Mastercard is reportedly set to acquire crypto infrastructure startup Zerohash for nearly $2 billion. Zerohash, a Chicago-based startup specializing in stablecoin and blockchain infrastructure. The deal, valued between $1.5 billion and $2 billion, could mark one of Mastercard's largest investments in the digital assets space to date.

Zerohash, founded in 2017, provides essential backend services for cryptocurrency operations, including fiat-to-crypto conversions, payments processing, and APIs that enable companies to launch their own crypto trading platforms or tokenize traditional assets on the blockchain. The company has attracted backing from prominent investors such as Interactive Brokers, Apollo Global Management, Point72 Ventures, and Nyca Partners. In September, Zerohash secured a $104 million funding round at a $1 billion valuation, underscoring its rapid growth amid surging interest in stablecoins—cryptocurrencies pegged to stable assets like the U.S. dollar.

This deal follows Mastercard's earlier interest in another stablecoin startup, BVNK, which it was in talks to acquire for around $2 billion before cryptocurrency exchange Coinbase reportedly entered exclusivity with the firm. The competitive landscape for stablecoin infrastructure has heated up, with Stripe recently snapping up rival Bridge for $1.1 billion, and other startups like Agora and M0 securing fresh venture funding.