Competition heats up for stablecoin startup BVNK, as Coinbase and Mastercard both hold ‘advance talks’ to acquire the London-based fintech, a report by Fortune claimed. While the negotiations are not finalized, valuations for the deal range from $1.5 billion to $2.5 billion, Fortune’s sources indicated.
The acquisition, if it pulls through for either of the companies, would strengthen both firms’ stablecoin and blockchain payments infrastructure, aiming to bridge traditional finance and the crypto realm.
Why does Mastercard want a slice of the stablecoin pie?
Mastercard’s motivation is clear: stablecoins represent a lower-latency, blockchain-native settlement rail that could disrupt or augment the existing card networks. By tapping into the stablecoin market, Mastercard can embed digital currency settlement capabilities into its existing payments ecosystem, enabling merchants and users to transact in tokenized dollars or similar assets. This move helps the firm stay relevant as crypto payments gain traction and positions Mastercard as a bridge between legacy financial systems and Web3 settlement layers.
What’s in it for Coinbase?
For Coinbase, acquiring BVNK would deepen its infrastructure layer beyond exchange operations. It would allow Coinbase to embed stablecoin payments and cross-border rails directly into its platform and offerings. The synergies could accelerate merchant adoption, cross-border flows, and expand its role in digital finance beyond just trading and custody.
If either of the deals closes, it may become one of the largest stablecoin infrastructure M&A deals to date. This will effectively raise the bar for incumbents and challengers within the space. It would also intensify competition between payments firms and crypto natives over who controls the narrative of money flow.
However, regulatory risk persists as stablecoin infrastructure is under growing scrutiny across major jurisdictions, be it the GENIUS Act or under EU’s MiCA regulations. Integration challenges, licensing, and interoperability will test the execution capabilities of both companies.
Growing M&A within the fintech space
These kinds of deals tend to generate strong positive sentiment among investors, particularly in fintech, payments, and crypto infrastructure sectors. For example, when Stripe announced the $1.1 billion Bridge acquisition in 2024, analysts noted that Stripe was doubling down on tokenized dollars and stablecoin payments.
Similarly, earlier in 2025, MoonPay acquired Iron, a German API-first stablecoin infrastructure firm in a reportedly $100 million deal. The deal helped beef up MoonPay’s enterprise stablecoin payments capabilities. Iron’s tools enable merchants, fintechs, and marketplaces to embed stablecoin payments, set up virtual stablecoin accounts, and manage multi-currency treasuries.
So, as the race intensifies to acquire BVNK, it is clear that both Coinbase and Mastercard are prepping for a future where settlement happens on-chain.