Ripple pitched buying Circle for $4 billion to $5 billion but offer was rejected: Bloomberg

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.