- Mastercard negotiates purchase of Zerohash for $1.5-$2 billion, according to sources.
- Chicago-based startup raised $104 million in September 2025 at $1 billion valuation.
- Deal follows Stripe’s $1.1 billion Bridge acquisition and Coinbase’s negotiations over BVNK.
Mastercard is in late-stage discussions to acquire crypto and stablecoin infrastructure startup Zerohash for between $1.5 and $2 billion, according to sources familiar with the negotiations.
The deal may still collapse before completion, but if closed, it would represent one of Mastercard’s largest investments in stablecoin and blockchain infrastructure. Founded in 2017, Chicago-based Zerohash builds technology enabling stablecoin payments and cryptocurrency trading capabilities for clients.
Payment Giants Compete for Crypto Startups
The potential acquisition follows previous discussions Mastercard held with stablecoin startup BVNK. According to sources, both Mastercard and Coinbase had been in discussions to acquire BVNK for around $2 billion. Coinbase appears to have secured exclusivity with BVNK, preventing the company from considering competing offers.
Stablecoin companies have become a highly sought category as the crypto industry has grown over the past year. After payment processor Stripe acquired stablecoin startup Bridge for $1.1 billion, additional venture rounds and acquisition discussions followed across the sector.
Stripe’s Bridge purchase and Coinbase’s BVNK talks are major moves toward stablecoins as the future of payment infrastructure. Proponents argue that stablecoins provide advantages over traditional systems like wire transfers and SWIFT, with blockchain technology settling transactions faster and at lower processing costs.
Zerohash Offers Broader Product Suite
Bridge and BVNK primarily focus on stablecoins and enable companies to use cryptocurrencies such as USDC and Tether for global payroll and treasury management. Zerohash supports wider product offerings and includes helping companies launch crypto trading platforms and providing APIs for tokenization, which wraps traditional financial assets in blockchain formats.
Zerohash raised a $104 million funding round in September at a $1 billion valuation. Investors backing the company include Interactive Brokers, Apollo, Point72 Ventures, and Nyca. While stablecoins could theoretically disrupt Mastercard’s business model, which relies on collecting interchange fees on transactions, the payments company has continued exploring crypto opportunities to stay ahead of emerging trends.
Mastercard acquired blockchain analytics firm CipherTrace in 2021, though it later discontinued many of CipherTrace’s key products. In recent months, Mastercard has expanded stablecoin activity, including joining a consortium with Robinhood and Kraken focused on the technology. The potential Zerohash acquisition would extend this strategy by adding infrastructure capabilities for crypto trading and tokenization beyond stablecoin payment processing.
Related: https://coinedition.com/google-ap2-protocol-brings-stablecoin-payments-to-ai-agents/
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