Mastercard Nears $2B Zerohash Deal to Boost Stablecoin Infrastructure

Mastercard is in late-stage negotiations to acquire stablecoin infrastructure provider Zerohash for an estimated $1.5 to $2 billion, according to a Fortune report citing five people familiar with the matter. The deal would position Mastercard among a growing number of global financial firms investing heavily in blockchain-based payment technology.

Mastercard Strengthens Stablecoin Ambitions With New Acquisition Plans

The potential acquisition would mark Mastercard’s second stablecoin-related pursuit in recent weeks. Earlier this month, Mastercard and Coinbase were reportedly in late-stage talks to acquire BVNK, another stablecoin startup, in a deal valued at about $2 billion.

Once completed, either deal would surpass Stripe’s $1.1 billion acquisition of Bridge last year, ranking among the largest takeovers in the stablecoin infrastructure sector.

Mastercard has been increasingly active in digital finance throughout 2024 and 2025, forming several partnerships designed to bring stablecoin payments closer to mainstream adoption. 

Earlier this year, it launched a crypto debit card with Kraken for EU and UK residents, enabling users to spend digital currencies at any merchant that accepts Mastercard. The company also announced collaborations with Circle, Paxos, and Nuvei to allow merchants in its network to receive payments in stablecoins such as USDC.

Additionally, Mastercard partnered with Chainlink to support on-chain purchases using its cards and began processing its first stablecoin-based transactions in Africa and the Middle East. These settlements, denominated in USDC and EURC, support acquirers across the EEMEA region.

Zerohash’s role in powering digital asset transactions for major financial players makes it an attractive acquisition target. The Chicago-based firm provides crypto infrastructure for clients including Interactive Brokers, Franklin Templeton, Stripe, and BlackRock’s BUIDL Fund. Its technology enables brokerage firms and fintechs to offer crypto trading and settlement within their existing platforms.

Last month, Zerohash announced a new partnership with Morgan Stanley that will enable E*Trade customers to trade Bitcoin, Ethereum, and Solana directly. CEO Edward Woodford said at the time that Morgan Stanley’s involvement underscores the growing importance of infrastructure providers in modern finance.

Regulatory Clarity and Institutional Entry Power Stablecoin Boom

Stablecoins have expanded rapidly in 2025 amid friendlier regulation and growing adoption by traditional financial institutions. The passage of the GENIUS Act earlier this year established clear rules for issuing and trading stablecoins, boosting confidence among banks and payment providers.

According to CoinGlass, stablecoin market capitalization has risen by roughly $100 billion this year to reach $312 billion. Analysts at Standard Chartered expect that figure to hit $750 billion by the end of 2026.

Market sentiment supports that outlook. In prediction markets hosted by Myriad, more than half of respondents expect stablecoin valuation to exceed $360 billion before February 2026 .

Mastercard Eyes Zerohash Buyout to Bolster Masket Capabilities

Chris Miglino, co-founder and president of the crypto venture capital firm DNA Fund, said earlier this month that stablecoins are following a similar trajectory to digital asset tokens on Wall Street and are poised to replace traditional money transfer systems.

If Mastercard proceeds with the acquisition, the deal would:

• Strengthen Mastercard’s stablecoin payment capabilities across its global merchant network.
• Provide direct access to Zerohash’s enterprise clients, including Interactive Brokers and Morgan Stanley.
• Enable deeper integration of blockchain-based settlement systems within Mastercard’s infrastructure.
• Position Mastercard to compete with other global payment processors expanding into crypto-backed services.
• Signal accelerating institutional demand for stablecoin transaction technology.

Zerohash has raised a total of $275 million since its founding in 2017. Its most recent Series D-2 round in September brought in $104 million at a $1 billion valuation, led by Interactive Brokers with participation from Morgan Stanley and Jump Crypto.

The firm’s strong institutional ties and proven technology stack could make it a strategic fit for Mastercard’s growing portfolio of crypto-related offerings.

Stablecoin adoption has now moved beyond crypto exchanges and fintechs to include major banks and payment processors. Cloudflare, Visa, Mastercard, and American Express recently formed a joint initiative to develop authentication systems for secure, autonomous payments—further bridging the gap between traditional finance and blockchain technology.