Mastercard is in advanced talks to acquire crypto and stablecoin infrastructure startup Zerohash for between $1.5 billion and $2 billion, according to multiple people familiar with the matter. The potential deal, if finalized, would mark one of the payment giant’s largest bets on blockchain and stablecoin technology to date.
The discussions are said to be in late stages but could still fall through, sources said, requesting anonymity because the negotiations are private. Representatives for Mastercard, Zerohash, and Coinbase declined to comment.
Stablecoins Draw Growing Interest From Payment Giants
Founded in 2017 and based in Chicago, Zerohash provides blockchain and stablecoin infrastructure that enables businesses to process crypto payments, launch trading platforms, and tokenize assets. The company raised $104 million in September at a $1 billion valuation, backed by investors including Interactive Brokers, Apollo, Point72 Ventures, and Nyca Partners.
The talks come as large financial firms deepen their exposure to stablecoins, digital assets pegged to fiat currencies such as the U.S. dollar, amid rising demand for faster, lower-cost payment systems. Mastercard’s pursuit of Zerohash follows similar moves by peers in the payments and crypto industries.
Earlier this year, Stripe purchased stablecoin startup Bridge for $1.1 billion, while Coinbase entered exclusive talks to acquire London-based BVNK for around $2 billion after a reported bidding contest with Mastercard. BVNK and Bridge focus primarily on enabling businesses to use stablecoins like USDC and Tether for payroll and treasury management.
Mastercard’s Expanding Crypto Strategy
Mastercard has been steadily expanding its footprint in digital assets, despite potential disruption to its traditional transaction model. In 2021, it acquired blockchain analytics firm CipherTrace, though many of its products were later discontinued. More recently, Mastercard joined a consortium that includes Robinhood and Kraken to explore stablecoin and blockchain payment applications.
While stablecoins could challenge Mastercard’s existing interchange-fee structure, the company’s recent moves suggest it views blockchain-based settlement as complementary to its core business. Acquiring Zerohash could give Mastercard a ready-made infrastructure to build stablecoin payment solutions at scale and position it alongside competitors betting on the sector’s long-term potential.
If completed, the Zerohash deal would underscore how established payment firms are seeking to modernize settlement systems through blockchain technology — a shift that could reshape how money moves globally in the years ahead.
