Ripple’s attempt to acquire USDC issuer Circle for up to $5 billion was rejected due to the offer being deemed insufficient, according to Bloomberg. Sources close to the deal revealed the proposed value ranged between $4 billion and $5 billion. Ripple has since not submitted a follow-up proposal. 2023 saw Ripple launch its RLUSD stablecoin in December, but it remains a relatively small player with a market capitalization of just $317 million compared to USDC’s $61.5 billion, according to CoinMarketCap. Ripple is aiming to break into the multi-billion dollar stablecoin market and recently acquired Hidden Road for $1.25 billion to further XRP adoption and usage on the XRP Ledger. This comes as Circle prepares for an Initial Public Offering (IPO) filing in just 30 days. The rejection highlights Ripple’s aggressive expansion strategy following its legal battle with the SEC, which saw them acquire Hidden Road for $1.25 billion earlier this year. Analysts have placed a high probability on the approval of an XRP ETF by the SEC in 2025, with Bloomberg analyst Eric Balchunas citing an 85% chance. This follows recent approvals of XRP futures ETFs.