Mastercard Wins NY BitLicense for Stablecoins, Tokenized Deposits

Mastercard secured a BitLicense from the New York Department of Financial Services to support stablecoins and tokenized deposits across its payments network. The license, granted Wednesday, lets the company expand crypto services within New York’s regulatory framework.

The NYDFS license requires firms to meet standards for consumer protection, cybersecurity, anti-money-laundering controls, financial integrity and operational resilience. Mastercard described the approval as part of a long-term plan to back stablecoins and tokenized deposits while aligning products with regulatory requirements. Jorn Lambert, Mastercard’s chief product officer, said the approval underscored the company’s focus on aligning innovation with regulators and that clear regulatory frameworks help build trust.

Mastercard has increased investment in digital-asset infrastructure as it integrates stablecoins with traditional payment rails. In March the company announced a planned $1.8 billion acquisition of BVNK, a firm that helps businesses send, receive, convert and store stablecoins. Mastercard processes about $9.5 trillion in payments annually and has directed resources toward stablecoin technology.

The company has worked with banks and crypto firms to broaden stablecoin settlement. Earlier this year, an agreement with SoFi Technologies enabled that bank’s stablecoin to settle across Mastercard’s global payments network. Mastercard has also partnered with crypto-native firms, allowing customers to spend stablecoins at merchants that accept Mastercard.

Crypto payments provider MoonPay last week launched a virtual debit card called the MoonAgents Card that converts stablecoins to fiat at the point of purchase so users and automated agents can make online purchases at merchants that accept Mastercard. Products that convert crypto to fiat during checkout aim to simplify the payment process by removing a separate conversion step.

The BitLicense framework was created by NYDFS in 2015 and is among the strictest state-level licensing regimes in the U.S. Companies seeking the license must demonstrate consumer safeguards, AML controls, cybersecurity programs and operational resilience. Passage of federal legislation last year that recognized stablecoins in federal law led banks, card networks and fintech firms to accelerate work in stablecoin services.

Mastercard said the license complements its existing partnerships to bridge digital assets and fiat payments. The company did not provide a timetable for rolling out new stablecoin or tokenized deposit services in New York.