TLDR
- Coinbase and Mastercard are in advanced discussions to buy BVNK, a London-based stablecoin payment infrastructure company
- The deal could value BVNK at $1.5 billion to $2.5 billion, making it the largest stablecoin acquisition ever
- Coinbase currently has the advantage over Mastercard in negotiations, according to sources
- BVNK was valued at $750 million in December 2024 and has received investments from Visa
- The acquisition talks could still collapse, with neither company confirming the negotiations
Two major financial players are competing to acquire a London fintech startup that specializes in stablecoin payments. Coinbase and Mastercard have both held advanced talks to buy BVNK, sources familiar with the discussions told Fortune.
The potential deal values BVNK between $1.5 billion and $2.5 billion. Six sources confirmed the negotiations are ongoing. Three sources indicated Coinbase is leading the race over Mastercard at this stage.
Neither Coinbase nor Mastercard has commented on the reports. The discussions have not been finalized and could still fall through. Both companies declined to respond to inquiries about the potential acquisition.
Understanding BVNK’s Business
BVNK helps businesses integrate stablecoins into their payment systems. The company builds infrastructure for cross-border transfers and treasury operations. Its technology allows instant settlement with lower fees than traditional systems like SWIFT or card networks.
The startup was founded four years ago and has grown quickly. In December 2024, BVNK raised $50 million at a $750 million valuation during its Series B funding round. Visa invested in the company in May 2025, though the investment size was not disclosed.
BVNK operates in the same space as Bridge, another stablecoin startup. Stripe purchased Bridge for $1.1 billion in October 2024 and completed the deal in February 2025. If the BVNK acquisition goes through, it would surpass that transaction as the largest stablecoin deal on record.
Why Both Companies Want BVNK
Coinbase’s interest in BVNK makes strategic sense for its existing business. The crypto exchange already works with Circle, which issues the USDC stablecoin. Buying BVNK would give Coinbase control over both stablecoin issuance and business payment distribution.
Mastercard’s pursuit reflects different concerns. Stablecoin settlement could eventually bypass traditional card networks. Acquiring BVNK would let Mastercard offer crypto payment services without directly managing digital asset custody. This move would help the payment giant adapt to changing payment technology.
Ryan Yoon from Tiger Research explained that both companies see stablecoins as critical payment infrastructure. He noted their motivations differ based on their core businesses. Yoon said programmable digital dollars on public blockchains could impact traditional payment economics.
Stablecoin Market Growth
The stablecoin sector has gained mainstream acceptance through recent developments. Circle, a major stablecoin issuer, completed its public listing in June 2025. President Trump signed the GENIUS Act in July 2025, establishing a federal regulatory framework for stablecoin issuers in the United States.
Chris Miglino from DNA Fund said stablecoins are becoming standard payment tools. He predicted they will replace traditional money transfer services. Miglino compared the shift to how other financial instruments entered mainstream finance.
The competition between a crypto exchange and a traditional payment network shows how the financial industry is evolving. Both crypto-native companies and established financial firms are positioning themselves in the digital payments market. The outcome of the BVNK acquisition talks could shape how stablecoins are used in everyday business transactions.
