Mastercard in Talks to Acquire Zerohash for $1.5-$2B as Stablecoin Race Intensifies

Mastercard is reportedly in late-stage talks to acquire the crypto and stablecoin infrastructure startup Zerohash for between $1.5 billion and $2 billion, according to Fortune, which cited five people familiar with the matter. If the deal goes through, it would represent one of Mastercard’s biggest steps yet into the blockchain and stablecoin ecosystem.

Zerohash, a Chicago-based company founded in 2017, provides blockchain infrastructure that includes payment processing, crypto trading services, and APIs for tokenizing traditional financial assets. The startup essentially helps companies plug crypto capabilities into existing financial systems, allowing them to offer digital asset trading, settlement, and custody services.

Sources told Fortune that while the negotiations are in advanced stages, there’s still a chance the deal could fall apart. Both Mastercard and Zerohash declined to comment when contacted by the publication.

This move comes as Mastercard faces growing pressure to strengthen its foothold in blockchain technology. Earlier this year, the payments giant lost out on another major acquisition. It had been competing with Coinbase to acquire stablecoin startup BVNK for around $2 billion, but Coinbase reportedly entered an exclusivity agreement with the company.

If finalized, the Zerohash deal would give Mastercard direct control over key blockchain infrastructure, allowing it to connect tokenized balances, merchant settlements, and fiat-to-crypto conversion services across its vast card network.

The Growing Competition Among Payment Networks

The global payment landscape is rapidly changing as traditional processors race to capture the emerging stablecoin infrastructure market. Companies like Visa and Stripe are already taking significant steps to expand their blockchain capabilities.

Stripe acquired stablecoin startup Bridge for $1.1 billion earlier this year, reinforcing its strategy to enable stablecoin-based payments for online merchants. Visa, meanwhile, has been expanding aggressively in this space. 

During its fiscal 2025 fourth-quarter earnings call on Tuesday, Visa CEO, Ryan McInerney, announced that the company now supports stablecoin settlement across four blockchains. He also revealed that Visa operates over 130 stablecoin-linked card programs in more than 40 countries.

“Stablecoin-linked card spending has quadrupled year-over-year,” McInerney said. He added that Visa’s stablecoin settlement volume has surpassed a $2.5 billion annualized run rate, signaling rapid adoption among merchants and fintechs.

Mastercard, for its part, is not new to blockchain ventures. It acquired blockchain analytics firm CipherTrace in 2021 to boost its crypto compliance and risk management capabilities. However, Fortune noted that Mastercard later shut down several of CipherTrace’s core products. More recently, Mastercard has joined a consortium alongside Robinhood and Kraken to collaborate on stablecoin technology.

According to TechCentral, Mastercard’s pursuit of Zerohash underscores the company’s intent to internalize critical infrastructure. Zerohash’s technology enables incumbents to integrate custody, trading, and settlement services directly into card payment systems. This integration could allow Mastercard to link tokenized dollar balances to cards and merchant settlement flows, effectively bridging fiat and crypto systems.

Morgan Stanley, Interactive Brokers, and SoFi are among the investors backing Zerohash, signaling institutional confidence in the company’s infrastructure. The startup raised $104 million in September 2025 at a valuation of $1 billion, a round that highlighted Wall Street’s growing interest in blockchain-based payment systems.

Industry analysts say such moves highlight how traditional payment networks are positioning themselves for a future where stablecoins become part of everyday commerce. Banks, fintechs, and digital wallets using Mastercard’s expanded blockchain rails could soon offer faster settlement, smoother conversions at checkout, and more efficient cross-border transactions.

However, regulatory approvals and issuer safeguards will play a major role in determining how quickly these technologies can be rolled out. Rules around stablecoin issuance, custody, and settlement remain inconsistent across jurisdictions, creating uncertainty for payment giants eager to expand.

Stablecoins and the Future of Global Payments

The potential Zerohash acquisition aligns with a broader shift toward blockchain-based payments across the global financial system. Stablecoins, digital assets pegged to fiat currencies such as the U.S. dollar, are increasingly being viewed as the future of money movement, especially for cross-border and corporate transactions.

A joint report by Keyrock and Bitso estimated that stablecoin payment volumes could reach $1 trillion by 2030, driven by institutional adoption and the rise of on-chain settlement. As traditional banks explore tokenized deposits and on-chain treasury tools, firms like Mastercard see an opportunity to act as intermediaries, connecting fiat accounts, compliance systems, and public blockchains without forcing merchants to rebuild their infrastructure.

Founded as a regulated digital asset infrastructure provider, Zerohash has emerged as one of the key players in this space. The company provides the “plumbing” that allows fintechs, brokers, and merchants to add crypto and stablecoin features to their platforms without taking on direct custody risk. In April 2025, Zerohash said it had processed more than $2 billion in tokenized fund flows within the first four months of the year, underscoring the rising demand for blockchain settlement tools.

“Mastercard is in late-stage talks to acquire crypto start-up Zerohash,” TechCentral wrote on October 30, describing the negotiations as a sign that “payments firms are shifting from pilots toward production integrations.”

For Mastercard, integrating Zerohash’s capabilities could enable programmable payouts, faster cross-border transactions, and continuous settlement cycles that align with crypto’s always-on nature. That would mark a major evolution for card networks that have traditionally operated within the limits of banking hours and legacy clearing systems.

Stablecoins are also gaining traction among corporations for payroll, treasury management, and supplier payments. Their near-instant settlement times and transparent ledgers make them appealing for multinational operations that require real-time visibility into fund movements. Still, the infrastructure supporting them remains fragmented across chains and compliance regimes.

By consolidating that infrastructure under established networks like Mastercard, the industry hopes to create standardized and compliant payment rails that can operate globally. This would not only improve speed and cost efficiency but also help integrate stablecoins into mainstream financial systems.

Neither Mastercard nor Zerohash has publicly confirmed any details of the potential acquisition, and regulatory scrutiny is likely if the deal moves forward. However, if completed, it would mark one of Mastercard’s largest blockchain-related bets yet, solidifying its position in the next phase of digital payments innovation.

As competition heats up among Visa, Stripe, Coinbase, and Mastercard, the battle for control over stablecoin infrastructure appears to be entering a decisive phase. What began as pilot projects and partnerships is now rapidly evolving into a race for dominance in the architecture of future money movement.

In the words of one industry insider quoted by Fortune, the talks reflect “how strategic stablecoin infrastructure has become, not just for crypto firms, but for the biggest names in payments.”