Circle is seeking acquisition offers from CEX and Ripple, hoping for a valuation of at least $5 billion.

On May 20, The Block reported that stablecoin issuer Circle is looking for buyers, with a valuation of at least $5 billion. It is said that the ongoing sales negotiations involve its long-term partner CEX as well as Ripple, which has recently become a competitor in the stablecoin space. The San Francisco-based startup is pursuing this acquisition while seeking to go public. In April of this year, Circle submitted its IPO prospectus, but the valuation has not been disclosed. In the same month, Ripple, which is undergoing a series of acquisition actions, offered $4 billion to $5 billion to acquire Circle, but at that time Circle rejected the offer, believing the price was too low. In 2022, during the low point of the Bear Market in crypto assets, Circle canceled its plan to go public through a Special Purpose Acquisition Company (SPAC) merger, which had a valuation of $9 billion at that time.