Global payments leader Mastercard is reportedly in advanced negotiations to acquire Chicago-based blockchain-infrastructure firm Zero Hash for as much as $2 billion.
Sources familiar with the matter told industry outlet Fortune that the deal values Zero Hash at between $1.5 billion and $2 billion, marking one of Mastercard’s largest crypto-related endorsements to date.
While neither company has officially confirmed the transaction, the discussions reflect the growing urgency for payment networks to adapt as stablecoins and blockchain rails gain traction.
Zero Hash specializes in providing back-end infrastructure that enables fintechs, banks and brokerages to embed crypto-trading, custody and stablecoin settlement services via APIs without the firms themselves needing to build out licences or technical rails.
Mastercard has long recognized the potential of stablecoins, as reflected in its partnerships with companies such as Crypto.com, OKX and Kraken. Acquiring this capability holds multiple strategic advantages.
By integrating Zero Hash’s technology, the payments giant would gain direct ownership of payment and settlement infrastructure purpose-built for the crypto era, reducing reliance on third-party providers and giving it greater control over the next generation of financial rails.
The move also aligns with Mastercard’s growing push into stablecoins, which are increasingly viewed as a faster, cheaper, and more efficient alternative to traditional card networks due to their near-instant settlement speeds and minimal transaction costs.
Furthermore, the acquisition positions Mastercard to stay ahead of intensifying competition from industry rivals such as Stripe, which acquired stablecoin infrastructure provider Bridge for $1.1 billion last year and wallet provider Privy, also it is building its own blockchain rail with Paradigm. Visa, both of which are rapidly expanding their presence in blockchain-based payment solutions.
By acting now, Mastercard is not only strengthening its foothold in digital finance but also ensuring it remains a dominant force in an evolving payments landscape shaped by crypto innovation.
Founded in 2017, Zero Hash has built a robust platform supporting trading, custody, tokenisation and settlement across multiple blockchain networks. The company raised $104 million in a Series D-2 round in September 2025, valuing it at around $1 billion. Investors included Morgan Stanley and Interactive Brokers.
In recent years it has powered services for fintechs, brokerages and asset managers seeking to offer crypto and tokenized asset features.
Mastercard’s interest comes at a time when the stablecoin ecosystem has grown significantly, with industry tracking noting multi-billion-dollar monthly settlement volumes and increasing institutional adoption.
According to one breakdown of the deal, the acquisition could give Mastercard ready-made U.S. licenses and regulatory compliance capabilities, allowing it to accelerate its global roll-out of crypto-enabled services.
Should Mastercard successfully complete the acquisition of Zero Hash, the move could mark a turning point for how mainstream payment networks position themselves in the crypto era. For example:
Merchants and fintechs might be able to offer stablecoin-enabled payments or tokenized-asset services under the Mastercard banner, broadening the firm’s value-proposition beyond traditional card-routes.
Cross-border settlement could become more efficient: instead of relying on correspondent banking or card rails, payments could flow over blockchain rails that deliver near-instant settlement and lower cost.
The deal also signals to the market that crypto infrastructure, once relegated to niche exchanges or fintechs, is now entering the mainstream architecture of global payments.
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