Coinbase and Mastercard battle for $2B stablecoin startup in crypto’s biggest M&A deal

In a move that could redefine the future of digital payments, Coinbase and Mastercard are in advanced negotiations to finalize a potential BVNK acquisition worth between $1.5 billion and $2.5 billion, according to multiple sources cited by Fortune on October 10, 2025.

The London-based stablecoin startup BVNK has rapidly become a major player in the global crypto infrastructure sector, providing businesses with technology to facilitate cross-border payments through stablecoins. If completed, the BVNK acquisition would mark the largest deal in the stablecoin industry, surpassing Stripe’s $1.1 billion purchase of Bridge in 2024.

Both Coinbase and Mastercard view the BVNK acquisition as a strategic opportunity to expand their influence in the evolving crypto payments market. While the deal is not yet finalized, sources indicate that Coinbase currently holds a slight advantage in the ongoing discussions.

Why BVNK matters in the stablecoin race

Founded in London, BVNK has gained momentum as the global demand for stablecoin solutions accelerates. The startup’s technology enables businesses to send, receive, and hold digital currencies seamlessly, positioning it as a critical infrastructure provider for the next phase of crypto adoption.

“BVNK represents the bridge between traditional finance and digital assets,” said one investor familiar with the company’s operations. “Whoever secures this BVNK acquisition gains access to a growing network of enterprise-level crypto payment rails.”

The acquisition talks come amid renewed institutional interest in stablecoins, digital tokens pegged to fiat currencies such as the U.S. dollar which are increasingly being integrated into international remittance and treasury systems.

Strategic motivations: Coinbase vs. Mastercard

For Coinbase, the BVNK acquisition offers a clear pathway to diversify its revenue streams beyond trading and custody. By leveraging BVNK’s infrastructure, Coinbase could strengthen its foothold in enterprise payments and crypto treasury management, evolving into a full-stack crypto financial services provider.

CEO Brian Armstrong has repeatedly emphasized Coinbase’s vision of a world where digital assets underpin global finance. A BVNK acquisition would further that goal by embedding Coinbase deeper into the payments infrastructure layer.

For Mastercard, the potential deal is equally significant. Following a drop in its share price after the Senate’s passage of the Genius Act in June, the BVNK acquisition could demonstrate its commitment to staying competitive in an era where blockchain technology is reshaping how money moves.

BVNK’s funding momentum and industry backing

The BVNK acquisition talks come shortly after the startup secured fresh capital from Citi Ventures, the investment arm of Citigroup, marking another major endorsement from traditional finance. This followed Visa Ventures’ strategic investment in May and a $50 million Series B round in December 2024, led by Haun Ventures with participation from Coinbase Ventures, Avenir, DRW Venture Capital, and Tiger Global.

“The closing of our Series B round and recent strategic partnerships reflect BVNK’s growing role in modern payments infrastructure,” said Lucas Wensing, BVNK co-founder and CEO, in an earlier statement.

With multiple high-profile investors and two global giants competing for control, the BVNK acquisition underscores how traditional finance and crypto are converging faster than ever. Whether Coinbase or Mastercard prevails, the outcome could set a new benchmark for valuation and influence in the stablecoin economy.