Mastercard in $2B Talks for Zero Hash to Accelerate Stablecoin Settlement
Jordan Lee
October 29, 2025
“Stablecoins are crossing the chasm from pilots to production, and incumbents can’t afford to watch from the sidelines,” one senior bank partner said.
Inside the Proposed Deal Structure
People familiar with the talks say Mastercard is negotiating to buy Zero Hash for between $1.5 billion and $2 billion, with the final price tied to performance earn-outs on future tokenized payment volumes. Zero Hash, which powers crypto services for brokerages and neobanks, processed roughly $2 billion in token flows during the first half of 2025, giving Mastercard instant scale.
Advisors are considering a mix of cash and stock, allowing Mastercard to preserve firepower for other deals. The company is also evaluating whether to retain Zero Hash’s management team to keep regulatory licenses intact across the U.S., Europe and Latin America.
Strategy Behind the Stablecoin Push
Stablecoin settlement promises always-on, lower-cost payments—a complement to Mastercard’s existing network. Executives want to plug Zero Hash’s APIs into the company’s Mastercard Crypto Credential program, letting banks and fintechs send USDC or tokenized deposits across borders while staying compliant with travel-rule checks.
Sources say Mastercard views the acquisition as a way to match Visa’s partnerships and the policy clarity emerging from measures like the GENIUS Act. It also dovetails with infrastructure plays we examined in our reporting on Consensys’ IPO plans, underscoring how payment giants and Ethereum builders are racing toward the same institutional clients.
Competitive Response From Rival Networks
Visa has ramped up its Circle partnership, while Stripe and Coinbase are experimenting with off-chain settlement hubs. Mastercard’s move could force rivals to either buy or build similar rails, sparking a consolidation wave among compliance-savvy crypto service providers.
Analysts note that merchant acquirers are eager for interoperability. A Mastercard-Zero Hash combination could offer turnkey access to multiple stablecoin issuers, potentially reducing the friction merchants faced when accepting crypto payments in previous cycles.
Integration Questions Merchants Will Ask
Merchants want assurance that stablecoin settlement won’t add IT complexity. Mastercard plans to position Zero Hash as a modular service: plug into existing gateways, convert stablecoins to fiat in seconds, or let treasurers hold digital dollars for working-capital efficiency.
The company is also exploring how to extend the service to loyalty programs, letting customers redeem rewards instantly. That could reinforce the demand narrative we saw when spot Bitcoin ETFs flipped back to inflows, showing that mainstream demand grows when traditional wrappers meet crypto-native benefits.
What to Watch If the Talks Advance
Watch for definitive deal terms in the coming weeks. Regulators will scrutinize how Mastercard plans to manage custodial risk and whether it will maintain Zero Hash’s money transmitter licenses. Integration roadmaps presented to bank partners by year-end could reveal how quickly merchants gain access to stablecoin settlement features.
Rival bids remain possible if the talks drag on. But insiders say Mastercard wants to lock in exclusivity before the holiday retail season, signaling that stablecoin rails are moving from strategy decks to the checkout counter.