Mastercard Expands Into Crypto Infrastructure With $2 Billion Zerohash Acquisition

Global Payments Giant Pushes Beyond Cards to Control Stablecoin and Tokenization Back-End

TL;DR:

• Mastercard agrees to acquire Chicago-based crypto infrastructure startup Zerohash for up to $2 billion.
• The deal shifts Mastercard’s role from crypto card facilitator to owning core stablecoin and tokenization infrastructure.
• Zerohash’s existing partnerships and regulatory framework give Mastercard a ready-made gateway into compliant crypto operations.

Mastercard is taking a decisive leap into the digital asset ecosystem, moving past its well-known crypto card partnerships toward the foundations of blockchain-based finance. The global payments company has reportedly reached an agreement to acquire Zerohash, a Chicago-based crypto infrastructure provider, in a deal worth up to $2 billion, according to a Fortune report published on October 29, 2025. The move underscores Mastercard’s intent to gain control over the infrastructure powering stablecoins, tokenized assets, and real-time digital settlement—rather than just facilitating transactions at the surface level.

Zerohash, founded in 2017, specializes in providing banks, fintech firms, and brokerages with the regulatory and technical backbone needed to offer digital-asset services. Its “crypto infrastructure as a service” model handles complex compliance processes, liquidity access, and custody integrations so traditional financial institutions can deploy crypto products without touching the assets themselves. The startup’s technology powers trading, staking, and tokenization projects behind the scenes for several well-known financial players, offering a frictionless bridge between traditional finance and blockchain networks. Zerohash’s last valuation stood at $1 billion after a $104 million Series D funding round in September, led by Interactive Brokers with participation from Morgan Stanley and SoFi.

The acquisition follows weeks of speculation that Mastercard and Coinbase were competing to purchase stablecoin startup BVNK, another company valued near the $2 billion mark. Mastercard’s pivot toward Zerohash appears more strategic, as the U.S.-based firm already operates under robust regulatory oversight, making it an ideal fit for integration into the payment network’s compliance-heavy structure. Analysts close to the matter described the agreement as an inflection point for the company—transitioning from enabling crypto payments to owning the regulated rails beneath them. The deal reportedly includes performance-based terms, with part of the $2 billion payout linked to revenue milestones and integration benchmarks rather than a flat acquisition fee.

Mastercard’s engagement with the digital asset sector has accelerated over the past several years, particularly through its crypto debit card collaborations with Binance, Gemini, and OKX. Those efforts introduced mainstream consumers to crypto spending but left Mastercard dependent on third-party infrastructure. The Zerohash purchase effectively changes that, bringing the core architecture in-house. This evolution aligns with Mastercard’s recent stablecoin initiatives, including its collaboration with Circle, issuer of USDC, and its participation in the Global Dollar Consortium alongside Kraken and Robinhood. Together, these partnerships point to a long-term plan to embed stablecoin settlement directly into Mastercard’s global transaction framework, ultimately reshaping how funds move across borders and institutions.

Executives close to the transaction see it as a step toward unifying traditional payment rails with blockchain-based value networks under a single, regulated ecosystem. Industry observers suggest the move could give Mastercard leverage over the growing intersection of stablecoins, digital asset custody, and tokenized securities—segments increasingly vital to both retail and institutional markets. By acquiring a company that already serves major financial clients, Mastercard gains a head start in developing end-to-end crypto solutions compatible with strict banking regulations. One insider described the merger as “the moment payment giants stop experimenting with crypto and start owning the infrastructure behind it.”

The acquisition also strengthens ties between Mastercard and Wall Street, given Zerohash’s existing investor base of Interactive Brokers and Morgan Stanley. Analysts note that the combined network could accelerate adoption of tokenized financial products and boost overall liquidity in the sector, influencing future crypto price index movements and coin market cap valuations across major digital assets. It’s a signal that the era of crypto as a speculative market is giving way to crypto as financial plumbing—regulated, institutional, and woven into the operating fabric of global finance.

This article has been refined and enhanced by ChatGPT.