Coinbase Expands Into Stablecoin Payments

Coinbase Global (COIN) is nearing a $2 billion acquisition of stablecoin infrastructure startup BVNK, according to a Bloomberg report citing sources familiar with the matter.
The deal is expected to close later this year or early next, although final terms have not yet been finalized and could still change.

Coinbase’s venture capital arm is already an investor in BVNK, a London-based company that builds payment infrastructure enabling merchants to accept and process stablecoin transactions.

Strategic Shift Toward Payments

The move aligns with Coinbase’s strategy to diversify revenue beyond crypto trading fees, which have historically dominated its business model.
The exchange aims to become a major player in digital payments, where stablecoins are poised to play an expanding role in global finance.

“Stablecoins are increasingly central to blockchain-based payments and global remittance systems,” analysts noted, highlighting Coinbase’s pivot toward fintech-style services.

Stablecoin Revenue Rising

In its most recent quarter, nearly 20% of Coinbase’s revenue came from stablecoins, primarily driven by a revenue-sharing partnership with USDC issuer Circle Internet Group (CRCL).
The acquisition of BVNK could help Coinbase capture more value across the stablecoin transaction stack, from issuance to merchant adoption.

Earlier this month, reports suggested that Coinbase and Mastercard (MA) were both in advanced talks to acquire BVNK, underscoring growing institutional interest in stablecoin payment rails.

Industry Context

The acquisition, if completed, would mark one of the largest deals in the crypto payments sector, cementing Coinbase’s position as a leader in regulated stablecoin commerce.
The expansion also reflects a broader trend of traditional payment networks and crypto-native firms converging on stablecoin utility, compliance, and settlement infrastructure.

Key Takeaways

Coinbase (COIN) nearing $2B acquisition of BVNK.
Deal could close by late 2025 or early 2026; terms not yet finalized.
Coinbase Ventures previously invested in BVNK.
Aims to diversify beyond trading into digital payments and stablecoin processing.
Stablecoins already represent ~20% of Coinbase’s Q3 revenue through the USDC partnership.