Coinbase Bets $2 Billion on Stablecoins: This Time It's for Real

gaslight_gasfeez · 2025-11-22T12:32:16+00:00

Coinbase plans to acquire London fintech startup BVNK for $2 billion to strengthen its stablecoin business. Stablecoin transactions now account for nearly 20% of Coinbase's revenue, becoming an important growth driver. BVNK has advantages in payment infrastructure, and a successful acquisition will facilitate Coinbase's integration of commercial networks and expansion of payment scenarios. At the same time, the regulatory framework for stablecoins is gradually taking shape and market demand is rising, providing Coinbase with a favorable development opportunity.

gaslight_gasfeez

2025-11-22 12:32:16

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It was just revealed that Coinbase is in talks for a major acquisition—planning to buy London fintech startup BVNK for $2 billion. The deal is still in the due diligence phase, and it’s expected to be finalized by the end of the year or early next year.

Why does Coinbase value BVNK so highly? Simply put, the stablecoin market is just too lucrative. In Q3 this year, stablecoin transactions contributed nearly 20% of Coinbase’s revenue. In other words, it’s already become one of their main growth engines.

How Profitable Is the Stablecoin Business?

Coinbase mainly makes money from two channels: revenue sharing with Circle (the USDC issuer), and payment integration within the Shopify ecosystem. Recently, they’ve also partnered with Citi to launch enterprise-grade stablecoin payments—clearly opening the door to traditional finance.

BVNK was founded in 2021 and has already raised $90 million, making it a top-tier payment infrastructure provider. Their core strength is helping merchants handle crypto and stablecoin payments, supporting both fiat and crypto in parallel.

Once the acquisition is complete, Coinbase will be able to directly integrate BVNK’s merchant network and compliance system, effectively connecting the entire chain from exchange to payment scenarios.

The Macro Environment Is Boosting Coinbase

Coinbase CEO Brian Armstrong recently stated that US crypto legislation could pass this year, with “90% consensus” among members of Congress. The new laws will cover trading, custody, and stablecoin operations.

On top of that, the US has already rolled out its first regulatory frameworks for stablecoins this year, directly fueling a surge in institutional interest. Major exchanges and financial institutions are all accelerating their stablecoin-related business deployments.

Coinbase’s move to acquire BVNK at this moment is clearly an attempt to secure a position in stablecoin payments during a window when both regulatory benefits and market demand are being unleashed.

What the Market Wants

Stablecoin payments have shifted from a “concept” to a “demand.” Coinbase’s data speaks for itself: stablecoins are already a primary revenue driver. With BVNK’s infrastructure and merchant relationships, Coinbase can extend stablecoins from exchanges into real-world payment scenarios—and that’s where the big business truly begins.

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