# Visa Direct adds stablecoin payouts through zerohash across more than 18 billion endpoints Stabledash Live, a Stabledash show. Aug 25, 2026. Mark Daly. https://live.stabledash.com/shows/the-live-show/episodes/visa-directs-stablecoin-wallet-transfers-run-through-9AAtOjQFHMg Zerohash's Mark Daly says stablecoin wallets are now Visa Direct's fourth endpoint, and that every major payment platform is adding stablecoins. Visa Direct clients gained the ability this week to prefund and pay out in stablecoins through ZeroHash. Visa puts the network at more than 18 billion endpoints in over 195 countries and territories. Mark Daly, zerohash's chief business officer and a member of its founding team for over eight years, described the deal and where he sees stablecoin payments going. ## A fourth endpoint Visa Direct already offers push to card, push to digital wallet and push to account, and Mark Daly calls stablecoin wallets the fourth endpoint. He said "the Visa team has been great to work with as well through this entire process" and credited the trust ZeroHash has built since 2017 by powering other major platforms. Daly also said Visa Inc has "a very dominant position" in stablecoin-backed cards and owns much of that market by volume. ## Licenses first Daly described how ZeroHash got there: money transmitter licenses state by state, a BitLicense in New York, and the same work in international markets. He pointed to technology that runs across dozens of blockchains and supports major stablecoins and crypto assets, with custody and liquidity built in. Morgan Stanley uses zerohash in its E*Trade product, and zerohash shipped stablecoin-backed cards and settlement with Marqeta a few weeks ago. ## Trading meets payments ZeroHash powers crypto trading for Interactive Brokers, and Daly said the broker recently enabled account funding so users can fund their accounts in stablecoins. He sees trading and payments "essentially becoming one": on-chain infrastructure that moves value and money and gives access to products. ## Tokenized funds next Mark Daly said zerohash is spending more and more time with BlackRock and Franklin Templeton on how their products work together with stablecoins. Its role is to provide the payment rails that let people move into and out of tokenized money market funds with stablecoins, which he expects to become more interchangeable in customer experiences. Mark Daly says stablecoins are "not an option anymore" for payment platforms. He expects rapid change, measured in less than years, and more endpoints where stablecoins can move, with ZeroHash working underneath as the regulated layer. ## Key takeaways 1. Visa Direct clients can now prefund and pay out in stablecoins through ZeroHash, across a network Visa puts at more than 18 billion endpoints in over 195 countries and territories. 2. Mark Daly calls stablecoin wallets the fourth endpoint on Visa Direct, alongside push to card, push to digital wallet and push to account. 3. Daly says every major payment platform is now enabling stablecoins, a shift he dates to the period after the GENIUS Act. ## Chapters - 0:00 Mark Daly joins the show from Chicago - 1:16 zerohash supplies the regulated layer for on-chain products - 3:15 Licensing came first and now wins major partners - 5:20 Visa Direct adds stablecoin wallets as a fourth endpoint - 8:10 zerohash runs behind the scenes inside Visa Direct - 10:07 Trading and payments are converging on the same infrastructure - 12:07 zerohash aims to partner across the payments value chain - 13:57 Stablecoins are now required for payment platforms after GENIUS - 16:43 A small long-tenured team drives zerohash's deals ## Transcript **Host** (0:00) Good to see you, Mark. I'm gonna un... Unmute you, put you live here. I'm gonna move him over. What's up, Mark? Can you hear us? I can hear you loud and clear. What's up? That's great. Welcome to the show. Hey. Thanks for having me. I'm excited. This is my my debut with Sitch Debut. **Mark Daly** (0:17) Welcome in. Welcome in. **Host** (0:19) Hit you with confetti cannon as a welcome. **Drew Rogers** (0:23) Make it official. You've got a great **Mark Daly** (0:26) view behind you. Where in the world are we finding you right now? This this is this is Chicago. And it's it's always like this. It's always beautiful. **Drew Rogers** (0:35) Ten years at this point in loving it. So it's a it's a great city. Excellent. We love that. There's some there's some great builders in the sort of digital asset Chicago mafia. **Mark Daly** (0:45) There... I have to say, there are quite a few. Yeah. I mean, we've had some... Past couple of weeks, we had Chicago Fintech Week. There's been a number of, like, events on, very much everyone's table coins. Dan from Coin Pro had great event here last week. Yeah. So great to see more and more, you know, of this ecosystem built up in this city. And, you know, I I I get to travel a ton, but it's all... It's great to be based here. I love it. That's awesome. **Host** (1:06) Shout out to Landon Campbell for the energy that he's bringing to Chicago. That... Those events looked looked really great. So... Okay. So, Mark, it's great to see you. We're excited to get into kind of the news of the week with what you guys are doing with Visa. Why don't we start with just just your role at the company? I know you've been at Zero Hash for for quite some time and