The stablecoin sector has experienced significant growth over the past year, with market capitalization exceeding $300 billion amid increasingly favorable political and regulatory conditions. Traditional financial institutions, including payment giants, banks, and fintech companies, are accelerating their adoption of stablecoin technology, particularly integrating these digital assets into their payment systems. According to sources familiar with the matter, payment giant Mastercard has entered advanced negotiations to acquire stablecoin infrastructure startup Zerohash in a deal valued between $1.5 billion and $2 billion. The potential acquisition, if finalized, would represent Mastercard’s largest investment in the cryptocurrency and stablecoin space to date. Mastercard has maintained an active presence in the cryptocurrency industry, including its 2021 acquisition of blockchain analytics firm CipherTrace. While the company subsequently discontinued many of CipherTrace’s key products, it has consistently recognized the potential of stablecoins. In recent months, Mastercard has intensified its focus on stablecoin technology, joining the Global Dollar Network alliance alongside members such as Robinhood and Kraken. Founded in 2017 and headquartered in Chicago, Zerohash specializes in developing infrastructure for stablecoins and blockchain technology. The company enables financial institutions like Mastercard to offer cryptocurrency trading, custody, and staking services through its platform. Zerohash recently demonstrated its market position through significant corporate achievements. In September, the company partnered with Morgan Stanley to provide cryptocurrency trading services on the E-Trade platform beginning in the first half of 2026. Additionally, Zerohash completed a $104 million funding round that same month, achieving a valuation of $1 billion. The funding was led by Interactive Brokers (IBKR.O) with participation from Morgan Stanley, SoFi, and other financial institutions, including strategic investors who are also Zerohash clients. Apollo’s funds also participated in the round. Industry reports indicate that Mastercard’s potential acquisition of Zerohash follows competitive bidding for other stablecoin infrastructure companies. According to Fortune, both Mastercard and Coinbase previously engaged in advanced negotiations to acquire stablecoin startup BVNK for approximately $2 billion, with Coinbase reportedly securing exclusive acquisition rights. The stablecoin infrastructure landscape shows distinct specialization among key players. While companies like Bridge and BVNK focus primarily on stablecoin applications for global payroll and treasury management using cryptocurrencies such as USDC and Tether, Zerohash offers a broader product suite. This includes infrastructure for building cryptocurrency trading platforms, APIs for tokenization, and technology for wrapping traditional financial assets on blockchain networks. Mastercard’s potential acquisition of Zerohash signals the accelerating convergence of traditional payment systems with digital asset technology, suggesting that competitive dynamics in the payments industry are increasingly shifting toward blockchain-based solutions. However, the underlying infrastructure supporting this transition remains under development, indicating that major corporations like Mastercard and Stripe will likely continue seeking startup partnerships to build the necessary technological capabilities for future payment ecosystems.