Venture capital firm Concentric, an early investor in BVNK, revealed details about the acquisition process. The deal, which was completed earlier this week, saw Mastercard outbid other interested parties including Coinbase, which reportedly offered as much as $2.5 billion but was rejected due to cultural fit. Visa was also an investor in BVNK but ultimately decided not to pursue an acquisition, opting for a different stablecoin strategy. The acquisition highlights the increasing interest of traditional financial institutions in the stablecoin sector, following Stripe's acquisition of Bridge in late 2024.