Mastercard Nears Zerohash Deal as Competition Intensifies

According to several people with direct knowledge of the discussions, Mastercard is nearing a deal to acquire Zerohash in a transaction valued between $1.5 billion and $2 billion. The acquisition would mark Mastercard’s most direct push into stablecoin infrastructure.

The talks come as global payments firms race to capture new revenue from blockchain-based settlement. Clearer regulatory standards in the United States and Europe have allowed conventional institutions to build regulated digital-asset products.

Infrastructure Push Gains Speed

Zerohash builds API-driven tools that help banks, fintechs, and brokerages embed crypto trading, tokenization, and stablecoin transfers. In April, the company reported that its platform supported over $2 billion in tokenized fund flows during the previous four months, reflecting growing institutional demand.

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Industry sources say Mastercard wants direct control over that infrastructure rather than a loose integration deal. Fortune first reported the negotiations on Wednesday, as part of the payments network’s broader push to scale regulated digital-asset services. Zerohash also powers tokenized fund infrastructure for BlackRock’s BUIDL and Franklin Templeton’s BENJI Token, according to the company.

The potential acquisition follows separate talks involving BVNK, a London-based stablecoin startup. That deal was valued at $2 billion, but Coinbase moved into exclusivity with BVNK, limiting competing bids, according to people familiar with those discussions.

Mastercard has been active in crypto services for several years, including card programs with major exchanges. Its recent focus on stablecoin settlement signals a shift in strategy. Rather than supporting consumer-facing wallets, Mastercard appears to be building the plumbing for regulated blockchain payments.

Why It Matters for Payments

A successful takeover could reshape how Mastercard manages cross-border transactions. By owning regulated infrastructure, the company may settle stablecoin transfers on its network without relying on outside partners. That model could attract banks that want blockchain settlement but cannot run custody or tokenization in-house.

Recent industry moves show momentum. In May, Citi processed tokenized deposits for a corporate treasury pilot, settling cross-border payments within minutes instead of days. JPMorgan rebranded its Onyx blockchain platform to Kynexis and began rolling out on-chain FX settlement for USD and EUR in early 2025, giving multinational clients faster clearing and transparent liquidity. These developments have pushed payment networks to find regulated infrastructure partners, adding urgency to Mastercard’s interest in Zerohash.

Analysts say a Zerohash deal may help Mastercard avoid being boxed out as regulated stablecoins scale into payroll, treasury, and remittance markets. Mastercard would gain a turnkey stack for payments and tokenized assets if the deal closes.

Visa has also moved deeper into stablecoin banking. On September 30, the company announced a funding pilot through Visa Direct that uses stablecoins for business prefunding, showing how major networks are preparing for on-chain settlement.