Coinbase, Mastercard compete to acquire stablecoin firm BVNK in $2 billion deal

Coinbase and Mastercard are reportedly competing to acquire stablecoin infrastructure firm BVNK in a deal valued at about $2 billion.

Coinbase and Mastercard push for stablecoin dominance with $2 billion bid for BVNK

Crypto exchange Coinbase and payments giant Mastercard are both bidding to acquire BVNK, a London-based fintech that develops stablecoin payment infrastructure, according to a Fortune report on Thursday, which cited six people familiar with the matter. 

The potential deal is valued between $1.5 billion and $2.5 billion, although discussions remain ongoing and could still fall through. 

The report notes that the acquisition could be the largest stablecoin-related deal to date, highlighting the growing competition between traditional financial giants and crypto firms to shape the future of digital payments.

A similar purchase occurred last year after Stripe acquired stablecoin startup Bridge for $1.1 billion, underscoring the rising demand for blockchain-based payment platforms.

Operating in a similar space, BVNK provides infrastructure that enables businesses to send and receive payments using stablecoins. Stablecoins are digital tokens pegged to traditional currencies such as the US Dollar.

The potential acquisition highlights both companies’ efforts to expand their presence in crypto payments. Coinbase is actively integrating stablecoin solutions for global transfers and merchant services.

The move comes as several institutions are actively exploring ways to give customers exposure to these fiat-pegged digital assets, which enable faster and more efficient cross-border transactions.

The stablecoin sector is also seeing its top issuers move toward public listings. Circle, the company behind USDC, went public on the NYSE in June through a highly successful initial public offering (IPO). 

Tether, issuer of the largest stablecoin USDT, is reportedly preparing to follow the same path. Previous claims indicated that Tether is seeking to raise between $15 billion and $20 billion in a private equity round, offering around 3% of its shares. 

Such a deal could value the company at nearly $500 billion, placing it among the world’s most valuable private firms alongside OpenAI and SpaceX.