Nikolas Sargeant
Mastercard is in late-stage negotiations to acquire crypto and stablecoin infrastructure startup ZeroHash for between $1.5 billion and $2 billion, marking one of the payment giant's most significant bets on blockchain technology. The Chicago-based startup, founded in 2017, provides technology and regulatory tools for banks, fintechs, and brokerages to launch compliant crypto trading, stablecoins, and tokenization projects. While the deal could still fall through, it represents Mastercard's aggressive move into the rapidly growing stablecoin sector.
ZeroHash was last valued at $1 billion in a $104 million Series D funding round that closed in September, led by Interactive Brokers with backing from Morgan Stanley and SoFi. The company powered more than $2 billion in tokenized fund flows over four months earlier this year, demonstrating strong market traction as institutional interest in blockchain-based payment infrastructure accelerates.
Mastercard previously acquired blockchain analytics firm CipherTrace in 2021, though it later shut down many of the company's key products. The ZeroHash deal would give Mastercard more comprehensive capabilities in the stablecoin infrastructure space, allowing the payments giant to offer blockchain-based settlement rails as alternatives to traditional payment networks continue facing pressure from faster, cheaper cryptocurrency-based systems.
Mastercard's Expanding Crypto Footprint
The ZeroHash negotiations represent the latest chapter in Mastercard's accelerating push into digital assets. Earlier this year, Mastercard announced it would integrate several stablecoins including PayPal's PYUSD, the Paxos-led Global Dollar (USDG), and Fiserv's FIUSD into its global network, in addition to Circle's USDC already active on its platform. The payment giant introduced stablecoin transactions for cross-border payments through Mastercard Move, enabling financial institutions and wallets to send and receive stablecoin flows seamlessly.
The potential acquisition comes as Mastercard simultaneously shows interest in another major crypto target. 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. This dual pursuit underscores the intensifying competition among traditional financial giants to secure strategic positions in the digital asset ecosystem.
