Mastercard has reportedly engaged in advanced discussions to acquire cryptocurrency infrastructure provider Zerohash.
Sources familiar with the negotiations suggested that the deal, if finalised, would represent one of Mastercard’s most significant steps into the stablecoin sector to date. It’s worth noting that both companies declined to comment on the matter when approached by Reuters.
The reported move aligns with recent trends among major payment networks exploring digital asset technologies. Card issuers are increasingly examining stablecoins, which are cryptocurrencies pegged to fiat currencies such as the USD, as potential tools for faster and lower-cost cross-border transactions. Mastercard has previously collaborated with several crypto firms, including Crypto.com, OKX and Kraken, as part of its strategy to expand its blockchain-based payment capabilities.
Stablecoin infrastructure and institutional partnerships
Zerohash, founded in 2017, builds blockchain infrastructure that enables financial institutions and fintech firms to integrate services such as crypto trading, custody, staking and tokenisation. Earlier this year, the company closed a Series D funding round worth around USD 104 million, led by Interactive Brokers, with participation from investors including Morgan Stanley, SoFi and funds managed by Apollo. The round valued Zerohash at approximately USD 1 billion.
Representatives from Zerohash told CNBC at the time that the new capital would be directed towards advancing crypto trading integrations, developing stablecoin-based settlement tools, and expanding tokenisation solutions for institutional clients. The firm’s approach is to provide an end-to-end compliance and infrastructure framework that allows banks and fintechs to access blockchain-based financial services without building internal systems from scratch.
In a separate development, Morgan Stanley announced plans to enable cryptocurrency trading via its E*Trade platform by mid-2026, using Zerohash’s infrastructure. Meanwhile, Fortune also reported that Mastercard had previously explored a separate USD 2 billion bid for stablecoin firm BVNK, which is now in exclusive talks with Coinbase.
