Coinbase and Mastercard Race to Acquire BVNK in $2.5 Billion Stablecoin Infrastructure Push

Coinbase and Mastercard are in advanced negotiations to acquire BVNK, a U.K.-based fintech firm specializing in stablecoin infrastructure, according to sources familiar with the matter. The potential deal, first reported by Fortune, could value BVNK between $1.5 billion and $2.5 billion, signaling one of the largest acquisitions in the crypto-fintech space to date.

While discussions are ongoing, insiders suggest Coinbase currently holds the upper hand in the bidding process. If completed, the acquisition would surpass Stripe’s $1.1 billion purchase of stablecoin startup Bridge, which was finalized earlier this year, and cement BVNK’s role as one of the most sought-after players in the digital payments sector.

Founded in 2021, BVNK enables enterprises to integrate stablecoins into payments, remittances, and treasury operations, providing the rails for businesses to interact seamlessly with blockchain-based money. The company last raised $50 million in December 2024 at a $750 million valuation during its Series B round, followed by a strategic investment from Visa in May 2025, further elevating its profile among global payment giants.

Analysts say the surge in corporate interest highlights a major shift in financial infrastructure strategy. Coinbase’s potential acquisition would strengthen its grip on the stablecoin ecosystem, given its close partnership with Circle, the issuer of USDC, allowing the exchange to control both issuance and enterprise distribution. Meanwhile, Mastercard’s interest reflects a defensive strategy—an effort to stay relevant if stablecoin settlement systems begin to bypass traditional card networks.

Industry experts believe this competition underscores how seriously traditional payment processors and crypto-native firms are taking the rise of programmable money. As one analyst put it, “Stablecoins are no longer experimental—they’re becoming the new foundation for global payment rails.”

The momentum behind stablecoins has only grown stronger in recent months. Circle’s public market debut in June and the signing of the GENIUS Act by U.S. President Donald Trump in July, which established a federal framework for stablecoin issuers, have further legitimized the sector.

For both Coinbase and Mastercard, securing BVNK could mark a defining moment—a strategic bet on the next era of money movement, where blockchain-based dollars and euros reshape how value travels across borders.