Recent reports confirm that Coinbase and Mastercard are both in advanced talks to acquire BVNK, a London-based fintech startup specializing in stablecoin payment infrastructure.
The potential deal, first detailed in a Fortune exclusive on October 9, 2025, could value BVNK between $1.5 billion and $2.5 billion, making it the largest stablecoin-related acquisition to date if completed.
This comes amid surging interest in stablecoins, with the sector’s market cap exceeding $300 billion, fueled by regulatory progress like U.S. Congress’s recent stablecoin legislation and Circle’s high-profile IPO.
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Founded in 2021 by Chris Harmse, Jesse Hemson-Struthers, and Donald Jackson, BVNK provides blockchain-based tools for businesses to handle stablecoin transactions, including cross-border payments, global treasuries, and customer settlements.
Stablecoins here are pegged to assets like the U.S. dollar for stability. The company recently raised $50 million in December 2024 valuing it at ~$750 million then, backed by Haun Ventures, Coinbase Ventures, Tiger Global, Visa, and Citi—highlighting its appeal to both crypto and traditional finance players.
Coinbase (NASDAQ: COIN) and Mastercard (NYSE: MA) are pursuing separate tracks, but no final agreement exists yet—talks could still collapse. Sources indicate Coinbase has the “inside track,” potentially integrating BVNK to bolster its USDC ecosystem via partner Circle for enterprise payments and merchant services.
For Mastercard, it signals a defensive move against stablecoin disruption to card networks, especially after share dips tied to reports of Amazon and Walmart exploring stablecoins.
This follows Stripe’s $1.1 billion acquisition of stablecoin firm Bridge in October 2024, underscoring a wave of consolidation as incumbents race to own stablecoin rails.
Analysts like Ryan Yoon of Tiger Research note diverging motives: Coinbase seeks full value-chain control, while Mastercard eyes white-label crypto services without custody risks.
Circle’s IPO provided a much-needed liquidity event for early investors and executives, with major shareholders like General Catalyst, Breyer Capital, Accel, IDG Capital, Oak Investment Partners, and Fidelity Investments collectively holding over 130 million shares.
Venture firms such as General Catalyst now hold stakes worth billions post-IPO. The company generated $579 million in revenue and $65 million in profit in Q1 2025 annualizing to strong growth, followed by Q2 revenue of $658 million (up 53% YoY) and adjusted EBITDA of $126 million (up 52% YoY).
However, Q2 reported a $482 million net loss, driven by non-cash charges totaling $591 million from IPO-related stock compensation ($424 million) and convertible debt revaluation ($167 million). USDC circulation exploded post-IPO, growing 90% YoY to $61.3 billion by Q2 end and reaching $65.2 billion.
Despite the monster valuation trading at ~215x 2025 earnings and 24x revenue, analysts highlight risks from stablecoin competition and regulatory uncertainties, though Circle’s compliance focus positions it well.
The IPO catalyzed a surge in stablecoin adoption, with global supply hitting $239 billion by mid-2025. It validated regulated stablecoins like USDC, accelerating integrations by JPMorgan, Visa, and others.
This ties into U.S. regulatory progress, including the GENIUS Act which mandates reserves, audits, and redemption rights—using Circle’s transparency as a benchmark. The EU’s MiCA and regulators in Singapore/Japan have aligned similarly, boosting Circle’s global reach.
As the largest crypto IPO since Coinbase’s 2021 debut, Circle’s success up sixfold in weeks signaled thawing SEC scrutiny under a more crypto-friendly administration, sparking optimism for listings from Ripple, Kraken, and Gemini.
It boosted the 2025 IPO drought’s end, with June seeing five tech IPOs up from a monthly average of two, including health-tech firms like Hinge Health. VCs like Sequoia and Kleiner Perkins are eyeing profits from upcoming deals like Figma’s.
Partnerships with Coinbase USDC co-issuer and Binance expanded, while the IPO drew TradFi giants into stablecoin rails. This has pressured competitors like Mastercard in talks to acquire BVNK and fueled speculation on Amazon/Walmart stablecoin explorations, potentially disrupting card networks.
Circle’s IPO continues to underscore 2025 as the “year of stablecoins,” with USDC’s utility in payments, remittances, and DeFi driving real-world adoption. CEO Jeremy Allaire noted post-IPO “acceleration of interest” from major institutions, positioning Circle as a bridge for the “new internet financial system.”
Mastercard, and BVNK have all declined to comment, so developments remain fluid—watch for updates as negotiations progress.