TLDR
- Mastercard is in advanced discussions to acquire crypto infrastructure firm Zerohash.
- The potential deal is valued between $1.5 billion and $2 billion, according to sources.
- Zerohash provides API-based infrastructure that enables seamless integration of crypto and stablecoins for banks and fintechs.
- The company supports tokenized payments for funds, such as BlackRock’s BUIDL and Franklin Templeton’s BENJI Token.
- Mastercard previously attempted to acquire BVNK, but was outbid by Coinbase.
Mastercard is in advanced talks to acquire Zerohash in a deal valued between $1.5 billion and $2 billion. Sources familiar with the matter shared the information with Fortune on Wednesday under the condition of anonymity.
Mastercard previously explored another stablecoin acquisition but did not proceed with that transaction. Now, the company is pursuing Zerohash to strengthen its position in crypto and stablecoin infrastructure. The discussions remain ongoing, and a formal deal has not been announced at this stage. However, the progress of talks suggests a potential agreement could be close.
Mastercard Eyes Zerohash as Crypto Gateway
Zerohash offers API infrastructure that enables institutions to embed crypto and stablecoins into their platforms. Mastercard reportedly aims to leverage this to streamline its crypto services and support tokenized transactions.
The startup supports payments for funds like BlackRock’s BUIDL and Franklin Templeton’s BENJI Token. It also provides the backend for Hamilton Lane’s HLPIF, confirming strong traction in the tokenized asset space.
According to Zerohash, it powered over $2 billion in tokenized flows in the four months leading to April. Mastercard sees this infrastructure as crucial for the next phase of digital asset adoption.
Earlier this year, Mastercard attempted to acquire London-based stablecoin platform BVNK for close to $2 billion. However, Coinbase reportedly outbid Mastercard and entered exclusive talks with BVNK, stalling Mastercard’s plans.
Following that development, Mastercard shifted focus to Zerohash, a U.S.-based crypto infrastructure firm. The acquisition would expand Mastercard’s capabilities in stablecoin issuance and blockchain-based payments.
Mastercard has continued its expansion into blockchain through various product launches and partnerships. This strategy aligns with regulatory developments in stablecoins across the U.S. and Europe.
Stablecoin Competition Escalates Among Payment Giants
Visa announced on Wednesday that it will support stablecoins on four new blockchains.
However, the company has not disclosed which networks or tokens it will integrate.
In September, PayPal expanded its stablecoin PayPal USD to blockchains like Tron, Aptos, and Avalanche. Stripe also launched Open Issuance to let businesses mint and manage stablecoins, backed by Bridge.
Bridge, a stablecoin infrastructure firm, was acquired by Stripe in October 2024. Stripe also revealed plans for Tempo, its proprietary blockchain for global stablecoin transactions.
Mastercard’s pursuit of Zerohash is the latest move in a growing race among global payment providers. The outcome of the deal could be confirmed soon if the talks conclude successfully.
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