Mastercard agreed on Tuesday to acquire BVNK, a London-based stablecoin infrastructure startup, for up to $1.8 billion — the payment network's largest crypto deal to date. The transaction includes $300 million tied to performance milestones and is expected to close by year end.

BVNK, founded in 2021, operates infrastructure that bridges traditional fiat payment rails with blockchain-based transactions. Its platform supports all major blockchain networks across more than 130 countries and processes roughly $30 billion per year. Enterprise clients include Worldpay, Deel, and Flywire.

The acquisition lets Mastercard — the world's second-largest payment network after Visa — enter the growing market for cross-border stablecoin transfers, remittances, and B2B payments that bypass legacy card rails. "We expect that most financial institutions and fintechs will in time provide digital currency services," said Jorn Lambert, Mastercard's Chief Product Officer. The deal aims to bring "the benefits of tokenized money to the real world."

The timing reflects fast-moving consolidation in the stablecoin space. Coinbase had previously explored acquiring BVNK for roughly $2 billion before ending those talks last November. Mastercard also reportedly evaluated crypto infrastructure firm Zerohash earlier this year before settling on BVNK. The startup's valuation had already crossed $750 million.

Stablecoin payment volumes hit at least $350 billion in 2025, driven by regulatory clarity following the Trump administration's pro-crypto posture. Last week, Mastercard launched its Crypto Partner Program, assembling more than 85 companies across digital assets and payments. The BVNK deal moves that strategy from partnership to direct ownership of a core infrastructure layer.