Mastercard is reportedly in late-stage negotiations to buy blockchain startup Zero Hash for up to $2 billion, amid growing interest in stablecoin payments. The deal values the acquisition between $1.5 billion and $2 billion, according to sources cited by Fortune. This move comes as the payments giant competes in the evolving crypto infrastructure space.
The global payments firm Mastercard is advancing in talks to acquire Zero Hash, a blockchain infrastructure startup focused on stablecoin payments, Fortune reported on Wednesday, citing sources familiar with the matter. The potential deal could reach $2 billion, with valuations estimated at $1.5 billion to $2 billion. Zero Hash specializes in providing stablecoin payment infrastructure, having raised $104 million in funding in September, led by Interactive Brokers and Morgan Stanley.
Stablecoins, cryptocurrencies pegged to fiat currencies like the U.S. dollar, are gaining traction as a faster and cheaper alternative to traditional payment rails by leveraging blockchains. A report by Keyrock and Bitso from this past summer projects that stablecoin payment volumes could hit $1 trillion by 2030, driven by institutional adoption, foreign exchange settlement, and cross-border flows. Zero Hash has already processed $2 billion in tokenized fund flows in the first four months of the year, reflecting rising demand for on-chain assets, as the firm told CoinDesk in April.
This acquisition interest follows Mastercard's previous discussions to buy crypto payment infrastructure startup BVNK, though it may be outbid by Coinbase in that race. Broader industry trends include Visa's plans to launch a tokenization platform for banks to issue and manage stablecoins. Meanwhile, Stripe acquired stablecoin infrastructure provider Bridge for $1.1 billion and wallet provider Privy, and is developing its own blockchain rail with Paradigm. Zero Hash did not immediately respond to requests for comment.
Stablecoin payment volumes have reached $19.4 billion year-to-date in 2025, underscoring the sector's rapid growth.