Stablecoins Set to Redefine Global Payments as Coinbase, Mastercard Vie for $2B BVNK Deal

Coinbase and Mastercard are reportedly in advanced negotiations to acquire BVNK, a London-based stablecoin infrastructure firm, in a potential deal valued between $1.5 billion and $2.5 billion. According to six sources familiar with the discussions, Coinbase appears to have the lead over Mastercard in securing the acquisition, though terms remain unconfirmed. If finalized, the transaction would mark the largest stablecoin acquisition to date and underscore the growing mainstream adoption of stablecoins in global finance.

BVNK, founded in 2021, specializes in enabling businesses to use stablecoins for cross-border payments, global treasuries, and other financial use cases. The firm has attracted significant institutional backing, including investments from Visa, Citi, and Coinbase Ventures. Its valuation has surged past $750 million since its last funding round, driven by increasing demand for faster, lower-cost payment solutions. The company processes $12 billion in annualized stablecoin transactions and has expanded into the U.S., applying for licenses across all 50 states.

The potential deal aligns with broader industry trends. Stablecoins, which maintain a stable value relative to fiat currencies like the U.S. dollar, have become a focal point for financial institutions seeking to modernize payment systems. Mastercard, for instance, has recently enabled support for multiple stablecoins-including USDG, PYUSD, USDC, and FIUSD-on its network. The company's strategy emphasizes expanding consumer access to crypto through partnerships with wallets and exchanges, such as Chainlink's integration for on-chain purchases. Similarly, Visa has invested in BVNK to bolster its stablecoin infrastructure, reflecting its belief that stablecoins will redefine cross-border commerce.

Regulatory developments in the U.S. have further accelerated institutional interest. The passage of the GENIUS Act in July 2025 provided clearer oversight for stablecoins, mandating 1:1 reserves and anti-money laundering compliance. BVNK co-founder Chris Harmse highlighted that the legislation has spurred "explosive demand" for stablecoin infrastructure, particularly among large U.S. banks like Citi. Citigroup, for example, has projected the stablecoin market could reach $4 trillion by 2030, up from earlier forecasts of $3.7 trillion.

The acquisition speculation comes amid heightened competition among legacy financial players. JPMorgan Chase, for instance, partnered with Coinbase in July 2025 to allow Chase customers to purchase crypto using credit cards and redeem rewards points for USDC. Meanwhile, Mastercard's recent hires in digital asset talent and partnerships with firms like Fiserv and Nuvei signal its intent to dominate the stablecoin payments landscape.

Analysts note that BVNK's technology, which abstracts blockchain complexity for enterprises, positions it as a critical player in the transition to digital payments. Its Layer1 infrastructure solution, a productized version of its operating stack, has attracted interest from neobanks and fintechs seeking to integrate stablecoins into their services. The firm's ability to facilitate seamless conversions between fiat and stablecoins at scale has made it a strategic asset for both crypto-native and traditional financial institutions.

If the deal materializes, it would represent a pivotal moment for the stablecoin sector. The acquisition would not only validate the utility of stablecoins in mainstream finance but also signal a shift in how global payments are structured. As BVNK co-founder Jesse Hemson-Struthers stated, stablecoins are poised to become "a global rail" for money movement, rivaling existing systems.

Source: [1] Cointelegraph (https://cointelegraph.com/news/citi-invests-in-bvnk-stablecoin-infrastructure-expansion)

[2] CNBC (https://www.cnbc.com/2025/06/28/stablecoin-visa-mastercard-circle-jpmorgan.html?msockid=13519787a9fb673d34cc8107a8b6664e)

[3] Forbes (https://www.forbes.com/sites/danielwebber/2025/05/06/visa-invests-in-bvnk-in-powerful-validation-of-stablecoins-future/)

[4] Coindesk (https://www.coindesk.com/business/2025/05/07/visa-doubles-down-on-stablecoins-with-investment-in-blockchain-payments-firm-bvnk)

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

[9] Mastercard (https://www.mastercard.com/us/en/news-and-trends/stories/2025/mastercard-stablecoin-utility-and-scale.html)

[11] Techopedia (https://www.techopedia.com/mastercard-crypto-strategy)