Mastercard Pursues $2 Billion Zerohash Acquisition to Expand Stablecoin Infrastructure

TLDR

• Mastercard is in advanced talks to acquire crypto infrastructure startup zerohash for $1.5-2 billion
• Zerohash provides API infrastructure for banks and fintechs to embed crypto and stablecoins into their platforms
• The company processed over $2 billion in tokenized fund flows in early 2025 and powers major tokenized funds including BlackRock’s BUIDL
• Mastercard previously tried to acquire London-based BVNK but was reportedly outbid by Coinbase
• Global payment companies including PayPal, Stripe, and Visa are rapidly expanding stablecoin services following new regulations in the US and Europe

Mastercard is in late-stage negotiations to acquire zerohash, a crypto infrastructure startup, in a deal worth between $1.5 billion and $2 billion. The potential acquisition was reported by Fortune on Wednesday, citing sources familiar with the discussions.

Zerohash operates as an API-first infrastructure provider. The company enables banks, fintechs, and brokerages to integrate crypto, stablecoins, and tokenization capabilities into their existing platforms.

The Chicago-based startup has shown strong growth in recent months. According to company reports from April, zerohash processed more than $2 billion in tokenized fund flows over a four-month period.

The platform provides payment infrastructure for several high-profile tokenized investment funds. These include BlackRock’s BUIDL fund, Franklin Templeton’s BENJI Token, and Hamilton Lane’s HLPIF fund.

Zerohash raised $104 million in September in a funding round led by Interactive Brokers and Morgan Stanley. The investment demonstrated growing institutional interest in stablecoin infrastructure services.

Competition for Stablecoin Acquisitions

This is not Mastercard’s first attempt to enter the stablecoin infrastructure market through acquisition. The payment giant previously held talks to acquire BVNK, a London-based stablecoin startup, in a deal valued near $2 billion.

Mastercard was reportedly outbid by Coinbase in the BVNK negotiations. The crypto exchange is now in exclusive talks with BVNK to complete the acquisition.

The competition reflects growing interest in stablecoin payment infrastructure. Industry projections suggest stablecoin payment volumes could reach $1 trillion by 2030, driven by institutional adoption and cross-border transactions.

Payment Industry Moves Into Stablecoins

Several major payment companies have made recent moves in the stablecoin sector. PayPal expanded its PayPal USD stablecoin to multiple new blockchains in September, including Avalanche, Aptos, Tron, Ink, Abstract, Stable, and Sei.

Stripe launched a new service called Open Issuance in September. The tool allows businesses to create and manage their own stablecoins using infrastructure from Bridge, which Stripe acquired in October 2024.

Stripe has also announced plans to launch Tempo, its own blockchain designed for global payments and stablecoin transactions. Visa announced on Wednesday it would begin supporting stablecoins across four additional blockchains.

The increased activity follows passage of stablecoin legislation in the United States and Europe. These regulatory frameworks have provided clearer guidelines for companies operating in the digital asset space.

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