Mastercard in Talks to Acquire Zerohash in Deal Worth Up to $2 Billion

Mastercard is negotiating to acquire stablecoin infrastructure firm Zerohash for up to $2 billion, Fortune reported, citing people familiar with the matter. The talks remain ongoing and could make Mastercard one of the first major payment networks to directly own a regulated provider of blockchain-based settlement technology.

Zerohash’s Role in Mastercard’s Crypto Strategy

Founded in 2017 in Chicago, Zerohash builds software that allows banks and fintech firms to process stablecoin payments and tokenize traditional financial assets. Its platform manages the technical and compliance layers needed to convert dollars and other assets into blockchain-based tokens.

The company raised $104 million in September at a $1 billion valuation. Its investors include Interactive Brokers, Apollo Global Management, Point72 Ventures, and Nyca Partners. Zerohash’s institutional backing and regulatory status have positioned it as one of the most credible U.S.-based providers of crypto infrastructure—an appealing target for Mastercard as it expands its blockchain operations.

Mastercard’s Focus on Stablecoin Infrastructure

Mastercard has been testing settlement systems that use regulated stablecoins to clear transactions between banks and merchants. In 2021, it acquired blockchain analytics firm CipherTrace to strengthen compliance in digital-asset transactions. While parts of CipherTrace’s operations were later scaled back, its risk-monitoring tools remain integrated within Mastercard’s payment systems.

This year, Mastercard joined a working group with Robinhood and Kraken to explore how stablecoins could be applied to cross-border remittances and merchant settlements, reflecting its broader effort to prepare its network for regulated digital currencies.

Competition With Visa in Blockchain Payments

Mastercard’s pursuit of Zerohash comes amid intensifying competition with Visa over blockchain-based payment infrastructure. Earlier this year, Visa Ventures invested in BVNK, a South Africa–based firm that develops stablecoin payment rails connecting traditional banks with blockchain networks through a single API.

Mastercard had also explored a potential deal with BVNK but stepped back after Coinbase entered exclusive negotiations with the company, Fortune reported. Both payment networks are now moving to secure partnerships that could strengthen their positions in the emerging market for tokenized payments—an area expected to expand sharply over the next decade.

Mastercard, Zerohash Decline to Comment

Both Mastercard and Zerohash declined to comment on the ongoing talks, citing confidentiality around active deal discussions. Coinbase, which was previously linked to BVNK negotiations, also did not provide a statement.

People familiar with the matter said internal due diligence is continuing and that the discussions remain focused on how Zerohash’s technology could be integrated into Mastercard’s existing systems. The deal structure is still under review, and no announcement timeline has been set.

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