Stablecoins Reshape Global Payments as Coinbase, Mastercard Vie for $2.5B BVNK Takeover

Coinbase and Mastercard are in advanced negotiations to acquire BVNK, a London-based stablecoin infrastructure firm, with the potential deal valued between $1.5 billion and $2.5 billion, according to multiple sources . The transaction, if finalized, would mark the largest stablecoin acquisition to date and underscore the growing strategic importance of stablecoins in reshaping global payment systems. While no definitive winner has emerged, Coinbase is reported to hold an advantage over Mastercard in the bidding process .

BVNK, founded in 2021 by Chris Harmse, Jesse Hemson-Struthers, and Donald Jackson, provides technology that enables businesses to facilitate stablecoin-based transactions, cross-border payments, and treasury operations. The firm has raised $50 million in December 2024 at a $750 million valuation, with investors including Haun Ventures, Visa, and Citi Ventures . Recent institutional backing, such as Citi's strategic investment, has bolstered BVNK's profile and positioned it as a key player in the stablecoin ecosystem . Its technology allows for seamless integration between fiat and blockchain systems, enabling near-instant settlements at lower costs compared to traditional payment rails like SWIFT or card networks .

The acquisition race reflects broader market dynamics as stablecoin volumes surge. Independent research indicates annual stablecoin settlement volumes have reached trillions of dollars, driven by demand for faster, cheaper cross-border transactions and institutional adoption . The U.S. regulatory landscape has also evolved, with the passage of the GENIUS Act in July 2025, which established a federal framework for stablecoin regulation. The law mandates 1:1 reserve backing for stablecoins and imposes transparency requirements, aiming to enhance trust while fostering innovation . This legislative clarity has spurred financial institutions to explore stablecoin infrastructure, with major banks like JPMorgan and HSBC experimenting with tokenized deposits and cross-border solutions .

For Coinbase, acquiring BVNK would extend its dominance in the crypto exchange space into payment infrastructure, offering merchants instant settlement options and expanding its custody capabilities for stablecoins . Mastercard's interest, meanwhile, aligns with its broader Web3 initiatives, including token-based settlement systems. A BVNK acquisition would provide the payments giant with a regulated bridge to integrate stablecoins into its existing network, enhancing cross-border efficiency while mitigating risks of disintermediation . Analysts note that both firms recognize the potential of stablecoins to disrupt traditional payment models, particularly as programmable money gains traction .

The deal's implications extend beyond corporate strategy. For regulators, the convergence of stablecoin infrastructure with legacy financial systems raises questions about oversight and systemic risk. The GENIUS Act's focus on reserve requirements and consumer protections aims to address these concerns, but critics argue the legislation's rigid compliance burdens could stifle innovation and consolidate market power among large institutions . Smaller startups and decentralized finance (DeFi) protocols may struggle to meet regulatory demands, potentially leading to a more oligopolistic stablecoin market .

BVNK's role in this transition is pivotal. Its partnerships with entities like Visa, dLocal, and Worldpay highlight its ability to scale stablecoin adoption across industries . With a roadmap that includes embedded wallets, compliance tools, and virtual accounts, BVNK's technology is designed to meet the growing demand for hybrid financial systems that blend blockchain efficiency with traditional banking security . If acquired, the firm's infrastructure could accelerate the adoption of tokenized settlements, particularly in markets where stablecoins are already used to hedge against fiat volatility, such as Latin America and Sub-Saharan Africa .

The acquisition race also underscores the competitive urgency among financial players. Stripe's $1.1 billion acquisition of stablecoin firm Bridge in early 2025 set a precedent, but BVNK's broader institutional backing and regulatory alignment under the GENIUS Act position it as a more strategic asset . As the stablecoin market capitalization surpasses $300 billion, the stakes for controlling infrastructure have never been higher .

[1] Fortune (https://fortune.com/crypto/2025/10/09/bvnk-acquisition-coinbase-mastercard-stablecoins/)

[2] Coingabbar (https://www.coingabbar.com/en/crypto-currency-news/coinbase-and-mastercard-bvnk-2b-acquisition)

[3] Coindesk (https://www.coindesk.com/business/2025/10/09/coinbase-and-mastercard-held-talks-to-buy-stablecoin-fintech-bvnk-for-up-to-usd2-5b-fortune)

[4] The Block (https://www.theblock.co/post/374100/coinbase-mastercard-stablecoin-bvnk)

[5] Decrypt (https://decrypt.co/343751/coinbase-mastercard-multi-billion-dollar-deals-stablecoin-bvnk)

[6] Yahoo Finance (https://finance.yahoo.com/news/coinbase-mastercard-advanced-talks-buy-010306740.html)

[7] CNBC (https://www.cnbc.com/2025/06/13/what-the-genius-act-could-mean-for-crypto-and-other-investors.html)

[8] Citi Ventures (https://www.citi.com/ventures/perspectives/pressrelease/investing-in-bvnk.html)

[9] Oxford Law Blog (https://blogs.law.ox.ac.uk/oblb/blog-post/2025/08/stablecoins-get-federal-framework-will-us-genius-act-deliver-stability-or)

[10] Morgan Lewis (https://www.morganlewis.com/pubs/2025/09/the-genius-acts-stablecoin-regulatory-scheme-promotes-uniformity-but-may-fall-short)

[11] CNBC (https://www.cnbc.com/2025/10/09/biti-bvnk-stablecoin-banks-crypto.html)