Mastercard is in talks to acquire crypto infrastructure startup Zerohash for an amount between $1.5 and $2 billion. The deal, reported by Fortune, could become one of the company’s largest investments in digital assets and a step toward expanding its presence in tokenization and stablecoins.
Mastercard’s biggest bet
Sources familiar with the negotiations claim that the parties are at an advanced stage of discussing terms. Zerohash is an API-level infrastructure provider that helps banks, fintech companies, and brokers integrate cryptocurrencies and stablecoins directly into their platforms.
The company already serves operations of major investment funds, including BlackRock’s BUIDL, Franklin Templeton’s BENJI Token, and Hamilton Lane’s HLPIF. According to Zerohash, in just the first four months of this year, over $2 billion in tokenized fund flows passed through its platform.
If the deal goes through, it will be a landmark step for Mastercard, strengthening its position amid growing competition from Visa, Stripe, and PayPal.
Not the first attempt
Mastercard’s interest in stablecoins and tokenization is not new. Previously, the company was in talks to acquire London-based startup BVNK, which also operates in the digital payments sector and was valued at nearly $2 billion. However, the deal did not happen—Coinbase offered better terms and entered an exclusive negotiation phase.
Now Mastercard’s attention has shifted to Zerohash, whose infrastructure is more deeply integrated into corporate systems and supports institutional-level asset tokenization.
The race for the stablecoin market intensifies
Mastercard’s interest in Zerohash reflects a broader trend—global payment giants are actively moving toward digital currencies. After the adoption of stablecoin laws in the US and Europe, major companies are striving to secure positions in this market.
In September, PayPal expanded the use of its stablecoin PayPal USD, launching it on several networks, including Avalanche, Aptos, and Tron. In the same month, Stripe introduced the Open Issuance tool, which allows any business to issue its own stablecoins, and also announced plans to launch its own blockchain, Tempo, for global settlements.
This week, Visa confirmed that it will begin supporting stablecoins on four new blockchains, without yet disclosing the specific networks.
Why Mastercard is betting on Zerohash
The payment corporation aims to create a universal platform for working with digital assets, including tokenized deposits, funds, and corporate payments. Zerohash fits perfectly into this strategy: its solutions allow banks and fintech companies to safely integrate blockchain into existing infrastructure without the need to deploy nodes or write smart contracts themselves.
The acquisition will also strengthen Mastercard’s position in the “tokenization-as-a-service” sector—a direction that is becoming the new standard for major financial institutions.
What this means for the market
If negotiations are successful, Mastercard will become one of the main players in the digital currency infrastructure market. The deal will not only enhance its technological base but also allow it to compete with Visa and Stripe, who are already actively testing their own blockchain solutions.
For Zerohash, the acquisition could be a scaling point. The startup, already working with institutional clients, will gain access to Mastercard’s global network and be able to enter new markets in Europe and Asia.
Experts note that this deal could become a turning point for the entire industry. After years of skepticism from traditional players, the largest payment corporations are officially entering the era of digital currencies and blockchain.
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