Coinbase and Mastercard have each held advanced talks to buy BVNK, a London fintech that builds stablecoin payment tools, according to six people familiar with the matter who spoke with Fortune.
The talks took place recently and are ongoing, with a potential price range of $1.5 billion to $2.5 billion.
At this stage, people close to the talks say Coinbase seems to be ahead of Mastercard.
If the deal goes through, it would mark one of the biggest moves yet into stablecoin payments.
Deal talks
People with knowledge of the discussions say both buyers see value in BVNK’s tech. BVNK helps companies send and receive funds using stablecoins. Its systems aim to settle payments instantly and cut fees compared with older networks.
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The firm is based in London and builds the rails that let businesses use tokens pegged to currencies like the U.S. dollar.
The talks are described as advanced but not final, and that means terms could change or the negotiations could end without a sale. Sources told Fortune the suitors have discussed price and structure.
The $1.5 billion to $2.5 billion range has been mentioned by several people close to the talks.
Why BVNK matters?
BVNK operates where banking meets crypto payments, and it offers tools that fit into existing business flows. That helps firms move money faster than they can with systems such as SWIFT or card networks. For many buyers, speed and lower cost are what make BVNK attractive.
Stablecoins aim to keep value stable by being pegged to traditional currencies. When businesses use them, settlements can be almost instant.
That lowers counterparty risk and can cut costs on cross-border transfers. For large payment firms and exchanges, owning that technology could be a strategic step.
Market context
Interest in stablecoins has grown fast, and a year ago, Stripe bought a stablecoin startup called Bridge for $1.1 billion. That deal showed there is a big appetite for payment platforms that use tokens.
More recently, the U.S. passed the GENIUS Act in July, a law that set basic rules for dollar-pegged stablecoins. That move has made the market more defined.
Other events have also drawn attention to the space, and Circle, the issuer of USDC, completed an IPO in June. Since its debut, the stock has risen multiple folds.
The broader stablecoin market also passed a new mark earlier this month when its total market cap climbed above $300 billion. Those shifts help explain why big players want a foothold.
What would an acquisition mean?
If Coinbase buys BVNK, it would likely fold the firm’s tools into its own merchant and custody services. That could speed up how exchanges and businesses move cash and tokenised dollars.
If Mastercard wins the deal, the network could add token rails to its payment offerings and push stablecoin use among merchants and banks.
Either outcome would underline how mainstream financial firms and crypto companies are racing to control payments built on blockchain networks. The potential price tag also shows investors and buyers see real commercial value in stablecoin rails.
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