Coinbase, Mastercard in $1.5b stablecoin firm acquisition talks

Coinbase and Mastercard are in talks to acquire BVNK, a London-based stablecoin payments firm, in a deal valued between US$1.5 billion and US$2.5 billion.

Sources said Coinbase is reportedly ahead of Mastercard in negotiations. BVNK, founded in 2021, provides stablecoin payment infrastructure for enterprise clients such as Worldpay, Flywire, and dLocal.

If completed, this would be the largest stablecoin acquisition to date, surpassing Stripe’s US$1.1 billion purchase of Bridge in 2024.

BVNK recently received investment from Citi Ventures as institutional interest in stablecoins grows.

The report follows new US stablecoin regulations introduced in July and the market’s total capitalization surpassing US$300 billion in October.

🔗 Source: The Block

🧠 Food for thought

Implications, context, and why it matters.

BVNK’s $20 billion throughput claim lacks public proof for a $2.5 billion price

BVNK says it processes over $20 billion a year, defined as total payment volume. UK Companies House lists accounts through December 31 2024 with the next due by September 30 2026, and those records do not verify throughput or break out revenue 1.
Stripe bought Bridge for $1.1B in October 2024. BVNK at $1.5 to $2.5B would need stronger numbers or a sturdier market spot, yet there is no revenue multiple or customer concentration data.
BVNK runs several UK entities, including BVNK GROUP SERVICES (UK) LIMITED 2 and System Pay Services Ltd. 3. Public filings lack operational metrics, so the $1.5 to $2.5 billion ask is hard to judge amid stablecoin buzz.

If Coinbase beats Mastercard, stablecoin infrastructure providers get openings with card networks

If Coinbase wins BVNK, Mastercard will need other partners to advance its Multi-Token Network (MTN). The network supports tokenized assets and stablecoins, yet it depends on providers for merchant integration and settlement 4.
Startups offering stablecoin to fiat conversion, compliance tooling for Know Your Customer (KYC) plus Anti-Money Laundering (AML) or wallet hookups can pitch Mastercard using its reach to more than 150 million merchants 5 and its push for 24/7 settlement on MTN 6.
Merchants paid $187.2 billion in processing fees in 2024 6. That spend marks the target market for stablecoin providers, which can cut costs for acquirers and payment processors in Mastercard’s orbit.