The financial world is buzzing with talk of a major power play. Two industry heavyweights, Coinbase and Mastercard, are reportedly in a high-stakes battle. They both want to buy a London-based company called BVNK. This deal could be worth up to $2.5 billion.
BVNK is a fintech firm that focuses on stablecoin payment infrastructure. Think of stablecoins as digital money tied to real currencies, like the U.S. dollar. These tokens make moving money faster and cheaper than old systems. For example, they are more efficient than SWIFT or credit card networks.
Sources familiar with the discussions told Fortune that both companies have started separate talks. Coinbase, America’s largest cryptocurrency exchange, seems to be a bit ahead in these discussions. However, nothing is final, and neither company has publicly confirmed their interest.
BVNK Already Has Big Backers
BVNK was founded in 2021. It provides tools that let businesses send and receive funds using stablecoins. This allows for instant settlements at lower costs. Major payment processors like Worldpay, Flywire, and dLocal are already its clients. The company says it handles more than $20 billion in transactions every year.
It’s no accident that big players are interested in BVNK. The company already has strong support from big names in finance. Visa and Citi have invested undisclosed amounts in the startup. Citi Ventures even joined recently as a strategic partner. Their goal is to boost stablecoin use for on-chain settlements. These big-name backers show BVNK is a crucial link between the crypto world and traditional finance. This is happening as the stablecoin market quickly matures.
If this acquisition goes through for around $2 billion, it will be the largest in the stablecoin sector’s history. This deal would top the $1.1 billion that Stripe paid for the startup Bridge in early 2025.
Regulations Boost Stablecoin Interest
The fierce competition for BVNK highlights a strong desire from financial giants to dominate the stablecoin market. This interest comes from both crypto companies and traditional payment providers. The stablecoin market has grown past $300 billion in value this year. This growth is thanks to clearer regulations and more companies adopting them.
A spokesperson for Coinbase declined to comment on "rumors or speculation," according to a report from The Block. BVNK and Mastercard did not respond to requests for information.
Much of this market excitement is centered in the United States. President Donald Trump signed the GENIUS Act into law in July. This new federal law creates a clear legal framework for stablecoin issuers. It especially favors stablecoins tied to the U.S. dollar, aiming to encourage innovation and stability.
This new law has led to a wave of adoption. For example, Circle, which issues the USDC stablecoin, went public on the NYSE in June. Its stock has jumped 118% since then. Experts believe BVNK’s possible acquisition is a step towards using stablecoins in everyday payments. This could change how digital money flows between crypto and regular financial systems.
The news was first reported by Fortune on Thursday. Other specialized media outlets have also covered it. They point out how this bidding war could reshape competition in digital payments. The crypto market itself is bouncing back. As talks continue, everyone is watching to see if Coinbase or Mastercard will win this valuable stablecoin company.