Who Controls Stablecoin Infrastructure Will Shape the Future of Global Payments

Coinbase and Mastercard are engaged in a high-stakes competition to acquire London-based stablecoin infrastructure firm BVNK, with the potential deal valued between $1.5 billion and $2.5 billion. According to multiple sources, Coinbase appears to hold the advantage in the negotiations, though no final agreement has been reached. If completed, the acquisition would surpass Stripe's $1.1 billion purchase of stablecoin startup Bridge in 2024, marking the largest stablecoin-related deal in history Exclusive: Coinbase and Mastercard have both held advanced acquisition talks to buy BVNK^[1]Coinbase and Mastercard in $2 billion bidding race for stablecoin firm BVNK^[2]Coinbase and Mastercard Held Talks to Buy Stablecoin Fintech^[3].

BVNK, founded in 2021, provides stablecoin payment infrastructure for enterprises, enabling cross-border transactions, treasury management, and instant settlements. The company has raised $50 million in a 2024 funding round led by Haun Ventures, with participation from Coinbase Ventures, Tiger Global, and later from Visa and Citi Ventures. Its valuation at the time was approximately $750 million Exclusive: Coinbase and Mastercard have both held advanced acquisition talks to buy BVNK^[1]Coinbase and Mastercard Held Talks to Buy Stablecoin Fintech^[3]Coinbase & Mastercard Eye $2B Acquisition of Stablecoin Firm BVNK^[4]. The startup's clients include major payment processors such as Worldpay, Flywire, and dLocal, and it claims to facilitate over $20 billion in annual transactions Coinbase and Mastercard in $2 billion bidding race for stablecoin firm BVNK^[2]Coinbase and Mastercard Compete to Acquire BVNK^[5].

The acquisition race underscores the growing strategic importance of stablecoins in financial infrastructure. Proponents argue that stablecoins, which maintain value relative to fiat currencies like the U.S. dollar, offer faster and cheaper alternatives to traditional payment systems. This has prompted traditional financial institutions and crypto firms to secure a foothold in the sector. For Coinbase, acquiring BVNK would expand its stablecoin ecosystem, complementing its existing partnership with Circle's USDC. For Mastercard, the move could integrate stablecoin settlements into its global network, addressing concerns about losing market share to blockchain-based alternatives Coinbase and Mastercard Held Talks to Buy Stablecoin Fintech^[3]Mastercard and Coinbase compete to acquire stablecoin firm BVNK^[6].

Regulatory developments have further accelerated stablecoin adoption. The U.S. GENIUS Act, signed into law in July 2025, established a federal framework for stablecoin issuance, fostering institutional confidence. Meanwhile, the stablecoin market has surpassed $300 billion in total value, with USDT leading at $177 billion in market capitalization Coinbase and Mastercard in $2 billion bidding race for stablecoin firm BVNK^[2]Mastercard and Coinbase compete to acquire stablecoin firm BVNK^[6].

Both Coinbase and Mastercard have refrained from commenting on the acquisition talks. However, industry analysts suggest that the outcome could reshape the competitive landscape for stablecoin infrastructure, with broader implications for cross-border payments and digital asset adoption Exclusive: Coinbase and Mastercard have both held advanced acquisition talks to buy BVNK^[1]Coinbase and Mastercard Held Talks to Buy Stablecoin Fintech^[3].