According to Fortune, sources familiar with the matter said that Coinbase and Mastercard are in discussions to acquire the British company BVNK, which builds infrastructure for settlements and payments in stablecoins.
The potential deal is valued between $1.500B–$2.50B.
While terms have not been finalized, three Fortune sources claim that Coinbase is closer to reaching an agreement. If either side completes the acquisition, it would mark the largest deal in the history of fiat-backed stablecoins.
If BVNK chooses Mastercard, it would signal that payment giants are beginning to actively adapt to the growing influence of stablecoin technology.
Rising Bank Interest in Tokenized Currency
Founded in 2021, BVNK helps businesses use stablecoins for international settlements, payments, and corporate liquidity management.
According to BVNK’s own data, the platform processes over $20B annually and provides services for clients such as Worldpay, Flywire, and dLocal.
In December 2024, the company raised $50M in funding at a $750M valuation. The round was led by Haun Ventures and included participation from Coinbase Ventures, Tiger Global, and later Visa and Citi’s venture arms.
This week, Citi Ventures confirmed strategic investments in BVNK. Arvind Purushotham, head of the division, noted that banks’ interest in stablecoin-based payments is increasing as tokenized dollars gain wider use in clearing and settlement operations.
New Wave of Deals Following the GENIUS Act
Activity around stablecoins has intensified following the passage of the GENIUS Act in the United States, which established a federal legal framework for these assets. The law has become a catalyst for banks and major fintech companies, paving the way for the legal use of stablecoins in settlements and corporate payments.
Amid these changes, major players have started seeking their own solutions in the tokenized currency segment. Earlier in 2024, Stripe acquired the startup Bridge for $1.100B, and now Coinbase and Mastercard have joined the race.
For Coinbase, acquiring BVNK could strengthen the company’s position in the payments infrastructure market, where stablecoins are becoming a key instrument for settlements.
For Mastercard, the acquisition would offer a way to integrate tokenized currency technology into its own ecosystem, helping the company maintain its share in the rapidly expanding sector.
This post is for informational purposes only and is not advertising or investment advice. Please do your own research before making any decisions.