Ripple pitched buying Circle for $4 billion to $5 billion but offer was rejected: Bloomberg
Quick Take
- Ripple offered to pay between $4 billion and $5 billion to acquire USDC issuer Circle, according to Bloomberg.
- Circle rejected the offer as too low, according to the report.
Ripple offered to pay between $4 billion and $5 billion to acquire USDC issuer Circle, according to a report from Bloomberg, which cited anonymous sources.
Circle rejected the offer as too low, according to the report, which also said that Ripple "remains interested" in acquiring Circle.
Earlier this month, Circle filed a prospectus for an initial public offering. The company was "valued at $9 billion when it tried to go public in a blank-check deal in 2022," Bloomberg previously reported.
Circle's USDC, which is pegged to the U.S. dollar, is the world's second-largest stablecoin by supply, behind market leader Tether's USDT. This year, Ripple launched its own USD-pegged stablecoin, RLUSD.
Circle didn't immediately respond to a request for comment. When asked to comment a Ripple spokesperson referred to CEO Brad Garlinghouse telling Bloomberg, last month, when questioned about future acquisitions, that the company might look at acquiring other blockchain infrastructure companies.
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