focused on advancing its initial public offering (IPO) plans following the submission of registration documents on April 1. However, the company has not provided any public commentary regarding its valuation or timing in the market.

A representative from Circle refrained from confirming or denying the Bloomberg report, stating that ongoing regulatory restrictions during the quiet period prevent further elaboration on its financial strategies. Ripple also chose not to comment.

Should the acquisition proceed, it would unite two significant entities within the cryptocurrency industry.

Circle is responsible for issuing USDC, the second-largest stablecoin with a market capitalization of $61.7 billion, while Ripple launched its own RLUSD stablecoin in December 2024, currently valued at approximately $250.2 million.

Ripple’s offer comes amid a surge in deal-making within the digital asset industry. Companies like Circle, BitGo, Gemini, and Bullish Global are reportedly gearing up for public listings, driven by rising token values and heightened investor interest in digital financial services.

Earlier in the month, Ripple announced its agreement to acquire brokerage infrastructure firm Hidden Road for $1.25 billion, following a favorable ruling in its legal dispute with the SEC.

As the prominent issuer of USDC, Circle’s strengthening position becomes particularly relevant as stablecoins experience increasing regulatory clarity and wider merchant acceptance, making it a focal point for industry consolidation.

Although Ripple’s RLUSD is smaller in comparison, it signifies the company’s intent to enter the stablecoin payments arena, where collaboration with global institutions and blockchain infrastructure is gaining importance.

According to the sources, the future of Ripple’s proposal for Circle is still up in the air. Nevertheless, the declined bid contributes to a trend of strategic positioning among US crypto firms as they aim to establish their presence in anticipation of broader adoption.