Coinbase Outbids Mastercard in Bid for London-Based Stablecoin Startup BVNK

Coinbase appears to be in pole position to acquire London-based stablecoin startup BVNK for up to $2.5 billion, outbidding Mastercard in a competitive bidding process.

The acquisition price could reach between $1.5 billion and $2.5 billion, according to Fortune sources familiar with negotiations. This would make it the largest stablecoin company acquisition to date, surpassing Stripe's purchase of Bridge for $1.1 billion last October.

BVNK provides stablecoin payment infrastructure serving enterprise clients such as Worldpay, Flywire, and dLocal, processing over $20 billion annually. The company recently received a strategic investment from Citi Ventures, highlighting growing institutional interest in stablecoin payments.

The acquisition interest follows the passage of the GENIUS Act in July, which established foundational regulatory rules for dollar-pegged stablecoins in the United States. This regulatory clarity has sparked increased institutional activity in the sector, with Circle Internet Group's recent IPO and soaring shares demonstrating continued maturation and adoption across the industry.