Mastercard is reportedly in advanced negotiations to acquire Zerohash, a Chicago-based crypto and stablecoin infrastructure startup, in a deal valued between $1.5 billion and $2 billion, according to reports from Fortune and Reuters.
While the deal has not yet been finalized and could still fall through, insiders suggest discussions are in the late stages, potentially marking one of Mastercard’s biggest plays yet in the digital asset and stablecoin sector.
A Strategic Bet on Stablecoin Infrastructure
Zerohash provides the underlying infrastructure that allows banks, brokerages, and fintech platforms to integrate digital asset functionality, such as crypto trading, custody, and tokenized settlement, without having to build those systems in-house.
The startup, last valued at $1 billion in September 2025, has become a key player in the backend of crypto finance, serving as a white-label provider for major financial platforms. If completed, the deal would give Mastercard direct control over infrastructure supporting stablecoins and tokenized payments, both central to the company’s next-generation payment strategy.
Part of a Broader Push Into Digital Assets
For Mastercard, this move continues a steady expansion into crypto over the past four years.
- In 2021, the company acquired CipherTrace, a blockchain analytics firm used for compliance and transaction monitoring.
- In 2023–2025, Mastercard developed its own blockchain interoperability standards, partnered with Robinhood and other firms to create a stablecoin consortium, and launched pilots for on-chain settlements with banks.
Acquiring Zerohash would give Mastercard the technical backbone to process, settle, and tokenize transactions directly on blockchain rails, moving beyond partnerships toward vertical integration.
Industry-Wide M&A Momentum
The potential Zerohash deal follows a surge of acquisitions in the crypto infrastructure space, as traditional payment giants and exchanges race to secure talent and technology.
Mastercard reportedly competed with Coinbase earlier this year in bidding for the UK-based stablecoin startup BVNK, though Coinbase ultimately outpaced them in valuation. This time, Mastercard appears determined to secure a foothold in the institutional-grade settlement and tokenization layer that Zerohash provides.
Why This Matters
If completed, the deal would underscore how stablecoins and tokenized assets have become essential components of global payment strategy. For Mastercard, it would mark a shift from experimenting with blockchain technology to owning key infrastructure powering the next wave of financial innovation.
With Visa, PayPal, and Stripe also expanding into digital assets, Mastercard’s acquisition of Zerohash could define how legacy payment networks evolve into blockchain-native ecosystems.