Stabledash Live · · 21 min

Visa Direct's Stablecoin Wallet Transfers Run Through zerohash

With Mark Daly

Key takeaways

  • 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.

  • Mark Daly calls stablecoin wallets the fourth endpoint on Visa Direct, alongside push to card, push to digital wallet and push to account.

  • Daly says every major payment platform is now enabling stablecoins, a shift he dates to the period after the GENIUS Act.

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0:00Mark Daly joins the show from Chicago1 of 9

Summary

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.

“Every every major payment platform right now is enabling stablecoins as part of their stack. It's not it's not an option anymore”
Mark Daly

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.

Visa Inc, BlackRock, ZeroHash, and Interactive Brokers come up most.

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