Blockchain payment firm Ripple has submitted a bid to acquire stablecoin issuer Circle, offering between $4 billion and $5 billion. However, the offer was rejected as being insufficient, according to a Bloomberg report dated April 30th. Ripple hasn’t ruled out pursuing another bid for Circle after this rejection. Circle recently applied for an IPO in the US just days before initiating its acquisition attempt. The move follows less than 30 days since Circle’s application for an initial public offering (IPO). Cointelegraph attempted to reach both Ripple and Circle representatives for comment, but received no response by time of publication. This story is still under development; further information will be updated as it becomes available.