Important points
Why is this acquisition important for Coinbase?
This will strengthen Coinbase’s role in the stablecoin payments market, which is becoming a major source of revenue.
How important are stablecoins to Coinbase’s business today?
Stablecoins accounted for about 20% of Coinbase’s total revenue in the third quarter, primarily due to its partnership with Circle (USDC).
Coinbase is reportedly in advanced talks to acquire London-based stablecoin infrastructure company BVNK in a deal that could be worth between $1.5 billion and $2.5 billion. According to a report by Bloomberg, people familiar with the matter.
Negotiations are still under due diligence and a potential deal could close later this year or early 2026, but terms remain fluid and an agreement may not materialize.
In fact, the deal was not disclosed, according to people familiar with the matter.
Coinbase to acquire BVNK
Coinbase Ventures, which already invested in BVNK, declined to comment. A representative for BVNK did not respond.
They still say:
“We do not comment on rumors or speculation. Driven by our mission to expand economic freedom globally, we are actively exploring various opportunities to advance our mission through building, acquiring, partnering and investing.”
Once completed, the deal will expand Coinbase’s role in the stablecoin payments ecosystem, which has accelerated since the U.S. introduced its first stablecoin regulatory framework earlier this year.
How will this help Coinbase?
The move is in line with the exchange’s strategic push to deepen its involvement in the stablecoin economy, which has quickly developed into a significant revenue pillar.
That said, stablecoins accounted for nearly 20% of Coinbase’s total revenue in the third quarter, reflecting an increased reliance on interest income and payment amounts.
A significant portion of this revenue comes from Coinbase’s long-standing partnership with Circle, the issuer of USD Coin (USDC). Through this arrangement, we earn a portion of the interest generated from USDC’s reserve assets.
In addition, Coinbase has integrated USDC with Shopify’s global payments network to enable faster payments for merchants around the world.
Other companies are also joining the stablecoin adoption race
The timing of Coinbase’s potential move is also worth noting.
That’s because global money transfer giants such as Western Union and MoneyGram are also accelerating their own stablecoin strategies. This showed that this change was no longer experimental. It’s becoming an industry standard.
This momentum is tracked along with broader market data.
According to Visa’s on-chain analysis, total stablecoin transactions reached $50.7 trillion in the past year, with USDT and USDC leading by a wide margin.
This volume reflects strong demand for faster, lower-cost, programmable payment rails.
Against this backdrop, Coinbase’s pursuit of BVNK seemed less like an isolated bid and more like a calculated move to entrench itself in the next phase of global payments.