According to a report from Fortune on October 29, 2025, Mastercard is in late-stage talks to acquire the crypto infrastructure startup Zerohash in a deal valued between $1.5 and $2 billion. While the deal is not yet final and could fall through, it signals a significant strategic move by the payments giant to deepen its integration with the world of digital assets.
The Strategic Play for Stablecoin Rails
This potential acquisition is Mastercard’s latest and largest bet on stablecoins, which are cryptocurrencies pegged to stable assets like the U.S. dollar. For Mastercard, this isn’t merely an expansion but a strategic imperative to control the underlying infrastructure of modern payments. By acquiring Zerohash, Mastercard would gain direct command over the settlement rails that power stablecoin and on-chain payment programs.
This move comes amidst intensifying competition in the payments sector. Mastercard was previously in talks to acquire another stablecoin startup, BVNK, though Coinbase appears to have won that bidding war. Other major players are also making moves; Stripe acquired stablecoin infrastructure provider Bridge for $1.1 billion, and Visa has unveiled its own tokenization plans. The industry is betting that stablecoins, which can settle transactions faster and at a lower cost than traditional systems, represent the future of global payment flows, with projected payment volumes potentially reaching $1 trillion by 2030.
Who Is Zerohash?
Zerohash is not a consumer-facing app but a critical B2B engine operating behind the scenes. The Chicago-based company provides the core infrastructure that allows other businesses to offer crypto-related services, such as trading, custody, and seamless stablecoin payments.
Its value is demonstrated by an impressive and growing client roster. Zerohash recently partnered with Morgan Stanley to enable cryptocurrency trading for its E*Trade clients starting in 2026. It also powers the crypto services for OnePay, a fintech app majority-owned by Walmart. Furthermore, Zerohash is already a known partner to Mastercard, having provided the crucial infrastructure for a recently announced collaboration with Chainlink that allows crypto purchases on decentralized exchanges using Mastercard cards. The company processed $2 billion in tokenized fund flows in the first four months of this year, underscoring its established role in the market.
The Bottom Line
If finalized, the acquisition of Zerohash would mark a pivotal moment in the convergence of traditional finance and digital assets. It would equip Mastercard with the native technology to launch new products like stablecoin-linked cards and more efficient cross-border transfers, fundamentally accelerating the integration of blockchain-based payments into the mainstream financial ecosystem.
