Payment and crypto firms spend $3B on stablecoin infrastructure M&A in 2 years

Major payments and crypto companies including Stripe, Mastercard, and Circle have spent more than $3 billion on stablecoin infrastructure acquisitions over the past two years. Representative deals include Stripe’s acquisition of Bridge for more than $1 billion, Mastercard’s acquisition of BVNK for as much as $1.8 billion, and Circle’s acquisition of Tazapay for $400 million. Clearer regulatory frameworks and surging demand for real-time cross-border settlement drove the large deals. In 2025, adjusted stablecoin transaction volume jumped 91% from a year earlier to $10.9 trillion, closing in on Visa’s $14.2 trillion, while real-world payment volume more than doubled to $390 billion, accelerating the convergence of traditional finance and on-chain payments infrastructure.