Circle, the issuer of USDC, rejected an acquisition offer from Ripple ranging between $4 billion and $5 billion, considering it very low, according to a report by Bloomberg.
The report mentioned that negotiations have completely stopped, and Ripple does not intend to improve the offer.
In contrast, Ripple completed a $1.2 billion acquisition of the brokerage firm Hidden Road, which is expected to utilize its network (XRPLedger) for post-trade settlement, potentially enhancing the role of XRP in the financial infrastructure.
Although the U.S. Securities and Exchange Commission has not issued a final statement, CEO Brad Garlinghouse announced in March that the legal dispute with the agency has ended, allowing the company to operate with greater freedom.
After entering the stablecoin market through RLUSD, Ripple has seen a strong start, with the market value of the currency rising from $200 million to $300 million in early April.
However, the momentum has slowed recently, and the market value has not exceeded $320 million so far.
Despite this, trading volumes surged by 30% over the last day to exceed $50 million.