Zero Hash: Regulated crypto infrastructure for Wall Street

Zero Hash, founded in 2017 and based in Chicago, provides a white-label, API-first platform that lets banks, brokerages, fintechs and enterprises add regulated crypto trading, real-time stablecoin payments and tokenization without building backend compliance, custody and liquidity systems. The company reports it has settled more than $65 billion for over 7 million end customers across 106 countries.

The company divides its commercial offering into three pillars: Trade, Transact and Tokenize. The Trade pillar provides regulated trading with embedded liquidity, custody and compliance for partner platforms. Interactive Brokers is using the platform for a European crypto rollout in 2026 and Morgan Stanley plans to integrate the platform for E*TRADE. The Transact pillar handles real-time stablecoin payments with multi-chain orchestration, smart routing and cross-border payout support; Gusto uses the infrastructure to deliver payroll in U.S. dollar equivalents and digital assets across more than 70 countries. The Tokenize pillar supports issuance and lifecycle management for tokenized assets, and the platform is used for custody and settlement flows on institutional tokenized products at BlackRock and Franklin Templeton.

Zero Hash holds money transmitter licenses in more than 50 U.S. jurisdictions and secured MiCAR authorization in Europe in November 2025. The company reports active stablecoin usage on its network rose 146% year over year and that stablecoin transaction volume climbed 690%, citing its 2026 Stablecoin Momentum Report. Zero Hash completed a $104 million Series D-2 round in September 2025 led by Interactive Brokers, with participation from Morgan Stanley, Apollo-managed funds, SoFi, Jump Crypto and Point72 Ventures, and reached a $1 billion valuation. The company declined a reported $2 billion acquisition approach from Mastercard.

Zero Hash operates as a white-label provider, so partner platforms present the customer interface while Zero Hash provides backend services. The company lists SOC 2 compliance, configurable custody permissions, programmable policy engines, transaction monitoring and global restriction enforcement among its controls. Integrations include merchant payment support through Stripe, payroll disbursements via Gusto, institutional liquidity connections with Virtu Financial and connection to JPMorgan’s Canton Network for privacy-preserving settlement.

The company is pursuing an OCC national trust bank charter to add federal custody authority to its state licensing stack; the application process can take multiple years and outcomes are not guaranteed. Zero Hash faces competition from other infrastructure providers that offer branded distribution, broader multi-chain wallet coverage or different custody approaches, and maintaining compliance across more than 50 state licenses requires continued legal and operational investment.