Mastercard is reportedly in late-stage discussions to acquire Zero Hash, a crypto and stablecoin infrastructure startup, for between US$1.5 billion and US$2 billion.
According to Fortune, five sources familiar with the matter said the negotiations are ongoing, though the deal could still fall through.
If completed, it would mark one of Mastercard’s largest moves into the stablecoin sector, cryptocurrencies pegged to assets such as the US dollar.
Founded in 2017, the Chicago-based firm provides blockchain and stablecoin infrastructure, enabling payments, tokenisation, and crypto trading.
The reported talks follow Mastercard’s earlier interest in another stablecoin company, BVNK, which is now in exclusive negotiations with Coinbase for an acquisition estimated at around US$2 billion.
Stablecoin startups have become a focal point of the broader crypto resurgence over the past year.
Stripe’s US$1.1 billion acquisition of Bridge earlier this year underscored the growing belief among major payments firms that blockchain-based settlement could offer faster, cheaper alternatives to traditional payment networks such as SWIFT.
While stablecoins could, in theory, challenge Mastercard’s interchange-based model, the company has been active in digital assets for several years.
It acquired blockchain analytics firm CipherTrace in 2021 and recently joined a consortium alongside Robinhood and Kraken to explore stablecoin applications.
Zero Hash, backed by investors including Interactive Brokers, Apollo, Point72 Ventures, and Nyca, last raised US$104 million in September at a valuation of US$1 billion.
Featured image credit: Edited by Fintech News Switzerland, based on image by atstockproductions via Freepik
