Mastercard has completed its acquisition of BVNK, the London-based stablecoin infrastructure provider, in a deal worth up to $1.8 billion. The transaction, comprising $1.5 billion in fixed consideration plus $300 million tied to performance metrics, was finalized on August 3, 2026, ahead of schedule. This represents the largest acquisition in the stablecoin sector to date, with Mastercard paying roughly 2.4 times BVNK’s Series B valuation of $750 million from December 2024. The company operates across more than 130 countries and processes billions of dollars in annual stablecoin transaction volume for clients including Worldpay and Flywire. The acquisition escalates an arms race among payment networks, including Visa and PayPal, to control the on-ramps and off-ramps between digital assets and traditional currency.
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