Coinbase Aims to Redefine Global Payments with $2B Stablecoin Push

Coinbase Global Inc. is nearing a $2 billion acquisition of BVNK, a London-based stablecoin infrastructure provider, as part of its strategic push to dominate the blockchain-powered payments sector, according to a FinanceFeeds report. The deal, which could close by late 2025 or early 2026, would mark one of the largest mergers in the crypto industry this year and signal Coinbase's intent to transition from a pure-play crypto exchange to a comprehensive financial services platform, according to a Hoka News report.

The acquisition aligns with the growing institutional adoption of stablecoins, which are cryptocurrencies pegged to fiat currencies like the U.S. dollar. Stablecoins accounted for 20% of Coinbase's third-quarter 2025 revenue, driven by its partnership with Circle's USDC stablecoin and services such as custody and transaction fees, the FinanceFeeds report noted. With the U.S. passing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act in July, which provided regulatory clarity for stablecoin collateralization and anti-money laundering compliance, the asset class has gained legitimacy for institutional use, the FinanceFeeds coverage adds.

BVNK, founded in 2021, specializes in enabling enterprises to process cross-border payments using digital dollars while maintaining regulatory compliance. Its technology allows merchants to accept both fiat and crypto, converting between them instantly. Backed by investors including Visa, Citi Ventures, and Coinbase Ventures, BVNK has raised $90 million to date, the FinanceFeeds reporting said. The startup's infrastructure would integrate with Coinbase's existing on- and off-ramp solutions, accelerating its "Everything Exchange" vision—as noted in a PYMNTS piece—a platform combining trading, derivatives, and blockchain-based applications.

The move comes as competitors like Mastercard and Stripe also expand their crypto footprints. Mastercard is reportedly close to acquiring Zerohash, a Chicago-based crypto tech firm, for $1.5–$2 billion to enhance its stablecoin and tokenization capabilities, according to a Yahoo Finance report. Meanwhile, Stripe launched Tempo, a blockchain tailored for stablecoin payments, in collaboration with Paradigm, per a Yahoo Finance article. These developments underscore a broader industry shift toward blockchain-driven financial infrastructure, with stablecoins positioned to reduce costs and improve settlement speeds for global transactions, the Hoka News report observed.

Coinbase's Q3 2025 financials highlight its pivot away from reliance on trading fees. The exchange reported $1.9 billion in revenue, with $433 million in profit, driven by stablecoin-related income, custody services, and institutional activity, according to a TradingView report. CEO Brian Armstrong emphasized the importance of diversifying revenue streams amid volatile trading volumes, stating the company is "laying the foundation of the Everything Exchange," as covered by PYMNTS. The acquisition of BVNK would further this strategy by providing a scalable infrastructure for stablecoin payments, enabling merchants to issue invoices in digital dollars and settle transactions instantly, the Hoka News reporting added.

Analysts view the deal as a strategic response to regulatory tailwinds and market demand. Andrei Grachev, managing partner at DWF Labs, noted the GENIUS Act has "legitimized stablecoins for institutional use" and catalyzed corporate adoption, according to the FinanceFeeds coverage. Visa's recent pilot program, allowing cross-border payments via stablecoins, reflects similar momentum, as reported by TradingView. For Coinbase, integrating BVNK's compliance frameworks and European operations could also facilitate expansion into markets where euro- and pound-linked stablecoins are gaining traction, the FinanceFeeds article observed.

While the transaction remains subject to due diligence and regulatory approval, the potential acquisition underscores Coinbase's ambition to redefine global payments. If finalized, it would position the exchange as a leader in blockchain-based financial infrastructure, competing directly with traditional payment giants and emerging crypto-native rivals, the Hoka News report concluded.