Coinbase abandons acquisition of BVNK, marking the end of one of the most closely watched crypto deals of 2025. The planned $2 billion purchase of the U.K.-based stablecoin infrastructure startup had reached an advanced stage, with both companies in exclusivity since October. However, after completing due diligence, the two firms have mutually decided not to move forward with the acquisition, according to official statements shared with Fortune.

Coinbase Confirms the Deal Will Not Proceed

A Coinbase spokesperson confirmed that discussions to acquire BVNK have officially ended, saying both parties “mutually agreed to not move forward”. The decision brings a quiet close to a deal that could have significantly expanded Coinbase’s footprint in the growing stablecoin payments market.

BVNK, which helps businesses integrate stablecoins into their payment systems, had attracted multiple potential buyers, including Mastercard. However, Coinbase entered exclusive negotiations in October, preventing BVNK from entertaining other offers. The companies did not provide details on why the talks ended, and BVNK did not respond to media requests for comment.

Also read: Standard Chartered Partners with DCS to Launch Stablecoin Credit Card

How the Deal Started

The potential acquisition was first reported in late October, when Bloomberg revealed Coinbase’s plans to buy BVNK in a deal valued at roughly $2 billion. Sources at the time said Coinbase aimed to strengthen its stablecoin infrastructure, complementing its existing partnership with Circle, the issuer of USDC. The move was seen as part of Coinbase’s broader effort to build end-to-end stablecoin capabilities, from issuance to enterprise adoption.

Coinbase Ventures, the exchange’s venture arm, is already an investor in BVNK, which made the deal seem strategically aligned. Had the acquisition closed, it would have been among the largest in the stablecoin sector, surpassing Stripe’s $1.1 billion acquisition of Bridge in 2024.

Related read: Citi and Coinbase Join Forces to Advance Digital Payments

BVNK’s Growing Role in Stablecoin Infrastructure

BVNK has emerged as a key player in stablecoin technology, helping firms issue and manage digital assets for cross-border payments. The London-based company raised $50 million in late 2024 at a $750 million valuation and received a strategic investment from Visa earlier this year.

With growing institutional interest in stablecoins, BVNK’s services attracted major players looking to modernize payment systems. For Coinbase, integrating BVNK could have offered new tools to expand stablecoin adoption among enterprise clients and developers.

Stablecoin Growth and Coinbase’s Strategy

Stablecoins remain one of the fastest-growing segments in crypto. According to DeFiLlama, the global stablecoin market cap has surged by over $120 billion in the past year, standing near $305 billion as of November 2025. Coinbase has been positioning itself as a major force in that space.

The exchange already holds a significant stake in Circle and recently launched a stablecoin payments platform designed to help businesses move funds more efficiently on blockchain rails. It also finalized a $375 million acquisition of Echo, a fundraising platform that supports token sales through its Sonar product.

The decision to abandon the BVNK deal does not appear to change Coinbase’s focus on stablecoin innovation, though it suggests the firm may continue pursuing in-house solutions or smaller partnerships instead.

Looking Ahead

Coinbase abandons acquisition of BVNK after weeks of exclusive discussions, confirming the two companies will not proceed with the $2 billion transaction. While no official reason was provided, the outcome underscores the complexities of large-scale mergers in the evolving crypto sector. Both firms have remained professional and declined to comment further. As stablecoins continue to reshape global payments, Coinbase’s next steps in strengthening its infrastructure strategy remain to be seen.