Mastercard, Coinbase reportedly looking to acquire stablecoin firm BVNK

Coinbase and Mastercard are reportedly in advanced stages of discussion regarding plans to acquire stablecoin payment infrastructure company BVNK, as the stablecoin market heats up.

Although the discussion has not been finalised by either of the parties, people familiar with the matter told Fortune that both firms have held advanced talks with BVNK over the past few weeks..

Of those sources, three indicated that Coinbase appears to have the upper hand in negotiations. 

The proposed deal, which could value BVNK between $1.5 billion and $2.5 billion, would mark one of the largest acquisitions in the stablecoin sector to date. 

If a deal does materialise, it would eclipse Stripe’s $1.1 billion acquisition of stablecoin startup Bridge, announced last October and completed in February.

Why do Mastercard and Coinbase want to acquire BVNK?

Founded in 2021, BVNK is a London-based firm that helps companies integrate stablecoins into their payment workflows, claiming to handle over $20 billion in transaction volume annually, serving enterprise clients such as Worldpay, Flywire, and dLocal.

BVNK has quietly become one of the key infrastructure providers within the global stablecoin economy by offering regulated on-ramps and off-ramps that enable businesses to seamlessly transition between digital dollars and traditional fiat currencies, eliminating the need for costly in-house compliance and infrastructure development.

Last year, BVNK raised $50 million in a Series B round led by Haun Ventures, with participation from Coinbase Ventures, Tiger Global, and others.

Since then, the company has attracted fresh capital from some of the largest names in finance.

In May, payments giant Visa’s venture arm made an undisclosed investment in the firm, followed by another investment from Citi Ventures in October.

While the size of Citi’s investment was not disclosed, co-founder Chris Harmse confirmed that the latest funding pushed BVNK’s valuation beyond the $750 million mark it held during its last public raise.

For Coinbase, acquiring BVNK would strengthen its position within enterprise crypto infrastructure, meanwhile Mastercard tends to benefit from a direct entry into the stablecoin payments market through a proven, regulated platform, as both companies see stablecoin infrastructure as a core pillar of the next wave of financial innovation.

Stablecoin market is booming

Stablecoins are slowly becoming the cornerstone of digital finance, no longer limited to trading pairs on crypto exchanges.

Stablecoins are designed to maintain a consistent value while offering near-instant settlement and low fees, which has made them increasingly attractive to businesses, financial institutions, and payment networks.

As of early October, the total market capitalisation of stablecoins surpassed $300 billion, and much of this demand has stemmed from a combination of regulatory clarity and institutional adoption.

The passage of the GENIUS Act in July marked a turning point by creating a dedicated framework for dollar-pegged digital currencies.

This has encouraged more banks, investment firms, and traditional payments companies to explore stablecoin-related opportunities without fear of regulatory backlash.

According to Citi’s latest projections, the stablecoin sector could grow to a $4 trillion market by 2030 in an optimistic scenario, with a base case closer to $1.9 trillion.

For context, the entire cryptocurrency market cap is currently valued at roughly $4.2 trillion.