also help frame the the really outsized role that Zero Hash plays in the conversation around regulated... Actually, we were we were talking to Max on your team just a couple weeks ago. He he joined us for the demo... A demo day that we were doing with with Coast. And something that we talked about was the, like, relationship that Zero Hash really pioneered with trading and how that's really actually not that different from payments. And that was kind of an interesting way he was framing Zero Hash, but bring bring us into your role at the firm and and, yeah, the outsized role Zero Hash plays in the conversation. **Mark Daly** (2:12) Yeah. So my role, I'm chief business officer at Zero Hash and part of the founding team. So I've been here for for over eight years at this point. And if I think about, you know, where Zero Hash sits in the marketplace, it's really the intersection of major companies that want to launch on chain products and need a partner that can offer that regulated layer to let them go and do that. And so if you're thinking about a bank payment app and they're offering a crypto or a stablecoin product, it's a high likelihood that Zerohash is on the back end enabling that there. And when you think of the product set then, I'm sure Max went into this as well, across, say, the trading verticals, the transact verticals and payments, the tokenization verticals that we operate into, it's the same infrastructure that we're we're running in each market of offering that regulated layer to let these platforms go and launch products. So different different markets, but sort of like the same layered infrastructure that makes it all happen. The licensing layer, the technical layer, it's all the same in terms of what we're extracting from each of those products and use cases. **Host** (3:15) The infrastructure behind modern finance is sort of the updated way that you guys are positioning this. So give us maybe the... Because regulation and licensing and that approach has always been really core to the vision. What is the specific moment around, like... I feel like, yeah, eight years, we've gone through such an interesting evolution of how people think about custody and custodial and regulated and, like, whether that's, like, a really great thing or a really, like, limiting thing. Like, how how is it... How has it felt for you guys lately with that narrative as some of these, like, really key regulatory hurdles are are getting unblocked? Like, speak a little bit about the the early ethos of, like, being regulate... Regulation first and kind of the tailwinds you guys are feeling right now. Yeah. **Mark Daly** (4:09) I think, you know, over the last eight years, we've we've always had, like, a very, like, regulatory first approach in terms of how we want to operate the business. And so going and doing the hard work of getting money transmitter licenses state by state, getting our bit license in New York, doing the same thing in international markets as well where we wanna be a first mover and actually go and get those licenses and have that as part of our stack. Because it's, you know, it's critically important for for us, one and two, especially for our partners in terms of building that trust. If you think about what we've seen over the last two years and especially this year, I mean, major names, groups like Morgan Stanley are now using Zero Hash as part of their e trade product. We had that announcement with Marketa just a couple weeks ago on stablecoin backed cards and settlement, groups like Worldpay, recent one with Visa. The the regulatory part of that and actually extracting that complexity is is a major part of of how we operate with these partners. And so it is essentially very core and sits alongside the robust tech that we have been to of doing this across dozens of blockchains, supporting major stablecoins, supporting major crypto assets, having that custody and liquidity elements as well as part of the entire stack. Regulatory aspects are are a huge piece of that. **Drew Rogers** (5:20) And tell us a little bit more about what you've got cooking up with VSAT. We saw your post maybe yesterday sort of putting this out into the world. 18,000,000,000 endpoints, a 195 countries. What is this really unlocking here? **Mark Daly** (5:36) Yeah. This... I'm super excited by this announcement. You know, Visa is one of the largest money moving platforms in in the world. And to see their distribution now be stablecoin enabled is, I think, an incredible unlock for this phase. So if you think about their their business today, they offer, you know, push to card, push to digital wallet, push to account. This is like the fourth factor or fourth endpoint that now has opened up for their customers where it's pushed to Stablecoin Wallet, and we're doing it there for for customers around the globe on their network. So it's a it's it's it's a major announcement. Their customer profile, groups that use Visa Direct today, It's major banks, major fintechs that are now gonna have the ability to actually go and integrate and access stablecoins directly as part of the user experience that they know and work with Visa on today. So it's a... I I... It's it's it's a major moment and one that we're we're really excited by, and the Visa team has been great to work with as well through this entire process. **Host** (6:34) Love it. Yeah. Speak