Investing.com -- Blockchain payments firm Ripple has made a bid to acquire Circle, a stablecoin issuer, for an amount between $4 billion and $5 billion, according to Bloomberg. Circle, however, reportedly declined the offer, deeming it too low.

Ripple, as of now, hasn’t decided whether to make another bid to acquire the stablecoin issuer. This event occurred less than a month after Circle applied for an initial public offering (IPO) in the United States. The details of this IPO, including the date and the proposed price range, have not been disclosed yet.

Circle’s decision to reject Ripple’s bid comes amidst their plans to go public. The company’s application for an IPO indicates its intent to list on a U.S. exchange, a move that would open up the company to a broader investor base.

Ripple, on the other hand, has been expanding its footprint in the blockchain payments sector. The bid for Circle is seen as a part of this growth strategy. However, with the rejection of this bid, it remains to be seen what steps Ripple will take next in its expansion plans.

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