Marqeta and zerohash Enable Stablecoin Spending on International Card Networks

§ 01 Executive Snapshot

• What: Marqeta partners with zerohash to integrate stablecoin payment capabilities into its card issuing platform.
• Who: Marqeta, a card issuing platform; zerohash, a digital asset infrastructure provider.
• Why it matters: This partnership enables companies to offer stablecoin payments seamlessly, enhancing financial product offerings and facilitating stablecoin adoption in global markets.

§ 02 Key Developments

• Marqeta's integration with zerohash allows stablecoin payments directly through standard payment cards, without the need for core system overhauls.
• Stablecoin monthly transaction volumes reached $7.2 trillion in February 2025, surpassing the ACH network's $6.8 trillion for the first time.
• Zerohash experienced a transaction volume growth of 6.9x year-over-year in 2025, with transaction frequency increasing more than 2x.

§ 03 Strategic Context

• The partnership reflects a significant trend towards stablecoin adoption in financial services, as businesses seek innovative payment solutions.
• Marqeta's existing capabilities in card issuance and processing position it well to leverage the growing demand for stablecoin integration in financial products.

§ 04 Strategic Implications

• This collaboration is likely to enhance Marqeta's competitive edge in the fintech space by providing unique payment solutions that integrate stablecoins.
• Long-term, the ability to offer stablecoin payments may drive widespread adoption among traditional businesses, expanding Marqeta's market reach.

§ 05 Risks & Constraints

• Potential regulatory challenges may arise as stablecoin usage grows, impacting the operational landscape for both Marqeta and zerohash.
• The competitive landscape may intensify as more firms seek to offer similar stablecoin payment solutions, affecting market share.

§ 06 Watchlist / Forward Signals

• Watch for upcoming regulatory developments regarding stablecoin usage and integration in traditional payment systems.
• Future milestones could include increased adoption rates of stablecoin payments among Marqeta's customer base and new partnerships with traditional financial institutions.