of... What... What's it like working with the Visa team? I feel like... Yes. Love it. You guys... I mean, you know, when we think of Visa, we think of one of the most, like, iconic financial brands in in the world. What is it what is it like to work in partnership with that team? What are some ways that you've been able to find kind of like inroads into making things happen with a with a team like that? Yeah. I mean, they... **Mark Daly** (7:03) They're incredibly deep in this space already as well. So it's not like you're going zero to one from a conversation standpoint. Like, Visa Direct offering stablecoins is obviously a new part to to their business model. But Visa has, you know, a very dominant position when it comes to things like stablecoin backed cards in the marketplace that you see today. Yeah. And and and they own a lot of that marketplace in in terms of the volume that you see on those on those cards. So for them, they had a lot of, like, customer demand, one, which really sort of initiated a lot of the conversation around what they were seeing in the marketplace. And then two is, like, for us to go and work with a partner like that. I think one of the big things that that we always can point back to is a level of trust that we built in this marketplace since 2017 of powering other major names, other major platforms, And having that sort of list of marquee logos that we've got out there and and products and experiences that they can actually go and see themselves on other platforms really sort of helps build that trust and enable these conversations to move at at at a pretty quick pace. But Yeah. Yeah. I can say enough good things about them. It's... They're an incredible platform to work with, a great partner, and and, yeah, it's it's been really enjoyable. **Drew Rogers** (8:10) Yeah. I mean, it's obviously about as unreal a distribution, and as Drew referenced, a brand as you could have in terms of being iconic and having so many users globally. Beyond that sort of all the credibility and the trust and the network that unlocks, what does this look like in terms of the impact on the ground? You're talking about stablecoin use cases globally, and how this kind of really, like, opens that up. From a user perspective, from a use case perspective, what's happening? How is the world a different place with this in place? This is kind of the focus, at least from the report, that seems to be really clear on like what is actually happening here. Yeah. **Host** (8:52) Yes. Mark, speak a little bit about to like, practically speaking, where where does Zero Hash fit into like... Because Visa Direct is so big. They do so many things. Or does this really come alive? **Mark Daly** (9:03) Yeah. So it it comes alive on the on the Visa Direct platform. So it's not like we're saying that customers have to be directed to Zero Hash. We're very much in the back end powering this experience for these customers today that are using Visa Direct. So ultimately, not a lot changes for that customer experience. It just means they've got a whole new markers of endpoints they can go and access given that it's stablecoin wallets and how that's exploded over the past couple of years in terms of stablecoin backed cards or fintechs that have enabled or even other payment members in the in the sort of payment value chain of PSPs, issuers that have enabled stablecoins as part of their stack. So really, the goal here is is that you've got a major money moving platform. They're already operating with these partners today and service them for fiat infrastructure and fiat endpoints. This is like an extension of that, but through the same user experience that they have and that they're working with. So not a lot changes for for the customer experience. It's more just about opportunity and access that they have to access more customers through Stablecoins as a real. That's awesome. Okay. **Host** (10:07) Would you compare this in the world of payments? So it's like if Zero Hash is working with a trading client, you guys are gonna go into that exchange or that, like, trading use case and do a similar thing behind the scenes where you are powering some of that settlement or money movement. But it's a... You know, I think for me as I've gotten to know Zero Hash throughout the years, it's been in that kind of trading, like licensing trading use case. But you guys are very behind the scenes when a trade is either made or settled. It seems like a similar type of model or for, like, what Visa Direct seems to be positioning as is, like, business, enterprise, payments, and and money movement, less maybe, like, trading. But using... Like, if I'm a enterprise, I'm using Visa Direct. And then, you know, similar to using an exchange for trading, I'm kind of... There are probably all these different partners and things white labeled under the hood packaged into a a unified system. And I, as a client, am just trusting Visa Direct. Like you're like you're saying, I may not even need to know or know that Zero Hash is involved at all. Yeah. I I think what what's really interesting to point to is how these markets are starting to to intersect. So if you look at, okay, look at platforms like Kalshi, **Mark Daly** (11:22) that is a a trading experience, or look at platforms like Interactive Brokers where we actually power the crypto trading experience