Coinbase Global, the world’s third-largest cryptocurrency exchange, is doubling down on its stablecoin strategy. This follows key legislation in the United States that has sparked renewed corporate interest in blockchain-based payments. Coinbase is reportedly in advanced negotiations to acquire BVNK, a stablecoin infrastructure startup, in a deal valued at $2 billion, according to sources cited by Bloomberg.
The acquisition, anticipated to close later this year or in early 2026, is contingent upon due diligence. This move aims to provide Coinbase with an additional revenue stream, diversifying beyond its core cryptocurrency trading fees. Notably, stablecoins contributed approximately $246 million, or 20%, to Coinbase's revenue in the third quarter of 2025.
Founded in 2021 and based in London, BVNK provides enterprise-grade stablecoin payment solutions to merchants. Coinbase Ventures, the venture capital arm of Coinbase, is already an investor in BVNK. The startup has raised $90 million in funding over the past four years from investors including Citi Ventures, Visa, and Haun Ventures.
The potential $2 billion acquisition represents the latest significant move amidst increasing corporate interest in stablecoins. This interest has been catalyzed by the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in July. The GENIUS Act establishes clear rules for stablecoin collateralization and mandates compliance with Anti-Money Laundering (AML) regulations.
Crucially, the bill has been viewed as legitimizing stablecoins for institutional use, representing a crucial step towards a unified, borderless, programmable, and efficient digital financial system. The GENIUS Act has spurred multiple payment giants to announce stablecoin initiatives. For example, Visa launched a pilot program in September enabling banks, businesses, and remittance firms to directly fund international payments with stablecoins, bypassing pre-funded local accounts.
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