BVNK Stablecoin Startup Becomes the Center of a High-Stakes Battle Between Coinbase and Mastercard: Who Will Win the Deal?

Coinbase and Mastercard Compete to Acquire London-Based Stablecoin Startup BVNK for Up to $2.5 Billion

Crypto exchange Coinbase and payments giant Mastercard are reportedly locked in advanced talks to acquire BVNK, a London-based fintech that provides stablecoin payment infrastructure for businesses.

Sources familiar with the matter told Fortune that the deal, if completed, could be valued between $1.5 billion and $2.5 billion, making it the largest stablecoin-related acquisition to date.

While the talks remain ongoing, three sources indicated that Coinbase currently has the lead.

Why Are Established Firms Racing for BVNK

BVNK, founded in 2021 by CEO Jesse Hemson-Struthers, CBO Chris Harmse, and CTO Donald Jackson, helps businesses send and receive payments, manage treasuries, and conduct cross-border transactions using stablecoins.

These digital tokens are pegged to traditional currencies such as the U.S. dollar, offering predictable value while enabling near-instant settlement and lower fees compared with traditional payment systems like SWIFT or card networks.

The company has attracted substantial backing from major investors.

In December 2024, BVNK raised $50 million in a Series B funding round led by Haun Ventures, with participation from Coinbase Ventures, Tiger Global, Scribble Ventures, and existing investors Avenir.

More recently, venture arms of Visa and Citigroup also invested in the firm, highlighting growing institutional interest in stablecoin infrastructure.

How This Fits Into the Larger Stablecoin Market

The potential BVNK acquisition follows Stripe’s $1.1 billion purchase of stablecoin platform Bridge last year, which marked one of the largest deals in the sector at the time.

Bridge has since partnered with Visa to launch the first global bank card linked to stablecoin wallets, enabling users to pay in local currencies directly from their digital assets.

Analysts see BVNK as part of a broader push by traditional finance and crypto companies to integrate stablecoins into mainstream payments.

Although currently less than 1% of global transactions are executed via stablecoins, Bloomberg projects this could reach 25% by 2030, with annual transaction volumes exceeding $55 trillion.

Will Mastercard Risk Losing Ground as Coinbase Pulls Ahead

Sources caution that the deal is not yet final and could still fall apart.

A Fortune report noted that while Mastercard remains a strong contender, Coinbase appears to be leading the negotiations at this stage.

Industry observers say the race for BVNK reflects a growing focus on “less volatile” digital assets, as companies look for ways to reduce friction in cross-border payments and corporate treasury management.

Mastercard has also been actively moving into the stablecoin space, announcing plans in July to integrate Fiserv’s FIUSD stablecoin into its payment offerings.

Analysts suggest the recent legislative attention on digital currencies in the U.S. may have spooked some investors, but the long-term prospects remain significant, especially as major networks explore how to balance innovation with existing regulated frameworks.

Stablecoins as the Next Wave in Digital Payments

The BVNK negotiations reveal how mainstream financial players and crypto platforms are positioning themselves to lead in stablecoin adoption.

By enabling instant settlement and lower fees, BVNK’s infrastructure represents a valuable bridge between traditional finance and the digital asset ecosystem.

As Coinbase and Mastercard vie for control, the outcome could signal the next stage in the evolution of global payments.