Ripple Labs reportedly offered Circle Internet Group between $4 billion and $5 billion, according to a Bloomberg report. The offer was rejected by Circle as too low. Ripple's interest follows its $1.25 billion acquisition of Hidden Road.
Circle, known for its USDC stablecoin, is preparing for an IPO after a failed SPAC merger in 2022. Circle aims for a $4-$5 billion valuation in its IPO, expected by the end of April. The company previously valued at $9 billion in early 2022.
Circle filed an S-1 registration statement with the SEC. Recent stablecoin legislation advancements in Congress could favor Circle's ambitions. XRP, Ripple's associated token, trades at $2.20, up 6% in two weeks.