Crypto payments firm Ripple made a multi-billion-dollar offer to acquire USDC stablecoin issuer Circle, Bloomberg reported Wednesday, citing people familiar with the matter.

The offer was said to be in the range of $4 billion to $5 billion, but was rejected as being too low. At the start of April, Circle filed paperwork with the SEC to go public.

Editor's note: This story is breaking and will be updated with additional details.