Mastercard negotiating to buy Zero Hash

Mastercard is negotiating to acquire Zero Hash, a Chicago-based crypto and stablecoin infrastructure provider, in a deal reportedly valued between $1.5 billion and $2 billion. Multiple outlets say the talks are advanced but not final, framing the move as one of Mastercard’s biggest bets on stablecoin rails to date. 

Why Zero Hash matters

Zero Hash supplies the licensed, behind-the-scenes plumbing that lets banks, brokerages, and fintechs offer crypto features without building custody, trading, staking, or settlement from scratch. The firm raised about $104 million this year at a valuation north of $1 billion, and its tech already underpins announced plans like Morgan Stanley’s E*Trade crypto trading rollout targeted for 2026. For Mastercard, folding that stack into its network would tighten control over stablecoin settlement experiments that are moving from pilot to production. 

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What Mastercard gets if it closes

Strategically, the target plugs into Mastercard’s public work with major exchanges and wallets while giving it a compliant, “B2B2C” switchboard for tokenized value. Reports describe the bid as a direct wager that stablecoins can move consumer and treasury flows at lower cost and with faster finality than legacy rails. For a card network, owning more of that stack shortens feedback loops: it can test settlement models, refine compliance, and sell new services to issuers and merchants without waiting on third parties. 

There’s a defensive angle, too. Fortune’s scoop (summarized by several outlets) came alongside chatter that Coinbase beat Mastercard to exclusive talks for BVNK, another crypto-payments player. Buying Zero Hash would keep Mastercard in the race to control stablecoin “plumbing” as volumes grow. CoinDesk points to projections that stablecoin payment throughput will hit the trillion-dollar mark later this decade—numbers that, true or not, explain the urgency across incumbents.

The state of play and the fine print

Nothing is signed. The news source notes both companies declined to comment, and sources stress the talks could still fall apart or change in price and structure. Still, the through-line is clear: card networks are shifting from co-brand cards and marketing deals toward owning regulated infrastructure that can handle real settlement, not just top-of-funnel acquisition. If Mastercard adds Zero Hash, expect closer integration with its crypto credential programs, settlement pilots, and merchant-facing toolkits. 

Zero Hash’s recent traction helps the story. Alongside the 2025 raise, coverage highlights expanding enterprise partnerships and a focus on compliant stablecoin rails rather than speculative trading. That positioning fits the regulatory temperature: safer, audit-friendly pieces of the stack have a smoother path into banks, brokers, and large merchants, which is exactly the customer base Mastercard already serves. 

What to watch next

Keep an eye on three signals: confirmation or denial from either company; any exclusivity window or regulatory preclearance steps that surface; and rival countermoves from Visa or large fintech processors. If the deal advances, watch for early pilots tying card acceptance to tokenized settlement in specific corridors, plus guidance on how consumer protections (chargebacks, refunds, disclosures) will map onto stablecoin flows. In a week filled with “instant” promises, the winner will be whoever turns headline speed into dependable, regulator-approved payout reality.