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Coinbase has reportedly ended its negotiations to acquire London-based stablecoin infrastructure startup BVNK, halting what could have been one of the largest deals in the stablecoin sector. According to Fortune, the discussions had reached an advanced stage with a valuation nearing $2 billion, reflecting Coinbase’s growing ambition to expand beyond crypto trading into blockchain-powered payment systems.
Both Coinbase and Mastercard were initially interested in acquiring BVNK, which specializes in helping companies integrate stablecoin payments into their operations. Despite entering exclusive talks, Coinbase eventually decided to withdraw, and the reasons behind the breakdown remain undisclosed.
Founded as a fintech innovator, BVNK has rapidly become a key player in the stablecoin ecosystem. The company raised $50 million in December 2023 at a $750 million valuation, and earlier this year, Visa made an undisclosed investment in the firm. The now-shelved acquisition would have represented a massive premium compared to other recent deals, such as Stripe’s $1.1 billion purchase of Bridge, completed in February, highlighting increasing competition in the digital payments infrastructure space.
Coinbase’s move comes as global payment giants like Mastercard and Stripe aggressively pursue stablecoin-focused acquisitions. Mastercard is reportedly in talks to acquire Zerohash for between $1.5 billion and $2 billion. Coinbase, meanwhile, has been active on the M&A front, acquiring derivatives exchange Deribit for $2.9 billion and fundraising platform Echo for $375 million earlier this year.
The stablecoin market, now valued at over $305 billion according to DeFiLlama, continues to grow despite minor weekly declines. Coinbase’s withdrawal from the BVNK deal marks a brief pause in its expansion strategy but underscores the fierce competition among fintech and crypto leaders striving for dominance in stablecoin infrastructure and blockchain payments.
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