BVNK processes about $20bn annualised for clients including Worldpay and Rapyd, strengthening Coinbase’s enterprise stablecoin strategy
Coinbase is reportedly on the verge of finalising a $2bn acquisition of stablecoin payment platform BVNK.
Bloomberg reported on October 31 Coinbase expects the deal to close later this year or early next year, according to an anonymous source.
Coinbase appears to have beaten out Mastercard for the acquisition of BVNK after reports revealed both companies were interested in acquiring the stablecoin platform for a figure between $1.5bn – $2.5bn.
With Coinbase Ventures already an investor in BVNK and Coinbase holding exclusive rights to engage in takeover talks, the US exchange has now emerged as the leading contender.
“We don’t comment on rumours or speculation,” said Coinbase in a statement responding to Payment Expert. “We have a bold mission to increase economic freedom in the world, and are constantly exploring opportunities around the world to build, buy, partner and invest to accelerate our roadmap.”
Coinbase’s stablecoin plans
With stablecoin adoption accelerating across both traditional and decentralised finance, Coinbase is now looking to expand the reach of its stablecoin-based payment services.
Within the company’s third quarter 2025 earnings report, Coinbase’s stablecoin revenue stood at $355m, a 7% increase from the previous quarter and attributed to almost half of the $747m generated in subscription and services revenue.
Much of the stablecoin revenue links to the launch of USDC rewards, a loyalty program which allows investors to accrue daily rewards subject to how much USDC they hold and is distributed into their stablecoin wallets.
Coinbase is also sharing its stablecoin payment infrastructure with traditional finance firms, such as Citi. In a recent partnership, the US bank will leverage Coinbase’s on/off ramp conversion infrastructure for digital assets, including stablecoins, for greater adoption amongst Citi clients.
During Coinbase’s Q3’ 2025 earnings call, CEO Brian Armstrong believes the speed and cost effectiveness of stablecoins will become the standard for global cross-border payments, “and no other payment rail can match this”, he said.
How BVNK can help Coinbase’s stablecoin plans
Founded in 2021, London-based BVNK is a stablecoin payment infrastructure platform which provides its services to businesses to support stablecoin payments.
The company has provided its infrastructure for companies such as Worldpay, Rapyd and dLocal, and surpassed $20bn in annualised processing volumes recently. BVNK CEO, Jesse Hemson-Struthers, highlighted “rapid growth” in the US in being able to reach $20bn in annual volume.
Coinbase currently operates its stablecoin payments on its Base Layer-2 network, primarily supporting payments with USDC. Designed for commerce and marketplace transactions, the infrastructure utilises smart contracts for more secure payments, enhancing the speed of transactions.
BVNK’s infrastructure differs slightly. It supports traditional stablecoin payment flows, but also offers fiat-to-crypto, and vice versa, conversions and can be embedded to payment wallets to support traditional methods from the likes of Swift.
Stablecoin fever continues to grow
Should reports that Mastercard has missed out on BVNK prove true, the payments giant has continued its interest in stablecoin companies in the form of Zero Hash.
The global payment processor is reportedly set to acquire Zero Hash for a figure between $1.5bn – $2bn, according to five sources familiar with the deal cited by Fortune on October 29. Officals from Mastercard have since refused to comment on the potential deal.
This potential deal would represent a significant vote of confidence from one of the largest payment companies in stablecoin payments, as Zero Hash provides stablecoin infrastructure to handle regulatory compliance issues and payment processing for traditional companies.
Both the potential Coinbase-BVNK and Mastercard-Zero Hash deals would be the two largest stablecoin company acquisitions since Stripe acquired Bridge for $1.1bn in February 2025.
