Mastercard is reportedly close to striking a major crypto deal. The payments giant is said to be in late-stage discussions to acquire blockchain infrastructure company Zerohash.
According to sources cited by Fortune, the purchase price may range between $1.5 billion and $2 billion. If finalized, the deal would become one of Mastercard’s biggest pushes into stablecoins and blockchain-based payment networks.
The talks remain ongoing and could still fall apart, according to people familiar with the matter.
Founded in 2017, Zerohash operates out of Chicago and specializes in providing crypto and stablecoin infrastructure to fintechs and enterprises. The firm helps businesses offer trading, tokenization, and blockchain-based payments through its APIs.
Sources told Fortune that Mastercard sees Zerohash’s capabilities as a strategic extension of its growing stablecoin focus.
The company’s move follows a wave of acquisitions targeting blockchain payment rails. Earlier this year, Stripe bought the stablecoin startup Bridge for $1.1 billion. Coinbase, meanwhile, is reportedly finalizing a separate $2 billion deal with BVNK, another stablecoin player.
Mastercard had also been in discussions with BVNK before Coinbase entered exclusive negotiations.
Zerohash last raised $104 million in September 2024, pushing its valuation to $1 billion. Backers include Interactive Brokers, Apollo, and Point72 Ventures. That funding round underscored the firm’s role in powering enterprise-grade crypto infrastructure, especially for stablecoin and tokenized asset services.
The race for stablecoin infrastructure has intensified as major financial firms reposition around blockchain payments.
Mastercard’s acquisition talks with Zerohash would align with a broader effort to modernize payment rails and lower transaction costs. Stablecoins like USDC and Tether are increasingly being used for cross-border transfers, payroll, and treasury management.
While stablecoins could challenge Mastercard’s existing revenue model based on interchange fees, the firm has steadily adapted to blockchain integrations.
In 2021, Mastercard acquired CipherTrace to expand its crypto analytics and compliance capabilities. Although many of CipherTrace’s products were later discontinued, the company has continued exploring stablecoin settlement systems.
Industry observers see Zerohash’s infrastructure as a valuable link between traditional finance and crypto-based transactions. If the deal closes, Mastercard would gain direct access to turnkey technology supporting crypto trading, tokenization, and stablecoin issuance, key pillars in the next phase of digital payments.
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