Mastercard in Talks to Buy Zerohash for $2 Billion: Report

Mastercard is exploring a $2 billion deal for crypto infrastructure firm Zerohash, signaling deeper expansion into stablecoin and tokenization technology.

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Posted October 30, 2025 at 9:44 am EST.

Mastercard is pursuing a deal to acquire stablecoin infrastructure provider Zerohash for up to $2 billion, Fortune reported Wednesday, citing sources familiar with the discussions.

The Chicago-based startup provides technology and regulatory tools enabling banks and fintechs to launch compliant crypto trading and tokenization projects. Zerohash raised $104 million at a $1 billion valuation in September, with Interactive Brokers leading the round alongside Morgan Stanley and SoFi.

The potential acquisition would surpass Stripe’s $1.1 billion purchase of Bridge last year and marks Mastercard’s second reported pursuit this month. The payments giant was also in talks to acquire stablecoin startup BVNK for approximately $2 billion.

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Zerohash recently partnered with Morgan Stanley to enable Bitcoin, Ethereum, and Solana trading for E*Trade customers. The startup has provided services for Interactive Brokers, Franklin Templeton, and BlackRock’s BUIDL Fund since its 2017 founding. The stablecoin market capitalization has grown roughly $100 billion this year to over $312 billion, according to CoinGlass.