PURCHASE, N.Y.— Mastercard is reportedly in advanced talks to acquire blockchain infrastructure firm Zero Hash, signaling an aggressive push into stablecoin-powered payments as competition in the space intensifies.
The payments giant could pay between $1.5 billion and $2 billion for the startup, according to Fortune, which cited people familiar with the discussions.
The move comes as Mastercard is said to have lost ground to Coinbase in a separate bid to acquire crypto payments provider BVNK, Fortune reported.
CoinDesk pointed out that Visa unveiled plans to launch its tokenization platform, helping banks to issue and handle stablecoins.
Zero Hash, which has specialized on providing stablecoin payment infrastructure, processed $2 billion in tokenized fund flows in the first four months of the year amid rising institutional demand for on-chain assets, the firm told CoinDesk in April.