Mastercard Obtains BitLicense for Crypto Operations in New York

Mastercard's U.S. transaction services division has secured a BitLicense from the New York State Department of Financial Services (NYDFS). This permit allows the payment giant to conduct regulated digital asset business activities within the state. This was reported by Cointelegraph.com reports .

Although the company announced the acquisition of the license, it has not yet introduced new crypto products for consumers. Instead, Mastercard stated it will continue to develop payment and settlement infrastructure for digital assets, with a primary focus on stablecoins and tokenized deposits.

New York's BitLicense system is considered one of the strictest state-level crypto regulatory mechanisms in the U.S. Mastercard joins major companies like Galaxy and Strike that have obtained this license. Previously, in February, MetaMask partnered with Mastercard to launch cards allowing users to spend crypto directly from their wallets.

This news follows Mastercard's acquisition of the stablecoin infrastructure company BVNK, valued at $1.8 billion. This deal is expected to strengthen the ability to connect traditional payment networks with blockchain transactions.

Also, this month, Mastercard completed its first cross-border transaction involving U.S. Treasury bonds on the XRP Ledger network. Currently, the tokenization market, excluding stablecoins, is valued at over $33.8 billion.