Crypto exchange Coinbase and payments giant Mastercard have each held advanced acquisition talks to buy BVNK, a London-based fintech building stable payments infrastructure, according to six people familiar with the matter who spoke to Fortune.
Discussions are not finalized, but multiple sources told Fortune that the potential sale price is between $1.5 billion and $2.5 billion. Negotiations could still fall apart, but Coinbase appears to be ahead of Mastercard at this point, three of the sources told Fortune.
If completed, the acquisition would constitute the largest stablecoin-related transaction to date, signaling how major financial and crypto companies are competing to control the next wave of digital payments.
A year ago, Stripe acquired another stable startup, Bridge, for $1.1 billion, highlighting the growing demand for blockchain-based payment networks. BVNK operates in a similar space, providing tools that help businesses send and receive funds using stablecoins, digital tokens tied to traditional currencies like the US dollar. Its technology enables instant settlement and lower fees compared to existing systems such as SWIFT or card networks.
Neither company has commented on the negotiations, Fortune reported. If a deal is finalized, it could reshape the way stablecoins circulate in both crypto and traditional financial systems.
Read more: Citi joins Visa to support stablecoin payments company BVNK
