Coinbase and Mastercard are both in advanced discussions to acquire BVNK, a leading stablecoin payment infrastructure startup based in London, with the deal potentially valuing BVNK between $1.5 billion and $2.5 billion. This would mark the largest stablecoin acquisition to date, highlighting the growing importance and mainstream adoption of stablecoins in global finance.

Founded in 2021, BVNK provides businesses with the infrastructure to handle stablecoin payments for both small and large transactions. The company has experienced rapid growth, with annualized payment volumes increasing from $12 billion to $20 billion in just five months. BVNK’s rapid trajectory has been supported by significant investments from notable names such as Coinbase Ventures, Visa, Citi, and Haun Ventures.

While both Coinbase and Mastercard are pursuing the acquisition, sources familiar with the matter suggest Coinbase currently has the upper hand in negotiations. However, the outcome remains uncertain, as terms have not been finalized and either company could secure the deal. The acquisition would underscore the escalating interest from both established financial institutions and crypto-native companies in stablecoin technology, reflecting its growing role in the future of payments and financial infrastructure.