Cryptocurrency exchange Coinbase and payments giant Mastercard have held advanced acquisition talks to buy BVNK, a London-based fintech building stablecoin payments infrastructure, according to six people familiar with the matter who spoke to Fortune.
Talks have not been finalized, but several of the sources told Fortune that the potential sale price is between $1.5 billion and $2.5 billion. The talks may still fail, but Coinbase appears to be ahead of Mastercard at this stage, three of the sources told Fortune.
If completed, the acquisition would be the largest stablecoin-related deal to date, signaling how major financial and crypto companies are racing to control the next wave of digital payments.
A year ago, Stripe acquired another stablecoin startup, Bridge, for $1.1 billion, underscoring 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 pegged to traditional currencies like the US dollar. Its technology allows for instant settlement and lower fees compared to legacy systems such as SWIFT or card networks.
Neither company commented on the talks, Fortune reported. If a deal is reached, it could reshape the way stablecoins flow through traditional and crypto financial systems.
Read More: Citi Joins Visa to Back Stablecoin Payments Company BVNK
