Coinbase and Mastercard, a payment merchant, have each held advanced talks to acquire BVNK, a London-based stablecoin issuer. Insider sources, preferring anonymity, have confirmed that the discussions are ongoing, with Coinbase having the upper hand in acquiring BVNK.
If finalized, the acquisition, estimated to cost between $1.5 billion and $2.5 billion, may mark the largest stablecoin-related deal to date. Chris Harmse, Jesse Hemson-Struthers, and Donald Jackson founded BVNK in 2021 to help businesses and financial institutions integrate stablecoins for cross-border transactions, treasury operations, and digital asset settlements.
The firm raised $50 million in December 2024, bringing its valuation to $750 million, with backing from Haun Ventures, Tiger Global, Coinbase Ventures, Visa Ventures, and Citi Ventures.
BVNK may become the largest stablecoin deal following Stripe’s acquisition
Stablecoins have rapidly emerged as a key part of the blockchain payments ecosystem, offering near-instant settlement and reduced transaction costs compared to traditional rails like SWIFT or card networks. BVNK’s infrastructure enables institutions to issue, move, and redeem stablecoins efficiently, helping bridge the gap between fiat and digital finance.
BVNK acquisition talks follow Stripe’s acquisition of Bridge for $1.1 billion early this year, marking a wave of consolidation in the sector. BVNK’s valuation, if the deal goes through, in the estimated valuation of $1.5 to $2.5 billion, would surpass the previous Stripe deal, marking a growth in investor confidence in stablecoin-based systems.
Both Coinbase and Mastercard have been actively expanding their blockchain and payments strategies. Coinbase integrated USDC stablecoin transfers into its ecosystem to support global remittances and merchant payments. Mastercard, on the other hand, has been developing blockchain-powered settlement systems to complement its existing card network, such as the recent partnership with USDC to advance stablecoin issuance.
Cryptopolitan covered the story, confirming that Mastercard partnered with USDC, allowing merchants in Europe, the Middle East, and Africa to settle payments in USDC and Euro Coin (EURC) directly on its network. According to Mastercard, the partnership will help reduce bottlenecks, shorten settlement times, and improve liquidity for businesses using digital assets.
Raj Seshadri, Mastercard’s chief commercial payments officer, revealed during a July analyst call that the company views stablecoins as an additional layer of value transfer, rather than a replacement for traditional currencies. He added that most flows will begin and end in fiat.
GENIUS Act spurs the growing interest in stablecoin markets
The growing interest in stablecoin adoption is largely attributed to recent regulatory developments in the United States and Europe, including the GENEUS Act, which streamlined the governing rules for blockchain-based payment instruments in the U.S. The Passage of such policies has encouraged traditional financial institutions to explore stablecoin integrations at scale.
Meanwhile, StablecoinX raised $530 million in new PIPE financing recently, accumulating its total commitments to $890 million as it prepares to merge with TLGY Acquisition Corp. According to Cryptopolitan, the merger will form StablecoinX Inc., which will oversee more than 3 billion ENA tokens and list on Nasdaq under the ticker USDE. The combined entity will serve as the treasury and validator for the Ethena ecosystem, which manages the USDe stablecoin, now valued at $14.65 billion in supply after only ten months since launch.
The report highlighted several investors who participated in the funding round, including Brevan Howard, IMC Trading, and Haun Ventures. Marc Piano, director of Ethena Foundation, revealed that financing boosts liquidity and flexibility as Ethena develops USDtb, a fiat-backed stablecoin to be issued in partnership with Anchorage Digital Bank, following the GENIUS Act’s new regulatory clarity.
According to DefiLlama, the current total stablecoin market cap has grown to $303.73 billion, with Tether USDT still leading in market share with $177.48 billion in market cap.
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Source: https://www.cryptopolitan.com/coinbase-mastercard-talks-acquire-bvnk/
