Coinbase Nears $2 Billion Deal to Acquire BVNK as Stablecoin Market Expands
- Coinbase advances toward a $2 billion BVNK deal as stablecoin adoption accelerates under new US rules and global demand rises.
- BVNK strengthens Coinbase with payment tools that support USDC Tether and PayPal USD across more than 100 countries.
- Coinbase boosts its payments strategy and secures exclusive talks after strong competition from major industry bidders.
Coinbase moves closer to acquiring the stablecoin firm BVNK in a deal reported at $2 billion. Talks currently sit in the final phase, and due diligence continues. The companies expect a completion near late 2025 or early 2026. The acquisition marks a major step in Coinbase’s payments expansion strategy as stablecoin usage accelerates under new U.S. regulation.
Deal Progress and Strategic Fit
BVNK launched in 2021 and has raised around $90 million from major investors. Backers include Citi Ventures, Haun Ventures, Visa, and Coinbase Ventures. This backing signals strong industry confidence and strategic alignment. BVNK runs payment infrastructure that supports USDC, Tether, and PayPal USD. It enables businesses to send, receive, and convert digital payments in more than 100 countries.
Coinbase aims to strengthen its position in merchant infrastructure through this acquisition. Its current merchant capabilities remain limited despite USDC expansion efforts. BVNK provides tools like digital wallets, compliance APIs, and licenses in key financial hubs. The platform processed more than $10 billion in transactions during 2025. This level of operational scale positions it as a valuable infrastructure asset.
Stablecoin Growth and Regulatory Support
Stablecoins gained rapid traction after the U.S. introduced the GENIUS Act in July 2025. The law formalizes reserve standards and audit rules. As a result, legal uncertainty has reduced, and institutions have entered the market with confidence.
Coinbase has benefited from this regulatory clarity. Stablecoin-linked revenue nearly doubled this quarter, reaching almost 20% of total earnings. This rise comes from its partnership with Circle, the issuer of USDC. Coinbase earns interest from the reserves and has also expanded USDC payments through platforms like Shopify. Usage continues to grow across commerce, remittances, and settlement services.
Competitive Landscape and Corporate Moves
Coinbase secured exclusive talks with BVNK after a competitive bidding round. Mastercard previously evaluated the deal at a potential range between $1.5 billion and $2.5 billion but exited. Coinbase has been active in deals this year. It purchased Echo for $375 million and invested in CoinDCX to increase its presence in India and the Middle East. It also acquired Deribit, Hidden Road, and Rail, strengthening its broader finance and trading footprint.
Global Payments Push
Coinbase recently rolled out a business platform to support merchants worldwide. The BVNK deal could allow seamless conversion between crypto and traditional currencies during transactions. The company also joined forces with Citigroup to test stablecoin settlement for corporate payments. This trial reflects growing interest from global institutions in digital money systems.
Coinbase leadership continues to target wider financial services integration as it pursues a super-app model to rival traditional banks.
