Coinbase (COIN.US) and Mastercard (MA.US) are currently competing to acquire the stablecoin financial technology company BVNK with a valuation of 15-25 billion US dollars.

According to multiple sources familiar with the matter, cryptocurrency exchange Coinbase (COIN.US) and payment giant Mastercard (MA.US) are in deep negotiations about acquiring stablecoin fintech company BVNK based in London. Reports indicate that although the negotiations have not been finalized, sources reveal that the potential transaction could value BVNK between $1.5 billion and $2.5 billion. Three sources mentioned that Coinbase appears to be ahead of Mastercard in the bidding process. If the deal goes through, it would be the largest stablecoin infrastructure-related acquisition to date, highlighting the increasing competition between traditional Financial Institutions, Inc. and the cryptocurrency industry companies for dominance in the future of digital payments. BVNK focuses on providing stablecoin payment infrastructure for corporate clients. The company stated on Thursday that it has received investment from Citigroup (C.US), although the investment amount and latest valuation were not disclosed. BVNK's co-founder Chris Harmse mentioned that the current valuation of BVNK has exceeded the reported $750 million from the previous financing round.