Mastercard Moves to Acquire Zero Hash for $2B
Payments giant reportedly eyes $1.5B to $2B deal as Visa PayPal and Stripe race to lock down stablecoin rails
Mastercard is reportedly in advanced talks to buy crypto and stablecoin infrastructure firm Zero Hash in a deal worth about $1.5 billion to $2 billion, according to people familiar with the discussions reported by Fortune. The move would deepen Mastercard’s push into tokenization and stablecoin rails after earlier efforts to acquire London-based BVNK, where Coinbase is said to hold exclusivity after outbidding other suitors.
Zero Hash is an API-first provider that lets banks, brokerages, and fintechs offer crypto trading, stablecoin payments, and tokenized assets inside existing apps. In April, the company said it powered more than $2 billion in tokenized fund flows over the prior four months and provides critical plumbing for marquee tokenized funds including BlackRock’s BUIDL, Franklin Templeton’s BENJI Token, and Hamilton Lane’s HLPIF.
A deal is not guaranteed and neither company has announced terms. Still, the talks highlight how quickly payments leaders are moving since the United States and Europe advanced stablecoin legislation. Scale, compliance, and trusted distribution are now the battleground.
Rivals are accelerating. In September, PayPal broadened its PayPal USD reach to additional networks, rolling out on Avalanche, Aptos, Tron, Ink, Abstract, Stable, and Sei. Stripe launched Open Issuance, a tool for businesses to mint and manage their own stablecoins, built on infrastructure from Bridge, which Stripe acquired in October 2024. Stripe also previewed Tempo, an in-house blockchain designed for cross-border payments and stablecoin settlement. And on Wednesday, Visa said it will start supporting stablecoins across four new blockchains, but did not specify which networks or tokens.
If Mastercard clinches Zero Hash, it would gain an engine for tokenized settlements, custody, and compliance, plus relationships across asset managers and fintechs. If not, the bid alone signals that blue-chip payment brands view stablecoins and tokenization as core to the next decade of global money movement worldwide.
