Coinbase Ends Talks to Acquire U.K. Stablecoin Startup BVNK: Report

Coinbase has reportedly ended negotiations to acquire U.K.-based stablecoin and payments startup BVNK, halting what could have been one of the largest mergers in the digital payments sector, according to Fortune.

Sources familiar with the matter told Fortune that the discussions, which began earlier this year and advanced to an exclusivity agreement in October, had valued BVNK between $1.5 billion and $2.5 billion. Coinbase was said to be leading the bidding process ahead of Mastercard before the talks were called off.

A Coinbase spokesperson confirmed that the deal “is not moving forward,” though the company declined to provide further details on the decision.

The proposed acquisition would have significantly expanded Coinbase’s presence in global payments and stablecoin infrastructure. BVNK’s network focuses on cross-border payment rails and merchant services — areas that align closely with Coinbase’s existing partnership with Circle for the issuance of the USDC stablecoin.

Had it gone through, the transaction would have ranked among the largest M&A deals in the stablecoin sector, underscoring growing competition between fintechs and traditional payment giants for blockchain-based settlement infrastructure.