Crypto exchange Coinbase and U.K.-based stablecoin startup BVNK have mutually agreed to call off their $2 billion acquisition deal, according to a report from Fortune.

A spokesperson for Coinbase told Fortune that the deal had progressed to an advanced stage, including due diligence and exclusivity in October.

This story is an excerpt from the Unchained Daily newsletter.

The acquisition would have been one of the largest for a stablecoin startup and would have significantly expanded Coinbase’s stablecoin infrastructure capabilities.

BVNK specializes in stablecoin payments and cross-border transactions, and the proposed acquisition price was a substantial premium compared to other recent stablecoin deals, including Stripe’s $1.1 billion acquisition of Bridge.