Coinbase and Mastercard are reportedly in advanced discussions to acquire BVNK, a London-based stablecoin infrastructure provider, in a potential deal valued between $1.5 billion and $2.5 billion, according to multiple reports citing people familiar with the matter.
The two companies are said to have held parallel negotiations with BVNK, though Coinbase currently appears to be leading the race, according to sources who requested anonymity due to the private nature of the talks.
Neither Coinbase, Mastercard, nor BVNK has publicly commented, and the discussions remain ongoing and unfinalized.
Founded in 2021, BVNK specializes in stablecoin payment infrastructure, helping businesses move money between fiat currencies and stablecoins for cross-border settlements, treasury operations, and payout processing.
The company’s platform is designed to provide faster, cheaper international transactions using blockchain technology while maintaining compliance with regulatory standards.
BVNK has attracted several major venture investors and was valued at approximately $750 million in its previous funding round. The company’s technology has become increasingly valuable as institutions seek stablecoin-based alternatives to traditional banking rails.
The reported acquisition interest underscores growing competition between traditional finance and crypto-native players to control the emerging digital payments infrastructure.
For Coinbase, the acquisition would strengthen its institutional and global settlement services, while for Mastercard, it would deepen its foothold in the rapidly evolving digital asset payments ecosystem.
However, the deal faces potential headwinds, including valuation disagreements, regulatory hurdles, and integration complexities. Still, if completed, it would represent one of the largest acquisitions in the stablecoin infrastructure sector to date.
With the stablecoin market’s capitalization now exceeding $300 billion, the race to dominate payment rails for digital assets is intensifying, signaling a future where crypto, fintech, and traditional finance increasingly converge.