Crypto exchange Coinbase and payments giant Mastercard 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 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

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