What happened?
Coinbase and Mastercard are reportedly in advanced talks to acquire London-based stablecoin infrastructure firm BVNK for about $1.5–$2.5 billion. If completed, it would be the largest stablecoin acquisition to date and sources say Coinbase currently has the upper hand. BVNK provides payments and cross-border settlement tools that let institutions move money using stablecoins instead of legacy rails.
Who does this affect?
The deal directly affects BVNK, Coinbase, Mastercard, and BVNK’s clients—banks, payment firms, and corporate treasuries using stablecoins. Investors and venture backers like Haun Ventures, Coinbase Ventures, Tiger Global, Visa and Citi will watch the valuation and exit closely. More broadly, fintechs, stablecoin issuers, and traditional banks exploring tokenized payments will feel competitive pressure or find new partnership opportunities.
Why does this matter?
A blockbuster acquisition would signal mainstream payment players see stablecoin rails as critical infrastructure and could trigger more M&A in the space. With the stablecoin market over $300 billion and new U.S. rules encouraging institutional use, a big deal would likely speed adoption by lowering integration barriers. That could cut settlement costs, accelerate cross-border flows, lift valuations for infrastructure providers, and squeeze firms that rely on slower legacy systems.