Mastercard’s Acquisition of Zerohash: The Crypto Strategies Behind Mastercard and Visa

Key Takeaways From This Blog:

• Mastercard is pursuing full-stack ownership of crypto infrastructure through its planned Zerohash acquisition, giving it direct control over custody, trading, staking, compliance, and on-chain settlement to accelerate 24/7 programmable payment capabilities.

• Visa is taking a modular, partnership-driven approach, expanding organically across multiple blockchains and stablecoins to build an interoperable “network of networks” suited for global scalability.

• Both companies are positioning themselves to lead the stablecoin-powered future of payments, with Mastercard betting on vertical integration and speed, while Visa focuses on flexibility, interoperability, and ecosystem collaboration.

As digital assets quickly evolve, Mastercard and Visa, the two global payment titans, are taking distinctly different approaches to the crypto revolution. Mastercard’s bold move to acquire Zerohash, a regulated crypto infrastructure provider, marks a strategic leap into owning the digital rails of the future. Meanwhile, Visa continues to refine its crypto capabilities through organic growth and partnerships, betting on scalability and interoperability.

What does this mean for the future of crypto payments, and the broader digital economy?

Mastercard’s Strategy: Acquisition of Zerohash

Mastercard is pursuing the acquisition of Zerohash, a regulated crypto infrastructure provider, in a deal valued between $1.5B–$2B. This acquisition would give Mastercard direct control over a comprehensive crypto stack, including custody, trading, staking, and on-chain settlement capabilities. Zerohash’s extensive regulatory licenses (including 51 state money transmitter licenses and a NY BitLicense) offer Mastercard a fast track to compliance and market entry.

Strategic Objectives:

• Own and operate core crypto infrastructure.
• Enable 24/7 programmable payments and stablecoin settlement.
• Expand services to banks, fintechs, and merchants via APIs.
• Accelerate entry into tokenized money and digital asset services.

Visa’s Strategy: Organic Expansion & Strategic Partnerships

Visa is building its crypto capabilities through internal development and strategic alliances, focusing on interoperability and scalability. It supports multiple blockchains (Ethereum, Solana, Stellar, Avalanche) and stablecoins (USDC, EURC, PYUSD, USDG), and is piloting stablecoin-based cross-border payments via Visa Direct.

Strategic Objectives:

• Develop a multi-chain, multi-stable coin settlement network.
• Enable banks to mint/burn stable coins via tokenized asset platforms.
• Position Visa as a “network of networks” for regulated stablecoin flows.
• Leverage partnerships with Circle, PayPal, and Bridge for global reach.

Key Differences between Mastercard and Visa on Crypto

What are the industry implications for Master Card and Visa?

• Mastercard’s move signals a shift toward vertical integration in crypto payments.
• Visa’s strategy reflects a modular, interoperable approach, potentially better suited for global scalability.
• Both firms are positioned to lead in the stablecoin-powered future of payments, with differing philosophies on infrastructure control and ecosystem collaboration.

The race between Mastercard and Visa isn’t about who gets into crypto first—it’s about who defines the rules of engagement in the digital economy. Whether it’s Mastercard’s full-stack dominance or Visa’s networked collaboration, one thing is clear: the future of payments is programmable, tokenized, and always on.