Coinbase and Mastercard are reportedly in advanced talks to acquire London-based stablecoin firm BVNK, in what could become the largest stablecoin acquisition to date, according to Fortune.
Key Takeaways:
- Coinbase and Mastercard are in advanced talks to acquire UK-based stablecoin firm BVNK.
- BVNK, founded in 2021, provides stablecoin infrastructure for payments and cross-border transactions.
- The talks come amid a stablecoin boom, with the market surpassing $300 billion.
The deal, estimated between $1.5 billion and $2.5 billion, remains under negotiation with no confirmed winner, though sources say Coinbase currently has the upper hand.
If completed, the acquisition would mark a major milestone for both the crypto and traditional finance sectors, underscoring the growing convergence between blockchain-based payments and established financial infrastructure.
BVNK Emerges as Key Infrastructure Provider Powering Global Stablecoin Payments
Founded in 2021, BVNK has quickly become one of the most prominent players in stablecoin infrastructure.
The company helps businesses integrate stablecoins into payments, cross-border transactions, and global treasury operations.
Its clients include financial institutions seeking to move money instantly without relying on traditional rails.
BVNK previously raised $50 million in a December round led by Haun Ventures, with participation from Coinbase Ventures, Tiger Global, and Visa and Citi’s venture arms. The firm was valued at roughly $750 million at the time.
If the deal closes, it would surpass Stripe’s $1.1 billion acquisition of Bridge, a stablecoin startup purchased earlier this year. Both moves highlight the strategic value stablecoin infrastructure now holds for fintech and payments leaders.
The interest from Coinbase and Mastercard comes as stablecoins are experiencing explosive growth.
The market has expanded to over $304 billion, according to DeFiLlama, boosted by the passage of the US GENIUS Act, signed by President Donald Trump in July.
The legislation provides a federal framework for stablecoin issuance and transparency, fueling new institutional demand.
Stablecoins, digital tokens pegged to fiat currencies like the US dollar, have become central to global payments innovation.
Proponents argue they are faster, cheaper, and more efficient than legacy systems, with settlement times in seconds rather than days.
Banks Turn to Stablecoins as Competition Increases
In August, Citigroup CEO Jane Fraser confirmed the bank is “looking at the issuance of a Citi stablecoin” while developing tokenized deposit services for corporate clients seeking 24/7 settlement capabilities.
Earlier in June, JPMorgan also launched JPMD deposit tokens for institutional blockchain payments while CEO Jamie Dimon was questioning its use case.
The bank served as lead underwriter for Circle’s IPO, which has climbed over 500% since its $31 offering price.
It also appears that some institutions are showing approval to control stablecoins, as seen in the recent Bank of England’s proposal for strict ownership.
The bank caps between £10,000 and £20,000 for individuals and £10 million for businesses, which triggered widespread backlash.
As reported, Crypto.com is integrating Morpho, the second-largest DeFi lending protocol, into its platform to launch stablecoin lending markets directly on the Cronos blockchain.
The partnership will allow users to deposit wrapped versions of Bitcoin and Ethereum (CDCBTC and CDCETH) and borrow stablecoins against them without leaving the Crypto.com ecosystem.
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