A high-stakes bidding war is reportedly underway between Coinbase and Mastercard for the acquisition of London-based stablecoin infrastructure provider BVNK, with deal estimates ranging from $1.5 billion to $2.5 billion, according to Fortune.
Ben Weiss,Leo Schwartz
Citing unnamed sources familiar with the negotiations, the report indicates that both companies have engaged in advanced talks, though a final agreement has yet to be reached. Among the two bidders, Coinbase is said to currently hold a stronger position in the race. If completed, the acquisition would mark the largest-ever purchase of a stablecoin firm, eclipsing Stripe’s $1.1 billion acquisition of Bridge in October 2024.
A Coinbase spokesperson said that the company does not comment on “rumors or speculation,” while BVNK and Mastercard have not yet issued public statements.
BVNK’s Rapid Rise in the Stablecoin Ecosystem
Founded in 2021, BVNK has quickly emerged as a key player in the stablecoin payments sector. The company provides infrastructure that enables enterprises to move money globally using digital assets pegged to stable currencies. Its client roster includes major names such as Worldpay, Flywire, and dLocal, and BVNK says it now processes over $20 billion annually.
Institutional interest in the company has been growing. Citi Ventures recently invested in BVNK, highlighting the accelerating adoption of stablecoin technology within traditional finance. This comes on the heels of broader legislative and market developments — including the U.S. GENIUS Act, passed in July, which set out a formal regulatory framework for dollar-backed stablecoins.
Stablecoins Enter a New Growth Phase
The stablecoin market itself has reached new heights, recently surpassing $300 billion in total market capitalization, according to industry data. The sector’s expansion has been further fueled by Circle Internet Group’s highly successful IPO in June, with its stock surging 118% since its debut on the NYSE.
For both Coinbase and Mastercard, acquiring BVNK could offer a strategic edge in the evolving landscape of digital payments. Coinbase would deepen its position in the stablecoin economy, while Mastercard could strengthen its bridge between traditional financial systems and blockchain-based settlements.
As discussions continue, the outcome of this potential multi-billion-dollar deal could redefine how stablecoins integrate with global payments — signaling another major step in the fusion of crypto and mainstream finance.
