In a competitive bid, Mastercard and Coinbase are both pursuing the acquisition of BVNK, a prominent stablecoin infrastructure provider, in a deal projected to be valued around $2.5 billion. Sources familiar with the negotiations suggest that Coinbase has a slight advantage over Mastercard in this transaction, although these discussions may not necessarily culminate in a finalized agreement.
UK-based BVNK recently secured a strategic investment from Citigroup, heightening its profile in the burgeoning stablecoin sector. Meanwhile, Visa, a rival to Mastercard, has also made investments in initiatives related to stablecoin technology, indicating strong market interest in this area.
The overall adoption of stablecoins is experiencing remarkable growth. In 2024, total transaction volumes reached approximately $27 trillion across more than a billion individual transfers, according to new data from Visa. Stablecoins—cryptocurrencies pegged to traditional fiat currencies like the U.S. dollar—are increasingly recognized not merely as speculative assets but as critical components of global payment systems and financial infrastructure.
Citigroup’s recent report titled “Web3 to Wall Street: Stablecoins 2030” offers an optimistic outlook on the future of stablecoins. Compiled by a team of experts from Citigroup’s Citi Institute Global Perspectives and Solutions, the 50-page document rewrites earlier market forecasts, projecting that stablecoins could reach a market capitalization of $1.9 trillion by the end of the decade. This surge in market value is attributed to the rapid growth of crypto-native ecosystems, advancements in e-commerce integrations, and a heightened global demand for U.S. dollar exposure.
The supply of stablecoins has also seen a significant increase, rising from $200 billion at the beginning of 2025 to over $300 billion by September. This growth has been fueled by broader acceptance and implementation of stablecoins across various sectors. Just this year, another stablecoin-focused firm, Bridge, was acquired by the fintech giant Stripe for over $1 billion, highlighting the increasing consolidation within the industry.
BVNK, which operates as a licensed e-money institution throughout the UK and Europe, is equipped to provide named International Bank Account Numbers (IBANs) for euro (EUR) and pound (GBP) transactions. The company gives businesses access to UK and European payment systems such as SEPA, SEPA Instant, and Faster Payments. As a testament to its capabilities, BVNK reportedly processes transactions totaling over $20 billion annually for international enterprises and payment service providers, including prominent names like Worldpay and dLocal.
