Ripple reportedly made a substantial $5 billion bid to acquire Circle, the second largest issuer of stablecoins, but Circle turned down the offer as it was deemed too low. Although Circle was not entirely against being acquired, they felt the offer did not reflect their value.

There are speculations that Ripple was trying to purchase its competitor, Circle, who had recently filed for an IPO before pausing plans due to trade disruptions caused by Trump. Reports indicate that Circle's IPO valuation was estimated at $4 to $6 billion, leading to assumptions that Ripple aimed to match that valuation.

Circle's financial performance has been a concern among analysts, with revenue growth of 16% but a sharp decline in EBITDA and Net Income. This was attributed to increased partner costs, such as higher distribution and transaction fees paid to partners like Coinbase.

While Ripple has stated they have no intentions of going public, they have shown a keen interest in acquisitions. They recently acquired Hidden Road in a $1.25 billion deal, demonstrating their expansion plans. Ripple entered the stablecoin market last year with RLUSD, a competitor to Circle's USDC, which has shown significant growth.

Ripple is seizing the opportunity for market dominance in the US amid a favorable pro-crypto stance under Trump. The possibility of acquiring Circle's stablecoin expertise and market share could be a lucrative business move for Ripple. The outcome of any further negotiations or potential competing offers remains uncertain at this point.