What To Know:
- Mastercard is reportedly in advanced negotiations to acquire Chicago-based stablecoin infrastructure firm Zerohash in a deal valued between $1.5 billion and $2 billion.
- The acquisition would mark Mastercard’s largest investment in the crypto sector, reinforcing its growing commitment to blockchain technology after joining the Global Dollar Network.
- The total stablecoin market cap is now at $307.89 billion with USDT holding 59.57% dominance.
Mastercard is yet again betting on clearer political sentiment and more favorable regulations, and is considering acquisition of stablecoin firm Zerohash.
Mastercard Bets On Stablecoin Firm Zerohash
Following Stripe’s $1.1 billion acquisition of the stablecoin settlement startup Bridge earlier this year, a similar deal might be on the way. On October 30, sources familiar with the matter revealed that Mastercard is in advanced negotiations to acquire Zerohash, a Chicago-based blockchain infrastructure company. The deal, which as per reports, is valued between $1.5 billion and $2 billion, could soon be sealed if discussions continue smoothly.
If completed, the purchase would represent Mastercard’s largest investment in the cryptocurrency and stablecoin arena. The payments giant has made several earlier moves in the crypto sector, including its 2021 acquisition of blockchain analytics firm CipherTrace. Although many CipherTrace products were later shut down, Mastercard never stepped away from blockchain development. Instead, it has paced up its involvement through strategic partnerships, like joining the Global Dollar Network. This step is focused on advancing stablecoin technology, along with firms like Robinhood and Kraken.
The Zerohash deal signals Mastercard’s deeper alignment with the infrastructure fueling digital payments. But, as per sources, the agreement is not sealed yet and could fall apart if talks are stalled.
Zerohash was founded in 2017, and is known to provide the foundation for financial firms seeking to enter digital assets. The firm’s APIs assist banks, brokerages, and fintechs in launching services like crypto trading, custody, staking, and tokenization. At its core, Zerohash allows traditional institutions to function in the blockchain world without building complex infrastructure from scratch.
The company’s growth has been quite swift. In September, Zerohash announced a major partnership with Morgan Stanley. The collaboration will see Morgan Stanley’s E-Trade platform offer cryptocurrency trading services through Zerohash starting in the first half of 2026. That same month, Zerohash completed a $104 million funding round that valued it at around $1 billion. The round was led by Interactive Brokers, with participation from Morgan Stanley, SoFi, and Apollo’s funds, among others.
Mastercard’s interest in Zerohash is not an isolated development but part of an ongoing trend evident across the stablecoin infrastructure sector. Fortune’s recent reports showed that Mastercard and Coinbase both had advanced talks to acquire another stablecoin startup, BVNK. The deal was reportedly worth nearly $2 billion. Coinbase ultimately secured exclusive rights to that deal.
Even as companies like Bridge and BVNK focus mainly in stablecoin settlement tools for payroll and global payments, Zerohash offers a suite of technology solutions. Its services include tokenization, bringing traditional assets onto blockchains, and providing institutional-grade APIs for trading and liquidity.
Industry watchers say Mastercard’s push toward stablecoin infrastructure could mark the start of a deeper transformation in payments.Recent market data underscores the scale of this shift. According to CoinGecko, the total market capitalization of all stablecoins now stands at $307.89 billion. Out of this, USDT dominates at 59.57%. To be more specific, the total value of U.S. dollar–denominated stablecoins has climbed to $303.5 billion. This represents a nearly 50% surge since the beginning of the year, when it stood at $202.8 billion. Among them,Tether (USDT) leads with a market cap of around $188.4 billion. On the other hand, USD Coin (USDC) has a market cap of $76.3 billion.
Stablecoins are becoming key tools for instant settlement and global transactions, with the potential to become a new foundation for cross-border finance. Thus, banks, fintech companies, and payment networks are accelerating their entry into this space. Recently, Japan’s top three megabanks, Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho, announced plans to jointly issue yen- and dollar-backed stablecoins, starting with a yen-pegged version.
Also Read: ODDO BHF Launches Euro-Backed Stablecoin EUROD, For Europe’s Crypto Push
