Mastercard is in late-stage negotiations to acquire crypto and stablecoin infrastructure startup Zerohash for between $1.5 billion and $2 billion, according to Fortune, citing five sources familiar with the discussions.
The potential acquisition, which could still fall apart, would represent one of Mastercard's largest commitments to the stablecoin sector, Fortune reported on Wednesday. Chicago-based Zerohash, founded in 2017, provides blockchain infrastructure including payment processing, crypto trading capabilities, and APIs for tokenization of traditional financial assets.
The deal talks come as Mastercard simultaneously lost out on another target in the space. The payment network had been competing with Coinbase to acquire stablecoin startup BVNK for approximately $2 billion, but Coinbase has entered exclusivity with the company, according to Fortune's sources.
Fortune reported that spokespeople for Mastercard, Zerohash, and Coinbase all declined to comment on the reported transactions.
Zerohash raised $104 million in September at a $1 billion valuation, backed by investors including Interactive Brokers, Apollo, Point72 Ventures, and Nyca, according to the report. The company's offerings differ from pure-play stablecoin firms by supporting broader crypto trading infrastructure alongside payment capabilities.
The reported acquisition discussions reflect intensifying competition among major payment processors to capture the emerging stablecoin infrastructure market. Stripe acquired stablecoin startup Bridge for $1.1 billion earlier this year, while rival Visa has been aggressively expanding its own stablecoin capabilities .
Visa CEO Ryan McInerney announced during the company's fourth quarter fiscal 2025 earnings call on Tuesday that the payment network now supports stablecoin settlement across four blockchains and operates over 130 stablecoin-linked card programs in more than 40 countries. The company reported monthly settlement volume surpassing a $2.5 billion annualized run rate, with stablecoin-linked card spending quadrupling year-over-year.
Mastercard previously acquired blockchain analytics firm CipherTrace in 2021, though it later shut down many of the company's key products, Fortune noted. The payment processor has recently joined a consortium with Robinhood and Kraken focused on stablecoin technology.
