- Coinbase and Mastercard are in separate talks to acquire BVNK for $1.5–$2.5B.
- BVNK processes $20B+ annually, serving clients like Worldpay, Flywire and dLocal.
- Backers include Visa, Citi Ventures and Coinbase Ventures, underscoring institutional interest.
- Deal would surpass Stripe’s $1.1B Bridge purchase as the largest stablecoin M&A to date.
In a sign of the growing competition to control the rails of digital money, Coinbase and Mastercard are each in advanced, separate discussions to acquire London-based BVNK, a stablecoin payments infrastructure provider, in a deal valued between $1.5 billion and $2.5 billion, according to people familiar with the matter.
If finalized, the transaction would rank as the largest acquisition tied to stablecoins so far, eclipsing Stripe’s $1.1 billion purchase of Bridge in 2024. Market watchers say the pursuit of BVNK underscores a broader push by traditional payments firms and crypto platforms to meet demand for faster, cheaper cross-border settlement.
The fight to control stablecoin payment rails
Multiple reports indicate that both suitors are negotiating separately, and while sources suggest Coinbase may currently have an edge, no binding agreement has been reached and the terms could still change. All three companies either declined to comment or did not respond, keeping the process largely under wraps.
The contest highlights how incumbents and crypto-native firms are converging on the same goal: owning critical infrastructure for stablecoin payments. Whoever prevails could gain a stronger foothold in merchant services, treasury operations and real-time settlement across regions where on-chain rails are gaining traction.
What is BVNK and why it matters
Founded in 2021 by Jesse Hemson-Struthers, Chris Harmse and Donald Jackson, BVNK builds infrastructure that lets businesses send, receive and settle using stablecoins across multiple networks. The company says it now processes over $20 billion in annual volume and supports enterprise-grade use cases.
BVNK’s customer roster includes Worldpay, Flywire and dLocal, signaling traction with mainstream payment processors and cross-border specialists. Its cap table features Visa, Citi Ventures and Coinbase Ventures, pointing to deepening institutional interest in stablecoin-enabled settlement.
- Annual processing volume: $20B+
- Notable clients: Worldpay, Flywire, dLocal
- Backers: Visa, Citi Ventures, Coinbase Ventures
Strategic stakes for Coinbase and Mastercard
For Coinbase, buying BVNK would extend its reach beyond exchange services into the plumbing of global payments. It could complement Coinbase’s institutional offerings and existing stablecoin initiatives, strengthening capabilities in cross-border transfers, merchant acceptance and on-chain treasury.
For Mastercard, the move aligns with efforts to modernize payment networks using blockchain where it adds utility. By integrating BVNK’s stack, Mastercard could advance real-time settlement, enrich tokenized payment pilots and enhance interoperability between traditional rails and compliant on-chain flows.
Valuation range and current status
Sources place the prospective price tag at $1.5–$2.5 billion, reflecting both BVNK’s growth and the premium for strategic infrastructure in a fast-scaling segment. Talks are described as advanced but not final, with deal certainty contingent on due diligence, governance approvals and market conditions.
If completed at the high end of guidance, the acquisition would surpass Stripe’s $1.1B Bridge deal, setting a new benchmark for stablecoin M&A. Still, until definitive agreements are signed, timelines and participants could shift.
Regulatory and market backdrop
The bid is unfolding as the global stablecoin market tops $300 billion in capitalization, with enterprises seeking faster settlement and predictable value transfer. In the U.S., the GENIUS Act passed in July established baseline rules for dollar-linked stablecoins, helping reduce uncertainty and unlocking fresh institutional demand.
Policy clarity has coincided with marquee milestones, including Circle’s NYSE listing in June and stronger engagement from banks, acquirers and global payment firms. Together, these shifts have made stablecoin infrastructure a priority target for investment and consolidation.
Industry impact if a deal lands
A successful takeover would signal a decisive step in the convergence of traditional finance and crypto-native rails. Beyond headlines, it could accelerate merchant acceptance, improve cross-border remittances and expand settlement optionality for marketplaces, fintechs and PSPs.
While plenty of integration work would lie ahead, the prize is clear: a broader, more interoperable stack where on-chain settlement complements card networks and bank transfers, giving enterprises choice over speed, cost and geography.
The rivalry for BVNK reflects a maturing market where infrastructure ownership is the real battleground; whether Coinbase or Mastercard wins, the pursuit itself underscores how central stablecoins have become to the next phase of payments.
