Mastercard Plans $2B Zerohash Acquisition to Cement Stablecoin Infrastructure Lead
Mastercard is preparing to make one of its boldest moves in digital finance yet — a potential acquisition of blockchain infrastructure firm Zerohash for between $1.5 billion and $2 billion, according to people familiar with the matter. If finalized, the deal would mark Mastercard’s most direct bet on stablecoin infrastructure to date, reshaping how the company powers blockchain-based payments.
The discussions come amid a global shift among payment giants to capture new revenue from tokenized settlements and regulated blockchain rails. With clearer frameworks emerging across the U.S. and Europe, institutions like Mastercard are accelerating efforts to integrate digital assets into mainstream finance.
Building the Backbone of Stablecoin Payments
Zerohash provides API-based infrastructure that enables banks, brokerages, and fintechs to embed crypto trading, tokenization, and stablecoin transfers directly into their platforms. The company’s systems processed over $2 billion in tokenized fund flows during the first four months of this year — a testament to growing institutional appetite.
Mastercard’s interest reportedly centers on owning, not just accessing, that infrastructure. Zerohash currently powers tokenized fund operations for BlackRock’s BUIDL and Franklin Templeton’s BENJI Token, underscoring its regulatory credibility and technical maturity.
Fortune first reported the talks on Wednesday, highlighting how Mastercard’s digital-asset division aims to build a regulated settlement stack that can serve banks and global corporates alike.
A Broader Payments Race
Mastercard’s pursuit of Zerohash comes shortly after it explored a $2 billion deal for BVNK, a London-based stablecoin startup now in exclusive talks with Coinbase. The pivot toward stablecoin settlement reflects Mastercard’s evolving strategy — moving beyond crypto-linked card programs into the core infrastructure of digital payments.
Should the deal close, Mastercard would gain the ability to settle stablecoin transfers internally, cutting reliance on external blockchain partners. That shift could dramatically reduce cross-border settlement times and costs, while giving banks compliant access to on-chain liquidity without managing custody themselves.
Industry Momentum Builds
Mastercard’s timing follows a surge in institutional blockchain adoption. In May, Citi executed tokenized deposit settlements for corporate treasury clients, while JPMorgan’s Kynexis platform rolled out on-chain FX clearing for USD and EUR earlier this year. These developments signal an accelerating move toward regulated, blockchain-based settlement systems.
Meanwhile, Visa continues to push ahead as well — launching a stablecoin-prefunding pilot on September 30 via Visa Direct, aimed at business payments.
With these moves, the world’s largest payment processors appear to be converging on a shared vision: a multi-currency, regulated, on-chain settlement network. Mastercard’s potential Zerohash acquisition would position it squarely in the center of that transformation — owning the rails, not just running on them.