One of the largest deals ever for a stablecoin startup has fallen through. Coinbase and the U.K.-based BVNK have called off acquisition talks, a spokesperson for the crypto exchange confirmed to Fortune. It wasn’t immediately clear why the two companies iced the deal, which had gotten as far as the due diligence process and seen the crypto giant and BVNK enter into exclusivity in October, meaning the startup couldn’t entertain offers from other bidders.
The acquisition price for BVNK—which helps customers use stablecoins for payments, cross-border transactions, and other use cases—was around $2 billion. If the deal had gone through, it would have been nearly double the $1.1 billion the fintech giant Stripe paid to acquire the stablecoin startup Bridge in an acquisition that closed in February.
