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Coinbase and Mastercard are competing to acquire London-based stablecoin firm BVNK.
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The deal could be worth between $1.5 billion and $2.5 billion, according to Fortune.
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Coinbase is reportedly the frontrunner, which would make this the largest stablecoin acquisition to date.
Two Giants Compete for BVNK
Coinbase and Mastercard are in advanced talks to acquire BVNK, a stablecoin infrastructure startup that processes over $20 billion annually for enterprise clients like Worldpay and Flywire.
Sources told Fortune the sale could close for as much as $2.5 billion, with Coinbase currently favored to win. The acquisition would surpass Stripe’s $1.1 billion purchase of Bridge in 2024 as the largest deal in the stablecoin space.
Rising Institutional Demand for Stablecoins
Founded in 2021, BVNK builds payment rails for stablecoin transactions and recently received investment from Citi Ventures. The bidding war comes amid record interest in stablecoins following the passage of the GENIUS Act, which established formal U.S. rules for dollar-pegged tokens.
The overall stablecoin market surpassed $300 billion in total capitalization earlier this month, signaling its accelerating mainstream adoption.
