Mastercard to buy stablecoin infrastructure firm BVNK in up to $1.8 billion deal

Mastercard entered a definitive agreement to acquire BVNK, a stablecoin infrastructure provider, for up to $1.8 billion, including $300 million in contingent payments, pending regulatory approvals.

The acquisition is intended to connect Mastercard’s fiat payments network with blockchain-based rails and expand support for digital assets. The company outlined plans to add on-chain capabilities while maintaining compliance, security and reliability standards. Targeted use cases include cross-border remittances, commercial payouts, and business-to-business and peer-to-peer payments.

Chief Product Officer Jorn Lambert put it this way: “We expect that most financial institutions and fintechs will, in time, provide digital currency services, be it with stablecoins or tokenized deposits. Adding onchain rails to our network will support speed and programmability for virtually every type of transaction.”

Mastercard cited longer-term applications in capital markets and treasury management, where programmable money and faster settlement could streamline operations. Interest from banks and fintechs to build services around stablecoins and tokenized deposits is growing, with Boston Consulting Group projecting stablecoin payment volumes of at least $350 billion in 2025.

Founded in 2021, BVNK provides infrastructure that lets businesses send and receive payments across major blockchain networks in more than 130 countries. CEO Jesse Hemson-Struthers called the combination a way to “define and deliver the future of money,” aiming to build “an unprecedented infrastructure for digital currency-based financial services.”

The transaction followed a competitive process that previously involved Coinbase, which explored a roughly $2 billion purchase before talks ended in November, according to people familiar with the matter. Valuations discussed during the process ranged between $1.5 billion and $2.5 billion.

Mastercard has also launched a partner program with more than 85 digital asset firms to develop enterprise uses such as remittances, settlement and payouts. Earlier this month, the company expanded its partnership with SoFi to enable SoFiUSD stablecoin settlement, a fully reserved U.S. dollar stablecoin issued on Ethereum. The initiative centers on interbank settlement, with pilots and any broader rollout proceeding subject to regulatory review.

The BVNK deal is expected to close before year-end, subject to regulatory approvals.