Sources familiar with the deal say Coinbase and Mastercard are currently in the pre-deal phase of acquiring BVNK, a London-based stablecoin startup.
The potential acquisition, estimated to be between $1.5 billion and $2.5 billion, would be the largest acquisition of a stablecoin to date. According to inside sources, Coinbase is already in the lead in securing the deal, but negotiations with Mastercard are also ongoing.
BVNK’s Role in the Expanding Stablecoin Market
BVNK, which began operations in 2021 and is led by Chris Harmse, Jesse Hemson-Struthers, and Donald Jackson, provides cross-border payment infrastructure, stablecoin solutions, treasury infrastructure, and digital asset settlement services. The company helps financial institutions to issue, transfer, and easily redeem stablecoins. In December 2024, BVNK accelerated its valuation to $750 million, having raised $50 million in funding. These investors were Haun Ventures, Tiger Global, Coinbase Ventures, Visa Ventures, and Citi Ventures.
The BVNK acquisition would surpass Stripe’s purchase of Bridge for $1.1 billion this year and mark a fresh round of consolidation in the blockchain payments market. The transaction would also strengthen the growing belief in stablecoin technology as a vital part of modern financial infrastructure.
Coinbase and Mastercard Strengthen Blockchain Strategies
Both Mastercard and Coinbase have made significant strides in the innovation of blockchain and payments. Coinbase has expanded the USDC transfers into its platform to enhance global remittance and merchant payments. Mastercard has been exploring the use of blockchain-based settlement systems to improve its card network capabilities.
More recently, Mastercard collaborated with USDC to enable merchants in Europe, the Middle East, and Africa to complete transactions made in USDC and Euro Coin (EURC). The business claimed that the relocation would result in shorter settlement times, fewer liquidity issues, and more efficient transactions involving digital assets. The Chief Commercial Payments Officer of Mastercard, Raj Seshadri, emphasized that the concept of stablecoins represents an additional layer for transferring value, rather than a replacement for currencies, with the majority of operations still starting and concluding in fiat currencies.
Regulatory Clarity Boosts Institutional Interest
Growing institutional attention toward stablecoins has been driven by new regulations such as the GENIUS Act in the United States. The legislation provided more explicit rules for blockchain-based payment instruments, encouraging financial institutions to adopt stablecoin solutions.
At the same time, the sector continues to attract significant funding. StablecoinX recently secured $530 million in PIPE financing, pushing its total commitments to $890 million ahead of its merger with TLGY Acquisition Corp. The combined entity will operate as StablecoinX Inc. and list on Nasdaq under the ticker USDE.
The BVNK acquisition talks reflect rising confidence in the stablecoin market as it becomes central to global finance. With Coinbase and Mastercard actively pursuing BVNK, the deal underscores a growing effort among traditional and digital payment providers to bridge the gap between fiat and blockchain systems. According to DefiLlama, the total stablecoin market now exceeds $303.73 billion, with Tether (USDT) leading with a market capitalization of $177.48 billion.
