U.S. crypto exchange Coinbase and global payments network Mastercard are reportedly in advanced negotiations to acquire BVNK, a London‑based stablecoin infrastructure provider, in a potential deal valued between $1.5 billion and $2.5 billion, Fortune reported, citing multiple sources familiar with the matter.
According to the report, discussions have reached an advanced stage, though no final agreement or regulatory filing has yet been made. Both Coinbase and Mastercard declined to comment on “rumors or speculation,” while BVNK also has not issued an official statement. Sources suggest Coinbase currently has the upper hand in negotiations.
If completed, the deal would mark the largest stablecoin‑related acquisition to date, surpassing Stripe’s $1.1 billion purchase of Bridge, another stablecoin startup, finalized earlier this year.
Strategic context: stablecoins reach traditional finance
Founded in 2021, BVNK provides infrastructure that allows companies to issue, manage, and transact with stablecoins across multiple blockchains. Its technology supports cross‑border payments, corporate treasury management, and digital‑asset settlements, helping bridge the gap between traditional finance and decentralized finance (DeFi).
BVNK last raised $50 million in December 2024 at a $750 million valuation. The funding round was led by Haun Ventures with participation from Coinbase Ventures, Tiger Global, and the corporate venture arms of Visa and Citi, underscoring the fintech’s growing strategic significance within global payment networks.
Coinbase and Mastercard’s motivations
For Coinbase, a BVNK acquisition would deepen its presence in the stablecoin value chain, extending beyond its partnership with Circle, the issuer of USD Coin (USDC). Owning enterprise‑grade settlement infrastructure could strengthen Coinbase’s institutional services, enhance liquidity management, and position the company as a leading facilitator of on‑chain payments.
For Mastercard, the move would represent a proactive effort to modernize its payment stack with tokenized and programmable money capabilities. The firm has already been experimenting with blockchain‑based settlement, CBDC pilots, and tokenization frameworks aimed at improving cross‑border efficiency. Acquiring BVNK could allow Mastercard to white‑label stablecoin infrastructure, maintain relevance in a world of real‑time settlement, and defend against potential disintermediation by digital assets.
Broader industry implications
Analysts say the interest from both companies signals a turning point in how traditional financial incumbents view stablecoins, from potential disruptors to fundamental infrastructure.
“Major institutions now see programmable digital dollars as inevitable,” said Ryan Yoon, senior analyst at Tiger Research. “For Coinbase, it’s vertical integration; for Mastercard, it’s defensive adaptation. Both are positioning for a future where blockchain settlement becomes the default.”
The talks come amid renewed momentum in the sector. In 2025, stablecoins entered the regulatory mainstream after Circle’s IPO and the U.S. passage of the GENIUS Act, which established a federal framework for stablecoin issuers. Against that backdrop, BVNK’s sought‑after position illustrates how stablecoin infrastructure has become key strategic territory for both fintech and global payments leaders.
If the acquisition proceeds, it will represent not only the largest stablecoin deal to date but also a defining moment in the convergence of crypto and traditional finance, setting the groundwork for interoperable digital money systems at enterprise scale.
Gunel Ismayilova
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