Crypto exchange Coinbase (NASDAQ:COIN) and payments giant Mastercard (NYSE:MA) have held advanced discussions to acquire BVNK, a London-based fintech focused on stablecoin payment infrastructure, Fortune reported, citing six people familiar with the matter.
While the talks are not yet finalized, several sources told Fortune that the potential deal could value BVNK between $1.5 billion and $2.5 billion. Three of those sources said Coinbase currently appears to be ahead of Mastercard in the bidding process.
If completed, the acquisition would mark the largest-ever deal involving stablecoin infrastructure, underscoring growing competition between traditional financial firms and crypto players to shape the future of digital payments.
BVNK provides enterprise-grade infrastructure for stablecoin payments. The company said Thursday that it has received an investment from Citi (C), but did not disclose the size of the investment or its current valuation. Co-founder Chris Harmse told CNBC that BVNK is now valued above the $750 million reported at its last funding round.