$USDC

🔥🚀Ripple Made $4-5 Billion Offer to Acquire USDC Stablecoin Issuer Circle: Bloomberg 💥

Crypto payments firm Ripple made a multi-billion-dollar offer to acquire USDC stablecoin issuer Circle, Bloomberg reported Wednesday, citing people familiar with the matter.

The offer was said to be in the range of $4 billion to $5 billion, but was reportedly rejected as being too low. At the start of April, Circle filed paperwork with the SEC to go public.

A Circle spokesperson told Bloomberg news that the company was “currently in a quiet period with the SEC,” meaning its ability to comment on corporate financial plans is restricted. Circle did not immediately respond to a request to comment from Decrypt.

👉What are Stablecoin?

Stablecoins are digital assets pegged to the price of a fiat currency, such as the U.S. dollar. They are often backed by a mix of assets like cash and U.S. Treasuries.

Ripple debuted its RLUSD stablecoin in December on Ethereum and XRP Ledger. The token’s market cap has quadrupled so far this year, rising to $317 million from $72 million, according to crypto data provider CoinGecko.

USDC is far larger and issued across 19 different blockchains. On Wednesday, the token’s market cap hovered close to an all-time high of $62.3 billion, according to CoinGecko.