• Coinbase ends its $2B BVNK deal as competition in the stablecoin infrastructure market grows fast.
• The canceled BVNK deal shows Coinbase is rethinking its expansion plan in the global stablecoin race.
• Stablecoin acquisitions keep rising as banks and fintech firms push to modernize cross border payments.

Coinbase has canceled its planned $2 billion acquisition of BVNK, a UK-based stablecoin infrastructure firm. The deal had progressed to the due diligence stage before both parties agreed not to move forward. The move ends one of the largest proposed acquisitions in the stablecoin sector this year.

Coinbase has ended acquisition talks with U.K.-based stablecoin infrastructure firm BVNK, which had been valued at around $2 billion. A Coinbase spokesperson confirmed to Fortune that the two companies entered an exclusivity period in October and conducted due diligence, but…

— Wu Blockchain (@WuBlockchain) November 11, 2025

Deal Breakdown Raises Industry Questions

The reasons behind the decision remain unclear. Both companies had already entered an exclusivity agreement in October, limiting BVNK from considering other offers. The talks had gained strong market attention, given Coinbase’s recent focus on expanding its payments and trading capabilities. The collapse of the deal has now drawn curiosity from investors and analysts watching the stablecoin market.

Had the deal been completed, Coinbase would have paid twice the $1.1 billion that Stripe spent acquiring the stablecoin startup Bridge earlier this year. That comparison made the BVNK deal one of the most ambitious in recent fintech history. Industry observers say the canceled acquisition may shift attention to other potential deals in the space.

Coinbase’s Broader Expansion Strategy

Coinbase has been on an aggressive acquisition drive during President Trump’s second term. The exchange acquired derivatives trading platform Deribit for $2.9 billion in August. It also continues to strengthen its relationship with Circle, the issuer of the USDC stablecoin. The company’s strategy centers on expanding its role in global crypto trading and digital payments.

Despite the failed deal, Coinbase remains focused on stablecoin infrastructure. The sector has become central to the exchange’s efforts to integrate blockchain into mainstream finance. Market analysts believe Coinbase will continue targeting firms that can strengthen its stablecoin and payment network.

Rising Competition in Stablecoin Acquisitions

Stablecoin mergers and acquisitions have surged across the fintech landscape. Large payment processors and banks now view these assets as essential for faster, cheaper global transactions. Stripe’s $1.1 billion Bridge acquisition highlighted that trend earlier in 2024. Mastercard is also exploring a potential $1.5 to $2 billion purchase of Zerohash, another stablecoin infrastructure provider.

Smaller firms have joined the race as well. Modern Treasury recently spent $40 million to acquire Beam, a stablecoin-focused payments startup. The growing list of deals reflects a broader push among financial institutions to modernize payment systems.

Market Outlook

The collapse of the Coinbase-BVNK deal does not appear to slow this momentum. Instead, it underscores how competitive the stablecoin infrastructure market has become. As interest grows, more traditional financial players are expected to enter the sector, intensifying the global race for digital payment innovation.