- •Coinbase and Mastercard battle to acquire stablecoin firm BVNK.
- •BVNK’s $20B processing volume attracts major financial institutions.
- •Deal could reshape global stablecoin infrastructure and enterprise payments.
Coinbase and Mastercard are both reportedly locked in advanced talks to acquire BVNK, a London‑based stablecoin infrastructure startup. According to sources familiar with the matter, the potential sale price ranges between $1.5 billion and $2.5 billion.
While neither company has issued formal statements, insiders claim Coinbase currently holds a slight lead in negotiations over Mastercard. If completed, this deal would mark the largest known acquisition of a stablecoin firm to date, exceeding Stripe’s $1.1 billion purchase of payments platform Bridge.
Rising Competition in the Stablecoin Industry
BVNK, which was founded in 2021, offers stablecoin payment infrastructure services to prominent enterprise clients such as Worldpay, Flywire, and dLocal. According to its statements, it processes more than $20 billion in transactions annually.
In parallel, institutional interest in stablecoins continues to rise. Citi Ventures recently made a strategic investment in BVNK, underscoring growing confidence from established financial entities.
Meanwhile, recent U.S. legislation the GENIUS Act has clarified regulatory standards for dollar‑pegged stablecoins, potentially increasing acquisition appeal. Additionally, USDC issuer Circle recently completed a public listing, and the stablecoin market overall has surpassed $300 billion in capitalization.
A Turning Point for Stablecoin Infrastructure
By pursuing BVNK, Coinbase would expand beyond its exchange roots into deeper infrastructure services. Such a move would strengthen its enterprise offerings and solidify its position in stablecoin payments. Mastercard, on the other hand, would gain direct access to next‑generation infrastructure and accelerate its digital payments buildout.
The timing aligns with a broader shift in the crypto ecosystem toward institutional adoption. Heightened regulatory clarity and rising stablecoin adoption make infrastructure firms like BVNK increasingly valuable. A victorious acquirer would gain both technology and client networks crucial for scaling global stablecoin payments.
If Coinbase ultimately secures the deal, it would signal a strategic pivot toward infrastructure dominance. For Mastercard, a win would validate its crypto ambitions and further bridge traditional finance with tokenized payments.
At stake is not just control of BVNK’s capabilities, but influence over the future of enterprise stablecoin integration across global finance.