Coinbase Abandoning $2 Billion Deal For Stablecoin Company BVNK

Coinbase Global has scrapped plans to acquire BVNK, a London-based stablecoin infrastructure startup, ending what would have been a roughly $2 billion deal — and one of the largest stablecoin-focused acquisitions to date, according to Yahoo Finance.

“We’re continuously seeking opportunities to expand on our mission and product offerings,” a Coinbase spokesperson said. “After discussing a potential acquisition of BVNK, both parties mutually agreed to not move forward.”

Yahoo writes that talks had reached late stages, with the firms entering exclusivity in October that prevented BVNK from seeking other buyers. The transaction had been expected to close later this year or early next, but it was not immediately clear why it fell apart.

BVNK provides stablecoin payment and settlement tools used for cross-border transfers — an increasingly competitive area for crypto exchanges and payment processors. For comparison, Stripe paid about $1.1 billion for stablecoin startup Bridge earlier this year; Coinbase’s offer would have nearly doubled that.

Coinbase Ventures is already an investor in BVNK, alongside Haun Ventures, Tiger Global, and the venture arms of Visa and Citi. BVNK last raised $50 million in December at a valuation of roughly $750 million.

The decision removes a near-term uncertainty for Coinbase, which remains a central player in the booming stablecoin market. BVNK, meanwhile, is expected to attract new suitors, with Fortune previously reporting that Mastercard had also shown interest.

Under the Trump administration, stablecoins have become a central pillar of U.S. digital asset strategy. The White House has framed them as tools to strengthen dollar dominance and modernize global payments, reversing the more cautious approach of the previous administration. Senior officials have argued that regulated, dollar-backed tokens could extend U.S. financial influence abroad while boosting innovation and private-sector leadership at home.

Recent policy moves have aimed to build a clear legal framework for stablecoin issuance and reserves, bringing the sector closer to mainstream finance. Supporters within the administration view stablecoins as critical infrastructure for faster, cheaper cross-border payments and as a foundation for U.S.-led digital financial systems. The shift has also fueled competition among exchanges, payment networks, and banks to capture the next wave of growth in dollar-linked tokens.