The passage of the GENIUS Act in the United States established clear rules for stablecoins, including coverage requirements and measures to prevent money laundering. This development has reignited corporate interest in crypto-based payment systems, with Coinbase among the companies accelerating their efforts in this sector. The exchange's stablecoin strategy has attracted more attention following reports of a potential acquisition in the space.
In brief
- Coinbase is in advanced discussions to acquire BVNK in a deal valued at approximately $2 billion, a potential completion this year or early next year.
- Stablecoins contributed more than $246 million to Coinbase's Q3 revenue, indicating their key role in the company's growth.
Coinbase moves toward acquisition of BVNK
According to Bloomberg, citing people familiar with the discussions, Coinbase is in advanced negotiations to acquire BVNK, a startup providing technology that supports stablecoin operations, in a deal valued at around $2 billion. Coinbase Ventures, the company's venture capital division, already owns a stake in BVNK.
If the acquisition is successful, it could expand the sources of Coinbase revenue beyond fees related to cryptocurrency trading and is expected to conclude either later this year or early next year.
Stablecoins, the main engine of growth
The focus on stablecoins is already reflected in Coinbase's finances. In his Q3 reportthe company highlighted stablecoin-related revenues of $246.9 million, calling the quarter strong. The exchange stressed that it considers “payments as the next big use case for crypto, with stablecoins offering a new payment channel enabling faster, lower cost global transactions, suitable for agentic commerce and micro-payments. »
Based on this vision, the company is advancing initiatives to promote broader adoption of stablecoins, a trend that is expected to continue as regulatory clarity improves and more financial institutions and businesses integrate these assets into their payments and treasury operations.
The GENIUS Act played a role in this development by establishing clear guidelines for stablecoin coverage and strengthening compliance standards. In this context, the proposed acquisition of BVNK reflects the growing corporate interest in this digital asset class following the passage of the law in July, highlighting the opportunities created by regulatory clarity.
Stablecoin Market Growth and Forecast
This clear regulatory framework is reflected in the broader stablecoin market. Citi, which earlier described 2025 as blockchain's “ChatGPT moment,” powered by stablecoins, noted in its September analysis that adoption is growing rapidly. The bank further revised its total stablecoin issuance forecast at $1.9 trillion for the baseline scenario, up from $1.6 trillion, and $4.0 trillion for the optimistic scenario, up from $3.7 trillion, reflecting strong growth over the past six months and an increase in new projects in the United States and other regions.
These revisions take into account notable market growth over the past six months, as well as numerous project developments announced in the United States and internationally. Despite these projections, the current market capitalization of stablecoins exceeds $315 billion, according to CoinMarketCap.
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