Crypto ( CRCW ) exchange Coinbase and payments giant Mastercard ( MA ) have each held advanced acquisition talks to buy BVNK, a London-based fintech that builds stablecoin payment infrastructure, according to six people familiar with the matter who spoke with Fortune.

The discussions have not been finalized, but several of the sources told Fortune that the potential sale price is between $1.5 billion and $2.5 billion. The talks may still fall apart, yet Coinbase appears to be ahead of Mastercard ( MA ) at this stage, three of the sources told Fortune.

If completed, the acquisition would be the largest stablecoin-related deal yet, signaling how mainstream financial and crypto firms are competing to control the next wave of digital payments.

A year ago, Stripe acquired another stablecoin startup, Bridge, for $1.1 billion, underscoring the growing demand for blockchain-based payment networks. BVNK operates in a similar space, providing tools that help businesses send and receive funds using stablecoins, digital tokens pegged to traditional currencies like the U.S. dollar. Its technology enables instant settlement and lower fees compared to legacy systems such as SWIFT or card networks.

Neither company commented on the talks, Fortune reported. If a deal is finalized, it could reshape how stablecoins flow through both crypto and traditional financial systems.

Read more: Citi Joins Visa in Backing Stablecoin Payments Company BVNK