Mastercard eyeing $2b deal to acquire stablecoin infrastructure firm Zerohash

Mastercard is in advanced talks to acquire stablecoin infrastructure firm Zerohash in a deal that could be worth up to $2 billion.

Summary

• Mastercard is in late-stage talks to acquire stablecoin infrastructure provider Zerohash.
• The deal is expected to be valued between $1.5 and $2 billion.
• The acquisition would mark the largest deal in the sector since Stripe bought Bridge in 2024.

Unnamed sources familiar with the development told Fortune that Mastercard may be preparing one of its “biggest bets yet on stablecoins,” as the payments giant looks to secure a stronger foothold in the fast-growing world of tokenized payments. 

Without disclosing any other details, the sources said discussions were in the final stages, though the outcome remains uncertain. If the deal goes through, it would be valued somewhere between $1.5 and $2 billion, they added.

The deal would also mark the largest-ever acquisition in the stablecoin sector to date, which was Stripe’s $1.1 billion purchase of Bridge in 2024.

Mastercard is doubling down on stablecoins

Zerohash is an API driven crypto and stablecoin infrastructure provider that helps banks, brokerages, and fintechs embed digital assets into their platforms. It also powers the payment infrastructure behind tokenized fund projects like BlackRock’s BUIDL, Franklin Templeton’s BENJI, and Hamilton Lane’s HLPIF.

Last month, the project raised $104 million in a Series D round led by major names like Fifth Third, Morgan Stanley, and SoFi, bringing its valuation to $1 billion.

Just weeks ago, Mastercard was also in the running to acquire London-based stablecoin firm BVNK, which has been one of the fastest-growing players in cross-border stablecoin payments. Although nothing was finalized, the sources said Coinbase eventually gained the upper hand and entered an exclusivity agreement with BVNK, preventing the startup from entertaining other offers.

Mastercard has supported stablecoins since 2021 and has introduced several partnerships and products involving stablecoin settlements, crypto card services, and tokenized fund infrastructure across multiple regions. However, the current push may be a direct result of the regulatory clarity brought by the GENIUS Act, which has encouraged Mastercard and some of its competitors to step up their investments in stablecoin-based payment rails.

GENIUS Act fuels stablecoin rush among payment giants

Since the passing of the GENIUS Act earlier this year, Mastercard has expanded its settlement capabilities through a new partnership with Circle, which would allow it to facilitate merchant settlement across Europe, the Middle East, and Africa using stablecoins. 

Less than 48 hours ago, Mastercard’s direct competitor, Visa, announced plans to support four additional stablecoins across four new blockchains, after reporting a fourfold jump in stablecoin-linked card spending over the last quarter.

Other players like PayPal, which expanded the reach of its PYUSD stablecoin to blockchains like Avalanche, Aptos, and Tron after the GENIUS Act, and Stripe, which introduced its Open Issuance platform through crypto unit Bridge to let businesses create their own branded stablecoins, have also deepened their involvement in the sector.

Nevertheless, most traditional payment companies have so far focused on building or acquiring the infrastructure that supports stablecoin payments, rather than directly issuing stablecoins themselves.