Coinbase and Mastercard are reportedly in advanced discussions to acquire London-based stablecoin infrastructure startup BVNK, in a deal valued between US$1.5 billion and US$2.5 billion, according to Fortune.

The talks remain ongoing, but sources say Coinbase currently has the lead.

If completed, the acquisition would be the largest stablecoin deal to date, underscoring growing institutional interest in the technology.

Founded in 2021 by Chris Harmse, Jesse Hemson-Struthers, and Donald Jackson, BVNK helps businesses use stablecoins for payments, treasury, and cross-border transactions.

The firm last raised US$50 million in December 2024 from Haun Ventures, Coinbase Ventures, Tiger Global, and the venture arms of Visa and Citi.

The reported deal follows Stripe’s US$1.1 billion purchase of stablecoin startup Bridge last year and reflects the accelerating integration of digital currencies into mainstream finance.

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