PANews reported on May 1 that according to Bloomberg, Ripple had proposed to acquire rival stablecoin provider Circle Internet Group Inc. for US$4 billion to US$5 billion, but the offer was considered too low and was rejected, according to people familiar with the matter.

Ripple remains interested in Circle but has not decided whether to make a new offer. Meanwhile, Circle is focused on advancing plans for an initial public offering (IPO) filed earlier this month. The people asked not to be identified because the details are not public.