Coinbase and Mastercard Compete to Acquire Stablecoin Firm BVNK for Up to $2.5 Billion

TLDR

• Coinbase and Mastercard have held advanced talks to acquire BVNK, a London-based fintech company that builds stablecoin payment infrastructure
• The potential deal values BVNK between $1.5 billion and $2.5 billion, with Coinbase currently leading the negotiations
• If completed, this would be the largest stablecoin acquisition to date, surpassing Stripe’s $1.1 billion purchase of Bridge in 2024
• BVNK raised $50 million in December 2024 at a $750 million valuation and received additional investment from Visa in May 2025
• The talks have not been finalized and could still fall apart, with neither company commenting on the reports

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Coinbase and Mastercard are both pursuing the acquisition of BVNK, a London-based fintech startup. The company specializes in building stablecoin payment infrastructure for businesses.

Six sources familiar with the matter told Fortune that advanced talks have taken place. The potential sale price ranges from $1.5 billion to $2.5 billion. Three sources indicated that Coinbase appears to be ahead of Mastercard in the negotiations.

The discussions remain ongoing and no final deal has been reached. Both companies declined to comment on the reports. The talks could still fall apart before any agreement is finalized.

BVNK was founded four years ago and helps businesses integrate stablecoins into their payment systems. The company provides tools for cross-border transfers and treasury operations. Its technology enables instant settlement and lower transaction fees compared to traditional systems like SWIFT or card networks.

The company raised $50 million in December 2024 during a Series B funding round. That round valued BVNK at $750 million. Visa made an additional investment in BVNK in May 2025, though the investment amount was not disclosed.

The Stablecoin Acquisition Race

If completed, this deal would become the largest stablecoin-related acquisition on record. Stripe previously set the benchmark by purchasing Bridge for $1.1 billion in October 2024. That deal was finalized in February 2025.

BVNK operates in a similar space to Bridge. Both companies provide infrastructure that allows businesses to send and receive funds using stablecoins. Stablecoins are digital tokens pegged to traditional currencies like the U.S. dollar.

For Coinbase, acquiring BVNK would strengthen its position across the stablecoin value chain. Coinbase already has ties to Circle, the issuer of USDC stablecoin. The acquisition would give Coinbase control over both issuance and enterprise distribution.

Mastercard’s interest reflects concerns about stablecoin settlement potentially bypassing traditional card networks. The company could use BVNK’s technology to offer crypto services without managing custody directly. This move would help Mastercard maintain relevance as payment systems evolve.

Market Context

The stablecoin market has gained legitimacy through recent regulatory developments. Circle, a major stablecoin issuer, went public in June 2025. President Donald Trump signed the GENIUS Act into law in July 2025, creating a federal framework for stablecoin issuers in the U.S.

Chris Miglino, co-founder of DNA Fund, said stablecoins are becoming commonplace. He compared their adoption to how other financial instruments have entered mainstream finance. Miglino predicted that stablecoins will replace traditional money transfer methods.

Ryan Yoon, senior analyst at Tiger Research, said both companies view stablecoins as critical payment infrastructure. He noted that their motivations differ based on their core businesses. Yoon explained that programmable dollars on public blockchains could impact traditional interchange economics.

The competition between Coinbase and Mastercard for BVNK shows how both crypto-native and traditional financial firms are positioning themselves in the digital payments space. Neither company has made a final decision on the acquisition.

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