Coinbase and Mastercard in Billion-Dollar Race to Acquire Stablecoin Firm BVNK
Coinbase and Mastercard have been reported in advanced talks to purchase BVNK, a United Kingdom-based fintech firm building...
Quick overview
- Coinbase and Mastercard are in advanced talks to acquire UK fintech firm BVNK, with a sale price expected between $1.5 billion and $2.5 billion.
- If finalized, this acquisition would be the largest stablecoin purchase to date, surpassing Stripe's $1.1 billion acquisition of Bridge.
- The stablecoin market has recently surpassed a total valuation of $300 billion, indicating its growing maturity.
- BVNK, which processes over $20 billion annually, has received strategic investments from major firms including Citi Ventures and Visa.
Coinbase and Mastercard have been reported in advanced talks to purchase BVNK, a United Kingdom-based fintech firm building stablecoin infrastructure.
According to unnamed sources familiar with the transactions, the two corporations have held advanced negotiations about the acquisition, with the sale price expected to range between $1.5 billion and $2.5 billion.
While conversations are still ongoing, Fortune reports that Coinbase seems to have the upper hand over Mastercard. If finalized, this will be the largest stablecoin acquisition to date, exceeding Stripe’s $1.1 billion purchase of Bridge, a stablecoin payments platform, in October 2024.
Earlier this month, the stablecoin market passed a new milestone, exceeding a total market valuation of $300 billion, which shows its continuous maturity.
A spokesman for Coinbase stated, “We don’t comment on rumors or speculation.”
🚨 Breaking: @coinbase and @Mastercard are reportedly in advanced negotiations to acquire stablecoin startup @BVNKFinance for around $2 billion, just a day after BVNK announced a new funding round with Citi.
If confirmed, this would be the largest stablecoin acquisition… pic.twitter.com/2lBn2L54hx
— Kate D (@ehtsoahc) October 10, 2025
The prospect of acquiring BVNK demonstrates how major corporations see stablecoins as important payment infrastructure, albeit motivations differ dramatically, according to industry expert Ryan Yoon.
For Coinbase, it might indicate vertical integration to own both issuance (USDC via Circle) and business distribution, capturing more value chain, whereas for Mastercard, it may mean defensive positioning against disintermediation if stablecoin payment processing bypasses card networks, as well as the option to white-label crypto services without the custody burden, Yoon said.
Stablecoin Adoption Accelerates as Major Issuers Eye Public Listings
The move comes as various institutions are looking into ways to introduce customers to these fiat-pegged digital assets, which allow for quicker and more effective cross-border transfers.
The top stablecoin issuers are also moving to public listings. Circle, the firm that created USDC, went public on the NYSE in June following an extremely successful initial public offering (IPO).
Tether, the creator of the largest stablecoin USDT, is apparently planning to take the same approach. Previous reports suggested that Tether is looking for funds between $15 billion and $20 billion in a private equity round, issuing approximately 3% of its shares.
BVNK’s Strategic Backing from Global Investors
This week, BVNK also revealed that Citi Ventures has made a strategic investment. The quantity of the cash is unclear, but it adds to BVNK’s $90+ million in funding from Visa, Haun Ventures, Tiger Global, and others.
BVNK was created in 2021 and now processes more than $20 billion per year on behalf of businesses and payment service providers. The UK-based company uses stablecoins to help businesses shift money rapidly across borders and networks. Worldpay, Deel, and dLocal are among the clients BVNK serves through agreements with worldwide licensing agencies and Tier 1 banks.
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