- Coinbase is in late-stage talks to acquire London-based stablecoin infrastructure company BVNK for approximately US$2 billion.
- The acquisition aims to expand Coinbase’s growing stablecoin revenue line, which contributed US$246 million in Q3 2025, representing 20% of the exchange’s total revenue.
- This large deal highlights the accelerating global corporate interest in stablecoins, spurred by regulatory clarity provided by the recent US GENIUS Act.
Coinbase is in late-stage talks to acquire London-based BVNK for about US$2 billion (AU$3.14 billion), according to Bloomberg sources. Closing is targeted for late 2025 or early 2026, subject to due diligence.
The move would expand Coinbase’s stablecoin business, a growing revenue line alongside trading fees. Stablecoins contributed roughly US$246 million (AU$386.22 million), or 20% of total revenue, in Q3 2025, according to the exchange’s earnings release.
BVNK is one of London’s largest fintech companies, founded in 2021 and focused on providing enterprise-grade infrastructure for stablecoin payments and other digital asset services to global businesses. It has raised roughly US$90 million (AU$141.3 million) from Citi Ventures, Visa, and Haun Ventures. Coinbase Ventures is also an investor.
Related: Germany’s AfD Proposes Adding Bitcoin to National Reserves, Following France’s Lead
The Stablecoin Race
Stablecoins are becoming a force of nature in traditional finance, as payment giants, financial institutions, and even countries are exploring and integrating them one way or another. As per investment bank Citi, 10% of global post-trade market turnover could be processed through stablecoins and tokenised securities in just five years.
For instance, Visa announced in September a pilot letting banks, businesses, and remittance firms fund cross-border transfers directly in stablecoins rather than pre-fund local accounts. Japan recently launched JPYC, while South Korea is urging its leaders to push Won-backed stablecoins.
Even Western Union is joining the race after announcing a Solana-based settlement system and a new stablecoin, USDPT.
Hence, a BVNK purchase would mark another large deal amid accelerating corporate interest in stablecoins following July’s passage of the GENIUS Act. The law set collateral rules and mandated AML compliance for stablecoin issuers, prompting firms like Tether to launch new US-focused stablecoins like USAT.
Related: Bitwise Solana ETF Extends Record-Breaking Debut with US$72M in Second-Day Trading
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