Blockchain payments firm Ripple has reportedly bid up to $5 billion in an effort to acquire stablecoin issuer Circle, but the offer was rejected.

According to an April 30 Bloomberg report, Ripple put in a bid of between $4 billion and $5 billion as part of an attempted takeover of Circle, which was rejected as being too low. Ripple hasn’t considered whether to make another bid to purchase the stablecoin issuer.

The reported acquisition came less than 30 days after Circle applied for an initial public offering (IPO) in the US. Cointelegraph reached out to representatives of Circle and Ripple for comment, but did not receive a response from either at the time of publication.

This is a developing story, and further information will be added as it becomes available.