Stablecoins are becoming an important source of income for Coinbase, as they accounted for about 20% of the exchange’s total revenue during the third quarter of 2025.
Coinbase Global, the world’s third-largest cryptocurrency exchange, is continuing its stablecoin push, after key legislation in the United States sparked a renewed wave of corporate interest in blockchain-based payments.
Coinbase exchange is reportedly in late-stage talks to acquire stablecoin infrastructure startup BVNK in a $2 billion deal, people familiar with the matter told news outlet Bloomberg, according to a Friday report.
The $2 billion acquisition is expected to close later this year or in early 2026, pending due diligence from the exchange, according to the anonymous source.
The stablecoin push could bring an additional source of revenue for Coinbase, which mainly relies on cryptocurrency trading fees to generate a profit.
However, about $246 million, or 20% of Coinbase’s revenue, came from stablecoins during the third quarter of 2025, according to the exchange’s earnings results, published on Thursday.
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Founded in 2021, London-based BVNK offers merchants enterprise-grade stablecoin payments. Coinbase’s venture capital wing, Coinbase Ventures, is an investor in the stablecoin infrastructure startup.
BVNK raised $90 million in funding over the past four years, from investors including Citi Ventures, Visa and Haun Ventures, according to the startup’s homepage.
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The $2 billion deal would mark the latest large-scale acquisition amid a growing wave of corporate interest in stablecoins, catalyzed by the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in July.
The GENIUS Act established clear rules for stablecoin collateralization and mandates compliance with Anti-Money Laundering laws.
More importantly, the bill has “legitimized” stablecoins for institutional usage, as the “first step” toward establishing a “unified digital financial system which is borderless, programmable and efficient,” Andrei Grachev, managing partner at DWF Labs and Falcon Finance, told Cointelegraph.
The passage of the act inspired multiple payment giants to announce stablecoin plans. In September, Visa launched a pilot program that enabled banks, businesses, and remittance firms to fund international payments directly with stablecoins, instead of pre-funded local accounts.