to their customers. Last is growing products they've enabled from Zerohash recently has been things like account funding to let users fund their accounts in Stablecoin. So it's like a payments use case, but now on a trading platform. And it's like that intersection you're starting to see more and more in this space of where these two things are essentially becoming one. It's on chain infrastructure, moving value, moving money, enabling access to products. It's starting to sort of all blend together in a sense, especially from, like, where we're seeing, like, products being sold into customers and partners, and then using things from, like, our transact vertical or or trade vertical as part of that there. So, you know, ultimately, it's it's it's money movement. It's access to on chain products. And it... I think it's it's it's very much the same model that we're seeing on both sides of that. Love it. So we're in a really interesting moment where **Drew Rogers** (12:14) there's all these kind of partnerships from... We have the early movers, innovative digital asset native companies that are growing up, maturing, and then starting to build these partnerships with traditional payments and financial tech... Financial services companies. Obviously, there's been a lot of buzz lately about the BBNK Mastercard **Mark Daly** (12:37) acquisition. **Drew Rogers** (12:39) Is Zero Hash sort of almost counter positioned in a way of like, well, Mastercard decided we're gonna go out and buy these capabilities. Visa said, oh, we'll partner with Zero Hash, but they'll be our infrastructure behind the scenes powering it. Is it is it sort of like a similar way on a different side side of the ecosystem there? **Mark Daly** (12:56) Yeah. I mean, we have a view that we wanna go out and partner with everyone and launch these products, and and, you know, we look at this as an extension of our stack and customer base that we have today. I mean, if you think about a point back to, sorry, the the the the payments value chain of what we see in the marketplace, Xerox is already integrated in part by powering a lot of those experiences for customers, be it at the card network level, right down to the PSP, to the merchant. So we're already doing that today, our view is, and my view especially, is to go out and do more of that. You know, that's like the job. How that comes about and how we make that happen, it's it's... You know, the remit the remit doesn't change just because we we bring a certain partner. It's it's to go out and partner and grow everyone and grow this entire market to enable more access. So, yeah, very much, you know, very much business as usual on that side. I love it. So you you mentioned, obviously, Visa, Kalshi, Interactive Brokers, **Drew Rogers** (13:49) different players in these spaces, but huge multibillion dollar opportunities. So it's huge that you guys are are doing those kind of partnerships. If you fast forward, you've been there eight years. If you think, where are we gonna be in 2030? What do you think is coming down the line for Zero Hash and what you're gonna enable in the years to come? **Mark Daly** (14:08) That's a really good question. I mean, like, you know, if you'd asked me maybe eight years ago, what does the market look like today? I... You know, maybe I I would have been off by four maybe. You know? I think I'm I'm ever the optimist when it comes to things. But I think what we're gonna see more and more of is just an extension of these products. So, you know, right now, if you think about payments specifically, it's not like they're asking about... You know, we're thinking of enabling stablecoins. Every every major payment platform right now is enabling stablecoins as part of their stack. It's not it's not an option anymore that they're that they're, you know, sort of putting one toe in. So I think that's gonna change rapidly. I don't think we're looking at years for that to happen. They're they're gonna see rapid change. When did that really start, Mark? When did when did that shift in your minds really start happening? It was postgenius, really. It was... And and it was also, like, when you look at the data points that groups like Visa can bring to the marketplace as well of what they showed from standpoint back cards and settlement, that really did help drive a lot of that activity too. But I think it was very much a view in the marketplace of, well, if we're getting the regulatory infrastructure in place and there's clarity there, we're able to push and actually offer these products, and we should have more access in the market. But in the last... And that's really been in the last sort of year, year and a half at this point. So I think if that trajectory keeps going, we're gonna see more and more endpoints where you're gonna have the ability to move stablecoins, and then it becomes more about, well, this is great. We've actually got stablecoins part of our platform, but what else can we do? So how do you tokenize money market funds play a role in this here? How do we actually more profitability together on that? And so zero hash is spending a lot of our time, and if you have seen some recent announcement on that end as well, the groups like BlackRock and Franklin Templeton. We're spending more and more time about, like, how do these things actually work together? Because it's great to be able to