Coinbase and Mastercard are reportedly in advanced discussions to acquire BVNK, a UK-based fintech specializing in stablecoin payment infrastructure. The potential sale could value BVNK between $1.5 billion and $2.5 billion, according to Fortune, which cited six sources familiar with the negotiations. Talks are ongoing, with Coinbase reportedly leading the race.
At this scale, BVNK’s valuation could surpass Stripe’s $1.1 billion purchase of stablecoin startup Bridge last year. That deal, completed in February 2025, marked the largest stablecoin-related acquisition to date.
BVNK (established in 2021) offers the infrastructure that allows enterprises to receive and make payments in stablecoins, i.e., digital tokens tied to traditional currencies like the U.S. dollar. Some of the company's clients include Worldpay, Flywire, and dLocal. It is purported to handle over $ 20 billion in a year.
The recent strategic investment by Citi Ventures in BVNK is a positive indication of the increasing institutional appetite for blockchain-based payment systems. In December 2024, BVNK also raised $50 million in a Series B funding round, valuing the company at $750 million. Visa then invested an unspecified amount in May 2025.
A Coinbase spokesperson declined to comment on the matter, stating, “We don’t comment on rumors or speculation.” Mastercard and BVNK have also not issued public responses.
For Coinbase, acquiring BVNK could reinforce its hold across the stablecoin value chain. The crypto exchange already partners with Circle, the issuer of USDC. Owning BVNK would allow Coinbase to manage both stablecoin issuance and enterprise distribution, strengthening its dominance in the growing digital payments space.
Mastercard’s interest appears more defensive. The company faces growing pressure from blockchain-based systems that enable faster and cheaper transactions without relying on traditional card networks. Through BVNK, Mastercard could integrate stablecoin settlement into its services while avoiding the complexities of direct crypto custody.
According to Tiger Research analyst Ryan Yoon, the interest from both firms shows how major institutions “view stablecoins as critical payment infrastructure, though motivations diverge sharply.”
Yoon explained that for Coinbase, the move represents “vertical integration to own both issuance and distribution, capturing more of the value chain.” Meanwhile, for Mastercard, it is “defensive positioning against disintermediation if stablecoin settlement bypasses card networks.”
He added that both companies “acknowledge programmable dollars on public rails could erode interchange economics,” prompting them to secure early positioning in the evolving payment landscape.
In the event that the acquisition is successful, it would enable Coinbase to expand beyond retail trading and venture into enterprise-level payment services. Instead, Mastercard would have access to regulated blockchain-based payment systems to match the increasing demand for faster and more transparent cross-border settlements. With the competition upheaval, both companies are keen on establishing themselves in the process of the global transition to stablecoin-based financial infrastructure.
The current negotiations between Coinbase and Mastercard to purchase BVNK are a milestone in the history of the stablecoin payment sector. Should the deal go through, it will redefine how digital assets will be incorporated into the world of global finance, worth between $1.5 and $2.5 billion.
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