For years, large US banks have circled stablecoins cautiously, experimenting at the edges while fintechs moved faster.
That gap is now starting to close. Capital One is making one of its boldest moves yet into crypto-adjacent payments by agreeing to acquire fintech firm Brex in a deal valued at $5.15 billion.
Key Takeaways
Capital One has agreed to acquire fintech firm Brex in a $5.15 billion cash-and-stock deal.
The acquisition would bring Brex’s stablecoin-enabled payments technology into a major US bank.
The transaction is expected to close in mid-2026, with Brex’s leadership remaining in place.
The transaction, which will combine cash and stock, is expected to close in mid-2026. Once completed, it would fold Brex’s technology – including its stablecoin-based payments infrastructure – into one of the largest banking groups in the United States, marking a rare moment where a major bank absorbs a crypto-forward payments platform outright.
A Fintech Built for the Next Payments Cycle
Brex has spent the past several years reshaping how businesses manage spending, positioning itself beyond traditional corporate cards and into full-scale financial operations for startups and fast-growing companies. More recently, it pushed into blockchain-based settlement, announcing plans to support native stablecoin payments for corporate customers, starting with USDC.
That decision made Brex the first global corporate card provider to publicly commit to stablecoin payments as part of its core product stack. For Capital One, the acquisition offers a shortcut into this emerging payments layer without having to build the infrastructure from scratch.
Capital One Frames Deal as Payments Bet
Capital One founder and CEO Richard Fairbank described the acquisition as a way to accelerate the bank’s long-term evolution as a payments-focused company. Rather than emphasizing crypto directly, Fairbank pointed to the broader transformation of business payments and the need to operate at the frontier of financial technology.
By absorbing Brex, Capital One gains deeper exposure to small and mid-sized businesses – a segment often criticized for being underserved by traditional banks – while also inheriting a platform designed for faster settlement and global reach.
Brex Leadership and Strategy Remain Intact
Brex founder and CEO Pedro Franceschi said he will continue to run the company following the acquisition. In a post on X, Franceschi framed the deal as a growth accelerator rather than a strategic exit, arguing that combining resources with Capital One will allow Brex to scale its ambitions more aggressively.
He emphasized that both firms remain founder-led and share a focus on rethinking how businesses move and manage money, particularly in areas where legacy banking systems have struggled to keep up.
Stablecoins Move Closer to the Mainstream
The timing of the acquisition reflects a broader shift in the regulatory and market environment. Stablecoins have gained momentum across traditional finance since US lawmakers passed clearer rules governing their use last year, lowering barriers for banks and payment companies to engage directly with the technology.
Market data shows that the total value of stablecoins has climbed sharply since then, reaching a record $314 billion, according to figures from CoinGecko. That growth has strengthened the argument that stablecoins are evolving from a niche crypto tool into a mainstream settlement layer.
With this deal, Capital One is signaling that it doesn’t want to merely support stablecoins from the sidelines. It wants them embedded inside its payments business – and Brex is the vehicle to get there.
