In the Web3 payment sector, a merger and acquisition battle involving traditional financial giants and cryptocurrency leaders is quietly unfolding. Recently, Fortune magazine reported that cryptocurrency exchange Coinbase and international payment giant Mastercard are both bidding to acquire the stablecoin payment company BVNK, with a potential deal valued at up to $1.5 billion to $2.5 billion. More notably, BVNK had previously secured strategic investments from Visa and Citigroup. This phenomenon clearly indicates that stablecoin payment infrastructure is moving from the margins to the mainstream, becoming an undeniable force in the global payment and financial sectors. The rise of BVNK signals that the wave of giantization in Web3 payments has fully arrived.
- BVNK: The Stablecoin Payment Bridge Connecting Traditional Finance and Blockchain
Headquartered in London and founded in 2021, BVNK focuses on building stablecoin payment infrastructure, providing blockchain-based digital payment solutions for businesses. Its core value lies in enabling companies to efficiently and cost-effectively use stablecoins for global fund flows without directly dealing with the complexities of cryptocurrencies.
Bidirectional Bridge Model: BVNK's core business model serves as a bidirectional bridge. It connects to traditional banking payment systems on one end and multiple mainstream blockchains on the other, allowing businesses to use BVNK's API through familiar fiat channels, ultimately achieving seamless interaction with stablecoins on the blockchain.
Main Application Scenarios: Cross-border B2B settlements and payroll payments are the primary application scenarios for BVNK's solutions. Currently, BVNK's average transaction size ranges from $100,000 to $250,000, mainly used for settling large commercial invoices and cross-border payroll disbursements, particularly flowing to regions like Latin America.
Impressive Performance: Data from 2025 shows that BVNK processed stablecoin payments amounting to approximately $15 billion, half of which came from cross-border B2B trade payments. Reports indicate that the company processes over $20 billion in transactions annually for international businesses and payment service providers (PSPs) like Worldpay and dLocal.
Customized Services: For large enterprises with specific needs, BVNK also offers relevant tools and solutions to help them issue and manage their own branded stablecoins for use in supply chain finance, cross-border trade, and other specific scenarios.
Compliance Qualifications: As a licensed electronic money institution in the UK and European markets, BVNK provides designated IBANs for euros and pounds and offers access to UK and European payment schemes (such as Sepa, Sepa Instant, and Faster Payments).
- Giants Competing: VISA, Mastercard, Citigroup, and Coinbase Eyeing the Same Company
The rapid development and strategic value of BVNK have attracted the attention of global financial and cryptocurrency giants.
Coinbase and Mastercard Bidding: According to Fortune magazine, cryptocurrency exchange Coinbase and international payment giant Mastercard are both bidding to acquire BVNK, with a potential deal value of around $2.5 billion. It is reported that Coinbase seems to have an advantage over Mastercard, but it emphasizes that the so-called in-depth negotiations may not actually lead to a deal.
Strategic Investments from VISA and Citigroup: Before the news of being pursued by Coinbase and Mastercard, BVNK had already received strategic investments from Visa and Citigroup this year. Following a $50 million Series B funding round completed by BVNK in December 2024, Visa's investment arm, Visa Ventures, made a strategic investment in BVNK in May; recently, information disclosed by BVNK in early October indicated that it had received strategic funding from Citi Ventures, the venture capital arm of Citigroup.
This phenomenon indicates that stablecoin payment infrastructure is moving from the margins to the mainstream. The entry of crypto giants, traditional payment companies, and financial behemoths suggests a positive market outlook for the application prospects of stablecoins in enterprises.
- Stablecoins: Reshaping Global Payments and Financial Mainstream Competitors
Stablecoins—cryptocurrencies pegged to fiat currencies like the US dollar—are no longer marginal experiments but are reshaping global payments and becoming mainstream competitors in finance.
Surging Adoption Rates: According to the latest data from Visa, the adoption rate of stablecoins is skyrocketing, with the total international transaction volume expected to reach $27 trillion in 2024, with over 1 billion transfers.
Optimistic Forecasts: A report titled "From Web3 to Wall Street: Stablecoins 2030" released by Citigroup's Global Perspectives and Solutions team paints a newer and more optimistic blueprint for the development trajectory of stablecoins. This 50-page analysis report has revised previous forecasts, depicting stablecoins as a powerful force valued at $1.9 trillion.
Market Growth: Driven by the crypto-native ecosystem, e-commerce integration, and international demand for exposure to the US dollar, the supply of stablecoins has surged from $200 billion at the beginning of 2025 to over $300 billion by September.
Active M&A: In addition to BVNK, the stablecoin sector has seen a flurry of investment and financing events in recent months. In September, Hong Kong-based stablecoin payment platform RedotPay announced that it successfully entered the fintech unicorn ranks with a new round of $47 million in strategic financing; in October, US-based stablecoin payment company Coinflow secured $25 million in Series A funding. Previously, another stablecoin-focused company, Bridge, was acquired by payment fintech company Stripe for over $1 billion.
- The Wave of Giantization in Web3 Payments: Balancing Compliance and Efficiency
As regulatory frameworks become increasingly clear, the application of stablecoins in B2B cross-border trade payments will rapidly expand. The success of BVNK is a microcosm of the wave of giantization in Web3 payments.
Compliance First: BVNK's status as a regulated electronic money institution is key to attracting investments and acquisitions from traditional financial giants.
Efficiency and Cost: Stablecoin payments can significantly enhance the efficiency of cross-border payments and reduce transaction costs, making them highly attractive to businesses seeking efficiency and profit.
Market Prospects: The stablecoin payment infrastructure is moving from the margins to the mainstream, indicating a positive market outlook for the application prospects of stablecoins in enterprises.
Conclusion:
The competition among financial and crypto giants like VISA, Mastercard, Citigroup, and Coinbase for BVNK not only recognizes the valuation of this stablecoin payment company at $2.5 billion but also represents a collective bet on the immense potential of Web3 payments in the future. As a bridge connecting traditional bank payments and blockchain technology, BVNK is reshaping global cross-border B2B settlements and payroll payments with its efficient, low-cost solutions. This wave of giantization suggests that stablecoins will accelerate their integration into the mainstream financial system, becoming an indispensable part of global payment infrastructure and leading Web3 payments into a new era.
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Original Article: “Why are VISA, Mastercard, and Citi Competing to Acquire a Stablecoin Company?”
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