Coinbase Global has abandoned plans to acquire BVNK, a London-based stablecoin infrastructure firm, ending what had been shaping up to be a nearly $2 billion transaction, according to Yahoo Finance. The deal would have ranked among the largest-ever acquisitions in the stablecoin ecosystem. 

A Coinbase spokesperson confirmed the decision to Yahoo Finance, noting that while the company “continuously seeks opportunities to expand” its mission and product set, both firms mutually agreed not to proceed. Talks had reportedly advanced into late-stage due diligence, with an exclusivity agreement signed in October that prevented BVNK from exploring other buyers. The transaction had been expected to close by late 2025 or early 2026, though neither side disclosed the reason for its termination. 

BVNK offers stablecoin-based payment, settlement, and cross-border transaction tools—capabilities in increasingly high demand as exchanges and payment processors race to build global stablecoin settlement rails. For context, Stripe paid roughly $1.1 billion for stablecoin startup Bridge earlier this year, meaning Coinbase’s offer for BVNK would have nearly doubled that benchmark. 

Coinbase Ventures is already an investor in BVNK, alongside Haun Ventures, Tiger Global, Visa Ventures, and Citi Ventures. BVNK last raised $50 million in December at an estimated valuation near $750 million. 

With the acquisition shelved, Coinbase sidesteps near-term integration uncertainty while remaining a dominant force in the rapidly expanding stablecoin market. BVNK, meanwhile, is expected to draw new suitors; Fortune previously reported that Mastercard had also explored a potential bid.