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Ripple is pursuing opportunities to expand its presence in the stablecoin market, with reports indicating a substantial offer of $4 billion to $5 billion to acquire Circle Internet Financial, the entity behind USDC.

Although the initial bid was turned down for being “too low” , insiders reveal that Ripple is persevering, fueled by a substantial XRP reserve surpassing $100 billion. This reserve includes $11.7 billion in liquid XRP and a staggering $95.7 billion secured in escrow. Any potential future proposal from Ripple is likely to involve a combination of cash and XRP tokens.

The timing of these developments is crucial, as Circle submitted its much-anticipated IPO in early April, which has yet to commence and might not proceed as planned. Private discussions involving four sources indicate that Circle has been informally exploring acquisition talks with both Ripple and Coinbase . While the company aims for a $5 billion valuation and is committed to its public offering, sources hint that a strategic acquisition could still be on the horizon.

According to Fortune , it is likely that Coinbase is more likely to acquire Circle, given its strong business relationship with the company. The two companies founded the Centre Consortium together, and Coinbase currently earns a large portion of interest income from USDC reserves—especially if they are held on its platform. Coinbase also holds a contractual veto over Circle’s new partnerships and IP if Circle were to become insolvent.

However, Ripple’s position with its M&A strategy—including its $1.25 billion acquisition of Hidden Road —suggest that it is not backing down. With Circle at the heart of the stablecoin race, both Ripple and Coinbase will contest for it.

However, it is important to note that a circle spokesperson has told TheStreet, " Circle is not for sale. Our long-term goals remain the same."