Coinbase Calls Off Acquisition of Stablecoin Startup BVNK

Core Insights - Coinbase was in late-stage acquisition negotiations with U.K. stablecoin infrastructure startup BVNK, valued at around $2 billion, but the deal fell through as both parties mutually agreed not to proceed [2][3] - The aborted acquisition would have been Coinbase's largest move into stablecoin infrastructure, a market valued globally at over $300 billion [4] Company Developments - BVNK specializes in stablecoin payments and cross-border transactions, processing over $20 billion annually, which made it an attractive target for Coinbase [3] - Coinbase has made several significant acquisitions in 2025, including a $2.9 billion purchase of crypto derivatives exchange Deribit and a $375 million acquisition of fundraising platform Echo [4] - Coinbase is set to host the first digital token sale in the U.S. in seven years from November 17-22, allowing investors to buy digital tokens before they appear on its exchange [5] Industry Trends - The stablecoin market has gained prominence due to its ability to facilitate faster cross-border payments with low fees while maintaining stable value, especially following improved regulatory clarity with the passing of the GENIUS Act [4] - Traditional payment giants, such as Mastercard, are also pursuing acquisitions in the crypto and stablecoin infrastructure space, with reports of talks to acquire Zerohash for between $1.5 billion and $2 billion [5]