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yesterday

Coinbase and Mastercard in Advanced Talks to Buy BVNK for Up to $2.5 Billion

Citi Ventures’ undisclosed stake underscores how new U.S. stablecoin rules are accelerating the race to control enterprise payment rails.

Citibank (TungCheung/Shutterstock)
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Photo: BVNK
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Overview

  • Fortune reports both firms have held late-stage discussions valuing London-based BVNK at roughly $1.5 billion to $2.5 billion, with Coinbase said to have an edge, though no deal is finalized.
  • BVNK confirmed Citi Ventures has invested at an undisclosed amount, and co-founder Chris Harmse says the company’s valuation now exceeds $750 million.
  • Founded in 2021, BVNK runs token-agnostic rails that let enterprises move between fiat and stablecoins for cross-border payments, with reported annual volumes above $20 billion.
  • The company expanded in the U.S. with full 50-state coverage and offices in San Francisco and New York after earlier backing from Visa Ventures in May and a $50 million Series B in December 2024 led by Haun Ventures with Coinbase Ventures and Tiger Global.
  • Any acquisition would likely be the largest stablecoin deal to date, reflecting surging institutional interest as the GENIUS Act clarifies rules and stablecoin activity tops $300 billion in market value and about $9 trillion in annual transactions.