Mastercard Nears $2B Deal to Acquire Crypto Settlement Firm ZeroHash

Global payments leader Mastercard is advancing toward a landmark acquisition, entering late-stage talks to buy Chicago-based crypto infrastructure firm ZeroHash for $1.5 billion to $2 billion, sources told Fortune on October 29, 2025. This deal, if sealed, would supercharge Mastercard’s stablecoin and blockchain ambitions, embedding digital asset settlement into its vast network amid booming institutional crypto adoption.

Founded in 2017, ZeroHash delivers API-driven tools for crypto trading, custody, staking, and fiat-to-crypto conversions, powering seamless integrations for fintechs and banks. Key partners include Stripe, MoonPay, Interactive Brokers, DraftKings, and Franklin Templeton, serving over 5 million users in 190 countries with compliant, scalable solutions. The firm hit unicorn status in September 2025 after a $104 million Series D led by Interactive Brokers, valuing it at $1 billion. ZeroHash processed $2 billion in tokenized flows in early 2025, underscoring its role in on-chain finance.

Mastercard’s crypto push dates back years, with partnerships enabling stablecoin spending at 150 million merchants worldwide. Collaborations with Binance, Paxos, Crypto.com, OKX, and Kraken allow users to earn rewards, pay, and convert digital assets via traditional cards. Recent moves include the OKX Card for Web3 transactions and merchant settlements in USDC or Paxos-issued tokens. Acquiring ZeroHash would streamline crypto-to-fiat rails, enhancing liquidity for institutions and retail.

The timing aligns with crypto’s resurgence: Bitcoin ETFs drew billions, while stablecoin volumes hit $27.6 trillion in 2024—surpassing Visa and Mastercard combined. It counters Visa’s aggressive blockchain plays, like its September 2025 stablecoin prefunding pilot for Visa Direct and support for four new stablecoins across blockchains, with Q4 2025 spend up fourfold.

This acquisition—potentially the largest TradFi-crypto merger—signals blockchain’s maturation as financial plumbing. By fusing ZeroHash’s tech with Mastercard’s reach, the deal could democratize stablecoin payments, tokenized assets, and DeFi gateways. As regulatory clarity grows via the U.S. GENIUS Act, expect more giants to follow. For investors eyeing stablecoin infrastructure, this is Web3’s mainstream pivot.