move money on chain, but what does that ultimately unlock for these experiences and for these partners and customers we work with? I'm seeing the news just since you mentioned BlackRock. BlackRock launches tokenized money market fund shares. **Host** (16:02) Zerahash expands stablecoin rails for BlackRock funds. Maybe just since you brought that up, any... Since this is just new news, what does that look like for what BlackRock's up to? **Mark Daly** (16:13) Yeah. So our role here is to provide the payment rails essentially to let people move into and out of these tokenized money market funds with stablecoins as one leg of that transaction. So you're thinking about fast forward this into the next couple of months and then what does it look like next year? We see stablecoins and tokenized money market funds starting to become more interchangeable together as part of, like, any customer's user experience that might be on our platform from a b to b use case or b to c use case. **Host** (16:43) So that's that's where we feel this market's moving, and that's where we're spending more and more of our time in terms of product development as well. It's hard to keep up with all the all the No. Awesome stuff you guys are doing. It's like neat to pat you on the back. Mark, you're crushing it. You're behind these partnerships. These are some serious name drops over here. Mark, how big is the sales how big is the sales team these days? Like the revenue team? **Mark Daly** (17:06) We sell... We we don't have a huge sales team. I mean, we... It's it's a it's a small team of very hungry driven people, and that's kinda how it works across the board. You know, a lot of these... I mean, these partnerships that that happened at Zero Hash, it it it's it's driven by a team of people here who've... We have a lot of long term employees, a lot of people who've been here since the early days. You've met more of the of the sort of early founding team as well. So, you know, I'm not one to kinda go out and take credit for all this here. I I I get to be involved and part of it, and and it's it's great, but there's there's a core group of people here who really make things happen. And, yeah, I mean, that's that that... That's been a big driver for our success is actually to have that continuity over the last number of years, and I think people people respect it and and want to engage with it. What would you say is the reason Zero Hash keeps winning? Because I feel like you guys are... **Host** (17:58) Just continue to rise and keep fighting toward... It's a very dominating position in the market. Like, you've continued to just punch upward and grow and be as... Just a continued continued serious player in the conversation around infrastructure. Like, what what what would you say are some of these, like, main reasons why that keeps happening? **Mark Daly** (18:26) That's a that's a great question. I don't know. Maybe maybe there's something in the water in Chicago. Maybe it's We got we got sharp elbows in the city. So, you know, people want to Shoulders. Sharp elbows. Wow. Yeah. People people want to go out and actually do well, and and, you know, it's... I think I think, look, the the core infrastructure that we've built, and this has been years of work on our side, really does help these customer conversations and taking groups who are somewhat familiar with crypto or stables or brand new to the marketplace and what a partner they can get involved early on. I mean, that that that... That's been a big unlock for us in in customer conversations, and then having, like, APIs and SDKs they can go and take to market has has been a big thing. But, you know, it definitely comes down a lot to the to the people that work here and and the team that we have. That's that's ultimately, I think, why we we, you know, we win so much in this market. And, yeah, there's more more left to do. I think we're never never sort of, like, satisfied or, this is the end. It's it's... There's there's a ton of work for us to do and a ton of deals for us to go and win. And, yeah, expect to see more on that side too, and I hopefully get more great news in the next few months as well. I know there's some major things in the pipeline that have yet to be announced that I I... I'm sure people would love to see in here. **Host** (19:44) Yeah. Well, keep us posted. We'd love to have you guys back and continue to tell the story, especially since, you know, you guys have so much happening. We speak to a lot of companies across the spectrum, a lot of folks who are just getting started, startups. They're raising. It's really fun and exciting, but, like, you know, they're not, like, working with Visa yet. They're not working with BlackRock yet. So it's like seeing you guys and having these really compelling existing use cases and volumes, and there's a lot that we can learn and and see just by the kind of maturity of the Zero Hash business in this conversation. So, yeah, would love that. Thanks for the time, Mark. No. Thank you. Absolutely. **Mark Daly** (20:21) I love the show, guys. It's been fantastic watching this here the past couple of months, and, yeah, I'm excited to see where where where you guys take this too. So thanks for having me. Thank you, Mark. Got it. We'll hit you with a money cannon as you leave. Thanks, man. Keep making it rain. Keep making it rain. Take it even.