It looks like Mastercard is expanding into the stablecoin business in a big way. According to Fortune, which cited five unnamed sources with knowledge of the deal, the credit card giant is in advanced discussions to acquire stablecoin infrastructure firm Zero Hash for between $1.5 billion and $2 billion.
The potential acquisition is the second this month that New York-based Mastercard is reportedly pursuing as it looks to expand its presence in the stablecoin space, along with other high-profile financial services firms.
“[In] the same way that DATs have infiltrated Wall Street, stables will replace money transfer,” Chris Miglino, co-founder and president of crypto venture capital firm DNA Fund, told Decrypt earlier this month.
Zero Hash is a U.S.-based fintech infrastructure company founded in 2017 by Edward Woodford, providing backend technology for crypto, stablecoin, and tokenized asset services. Unlike traditional stablecoin issuers, ZeroHash does not create its own stablecoin; instead, it offers APIs, SDKs, and embeddable tools that allow fintech firms, brokers, and payment processors to integrate cryptocurrencies, stablecoins, and fiat-on/off ramps into their platforms.
The company is FinCEN-registered and holds multiple state money transmitter licenses, giving it a regulated foundation to operate in the U.S. financial system.
Zero Hash achieved unicorn status in 2025, raising $104 million in a Series D funding round led by Interactive Brokers, valuing the company at roughly $1 billion. That year, it also launched Zero Hash Trust Company, LLC, a chartered trust entity in North Carolina, enabling regulated custody, issuance, and management of tokenized assets and stablecoins.
The company continues to expand its integrations with blockchain networks and enterprise clients, while navigating ongoing regulatory and operational challenges in the evolving crypto and stablecoin landscape.
Market capitalization for stablecoins has reached over $312 billion, a roughly $100 billion increase this year, according to data analytics platform CoinGlass, and the UK bank Standard Chartered has predicted the market value would reach $750 billion by the end of 2026.
As traditional financial institutions increasingly explore cryptocurrency and tokenized finance, partnerships or acquisitions of specialized firms like Zero Hash signal a shift toward integrating stablecoins into everyday payment systems and broader financial services.
Stablecoins themselves provide a bridge between traditional finance and crypto markets, offering relative stability compared with highly volatile cryptocurrencies, and are being adopted in payments, remittances, and decentralized finance.
For firms like Mastercard and Zero Hash, the challenge lies in balancing innovation with compliance, ensuring secure infrastructure, and maintaining trust among users and regulators. This trend reflects the broader evolution of digital finance toward more mainstream adoption and institutional participation.