Mastercard Outbids Coinbase for BVNK Stablecoin Infrastructure

Mastercard's largest crypto-related acquisition to date has been finalized, beating out a rival bid from Coinbase. The payments giant purchased BVNK, a London-based stablecoin infrastructure company, for up to $1.8 billion on August 3, 2026.

The deal was not without competition, as Coinbase had previously explored a deal with BVNK in October 2025, valuing the company between $1.5 billion and $2.5 billion. However, negotiations stalled by November 2025, when both parties mutually agreed to walk away from the proposed deal.

The founders of BVNK reportedly chose Mastercard's offer for 'cultural reasons', opting for a deal that included a contingent payment of up to $300 million. To receive this amount, BVNK's team must hit certain milestones.

For Mastercard, acquiring BVNK represents the largest single investment in integrating on-chain crypto payments with its existing fiat infrastructure. The company operates across more than 130 countries and holds over 40 regulatory licenses, including EMI and CASP authorizations in Europe and Money Transmitter Licenses in the US.

This acquisition is being characterized as the largest stablecoin-focused deal to date, putting pressure on Visa's own stablecoin-related investments. BVNK was founded just five years ago and sold for up to $1.8 billion, with a competing bidder reportedly willing to pay even more.