Ripple's $40-5 billion acquisition of Circle rejected

According to Bloomberg, enterprise blockchain company Ripple recently made a $40- $5 billion acquisition offer to stablecoin issuer Circle, but the latter rejected it. Circle believes the valuation is insufficient to reflect its strategic position and growth potential in the cross-border transfer space.
Circle's stablecoin, USDC, currently has a market cap of over $61 billion and is the second largest stablecoin in the world. The company filed for an IPO in April 2025 and will achieve $1.67 billion in revenue in 2024. Circle's recently launched Circle Payments Network (CPN) aims to connect the global Financial Institution Group through USDC and other regulated stablecoins.