Mastercard is reportedly in advanced talks to acquire crypto and stablecoin infrastructure startup Zerohash in a deal valued from $1.5 billion to $2 billion, according to multiple sources familiar with the negotiations.
The news follows earlier efforts by Mastercard to expand its footprint in stablecoin infrastructure. The global payments giant previously explored acquiring BVNK, a London-based stablecoin startup, in a deal valued near $2 billion, according to sources familiar with the talks.
While no deal has been announced, sources said Mastercard was outbid by centralized crypto exchange Coinbase, which is now in exclusivity talks with BVNK.
Zerohash is an API-first infrastructure provider that enables banks, fintechs, and brokerages to embed crypto, stablecoins, and tokenization into their existing platforms.
According to a press release in April, the company powered more than $2 billion in tokenized fund flows over the preceding four months. It also provides the payment infrastructure behind major tokenized funds such as BlackRock’s BUIDL, Franklin Templeton’s BENJI Token, and Hamilton Lane’s HLPIF, according to the company.
Global Payments Companies Accelerate Entry into Stablecoins
Following the passage of stablecoin legislation in the United States and Europe, global payments companies have accelerated their entry into the digital asset space.
In September, PayPal expanded its PayPal USD stablecoin across several new blockchains, including Avalanche, Aptos, Tron, Ink, Abstract, Stable, and Sei.
The same month, Stripe announced a new tool called Open Issuance that enables any business to mint and manage their own stablecoins. The service is backed by stablecoin infrastructure company Bridge, which Stripe acquired in October 2024. Stripe announced plans to launch Tempo, an in-house blockchain built for global payments and stablecoin transactions.
On Wednesday, Visa announced it would start supporting stablecoins across four new blockchains, though it did not specify which networks or tokens would be added.