The news: Mastercard and Coinbase are reportedly in talks to acquire BVNK for approximately $2 billion, per an exclusive from Fortune Crypto.

Coinbase is reportedly the stronger bidder. If the deal closes at its current estimated price, it will be the most expensive crypto infrastructure acquisition to date.

How we got here: Incumbents and fintechs have hurried to establish their own crypto infrastructure after the GENIUS Act ushered in the needed regulatory clarity to kick off stablecoin-led payments.

Why this matters: Both Mastercard and Coinbase’s interest in acquiring BVNK cements stablecoin’s position in the payments ecosystem. 

Both players are deepening their crypto commitments in light of the GENIUS Act’s passage. Readymade crypto infrastructure could give Mastercard and Coinbase a leg up to compete with recently aggressive movers such as Stripe and Google, while complimenting their existing investments:

Stripe acquired stablecoin infrastructure provider Bridge for $1.1 billion last October, in a preemptive play for stablecoin dominance. It has since bought crypto wallet Privy and started developing its own blockchain called Tempo, which would give it full control over its stablecoin tech stack. It also launched Open Issuance, which lets clients create their own stablecoins—presumably eventually on Tempo.

Google Cloud similarly is developing its own blockchain, which could facilitate payments for institutional clients that use Google Ad and Cloud services.

Our take: The scale of this deal underscores stablecoin’s acceptance into the mainstream of payments. 

Mastercard’s eagerness to seize BVNK’s capabilities suggests that traditional payment rails can no longer ignore stablecoins, and must integrate with the payment method to avoid being left behind. 

However, consumer adoption of crypto isn’t as enthusiastic: Kansas City Fed data illustrates that the share of US adults making crypto payments declined by almost half from 2022, sliding from 2.7% to 1.9% in 2024. Payment providers should take note that industry buzz may not be keeping pace with practical applications of crypto in average US adult lives.

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