Coinbase Nears $2B Acquisition of Stablecoin Startup BVNK

Highlights:

• Coinbase is in final talks to acquire stablecoin startup BVNK for up to $2 billion.
• The deal supports Coinbase’s stablecoin expansion and payment infrastructure push.
• BVNK enables crypto-to-fiat payments across 100+ countries, with $10B processed in 2025.

Coinbase, the San Francisco-based exchange, is almost concluding with the acquisition of the stablecoin startup BVNK for a deal valued at $2 billion. According to the Bloomberg report, the talks are in the final stages, and the due diligence is in process, with the matter expected to close the deal by the end of 2025 or the beginning of 2026.

BVNK was founded in 2021 and has, up until now, raised $90 million in funding. Some of the leading players in the backing are Citi Ventures, Haun Ventures, and Visa. Additionally, Coinbase Ventures is a part of it too, which shows a strong alignment in terms of strategy.

The stablecoin market has witnessed considerable growth since the U.S. enacted the Genius ACT in July 2025. The GENIUS Act now regulates the reserves and conducts audits for stablecoins. This eliminates the legal uncertainties and encourages the participation of the institutions.

According to Bloomberg, Coinbase is in late-stage talks to acquire stablecoin infrastructure startup BVNK in a deal valued at around $2 billion, pending due diligence and potentially closing by year-end or early next year. Stablecoins accounted for approximately 20% of Coinbase’s…

— Wu Blockchain (@WuBlockchain) October 31, 2025

Stablecoin Revenue Surges Amid Industry Shifts

Coinbase’s revenue from stablecoins has nearly doubled this quarter, reaching almost 20%. This marks a significant increase from just 12% of total revenue in the previous quarter. The main source of this revenue is the company’s collaboration with Circle Internet Group, which issues the USD-pegged stablecoin, USDC.

Coinbase shares the interest generated from the USDC reserves with Circle. It also made USDC available as a payment option through Shopify, thus increasing its usage even more. However, Coinbase does not have complete control over the merchant infrastructure.

This is the reason why the stablecoin startup BVNK becomes very important. The company allows USDC, Tether, and PayPal USD to be used for settlement. It also provides infrastructure for businesses to perform payment activities, such as sending, receiving, and converting payments, in more than 100 countries.

In the year 2025 alone, BVNK’s transaction volume exceeded $10 billion. Its platform is equipped with features like digital wallets, compliance APIs, and licensing in the major jurisdictions. Thus, it is being viewed as a significant part of the market for the trading of stablecoin-based commerce.

The rise of stablecoins has been accompanied by statements from Coinbase’s policy head, Faryar Shirzad, who said that the stablecoins are serving the whole world and not just the U.S. market. He further added that all these claims that stablecoins are damaging U.S. banks or lending systems were baseless. On the contrary, he argued that the majority of stablecoin activities are international rather than domestic.

The "stablecoins will destroy bank lending" narrative ignores reality. U.S. banks are sitting on trillions in reserves—they have plenty of liquidity. Meanwhile, most stablecoin demand comes from outside the U.S., expanding dollar dominance globally, not competing with your local… pic.twitter.com/3wCOEm6Zr0

— Faryar Shirzad 🛡️ (@faryarshirzad) October 29, 2025

Coinbase Pushes Deeper into Digital Payments

Coinbase recently unveiled its Business platform aimed at serving vendors across the globe. The merger with BVNK could improve this offering by allowing customers to effortlessly transition between crypto and fiat through the payment process. The company’s focus has been on making acquisitions in payments, and this deal aligns with that goal.

According to insiders, Coinbase secured the right to exclusively negotiate with BVNK after a competitive auction. Earlier, Mastercard had considered a deal with a price tag ranging between $1.5 billion and $2.5 billion before backing out.

This year, Coinbase has also taken a number of strategic steps. The purchase of Echo for $375 million and its investment in CoinDCX for the purpose of making inroads into India and the Middle East were among the latest moves. Other acquisitions include Deribit, Hidden Road, and Rail, all indicating a very aggressive growth strategy.

Furthermore, in October, Coinbase also entered into a partnership with Citigroup to experiment with the use of stablecoins for corporate payments. The deal underscores the effort made by Coinbase towards the integration of money transfers through crypto and fiat systems in a more modern way. Meanwhile, Brian Armstrong said in September that they aim to make the firm a super crypto application to replace traditional banks.