Mastercard secures New York BitLicense for digital asset operations

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Ciaran Ryan

27.05.2026

Mastercard secures New York BitLicense for digital asset operations — Mastercard enters NY crypto

Mastercard is expanding its regulated crypto footprint in New York as the payments company pushes further into blockchain-based financial infrastructure. The approval allows its U.S. transaction services unit to conduct digital asset business activity in the state, with the company focused on stablecoins and tokenized deposits rather than new consumer products.

Highlights

Mastercard's U.S. transaction services unit obtained a BitLicense from the New York State Department of Financial Services, enabling expanded digital asset infrastructure operations.
Mastercard recently agreed to acquire stablecoin infrastructure company BVNK for up to $1.8 billion, including $300 million in performance-based payments, to enhance blockchain payment integration.
With its BitLicense and recent XRP Ledger cross-border Treasury transaction, Mastercard strengthens its position in the $33.8 billion tokenization market beyond stablecoins.

License approval supports infrastructure push

As reported by Cointelegraph, Mastercard said on Wednesday that its U.S. transaction services unit has received a BitLicense from the New York State Department of Financial Services, a permit widely seen as one of the toughest state-level crypto approvals in the U.S.

The company is not unveiling new consumer-facing crypto products alongside the approval. Instead, it says it will keep building payment and settlement infrastructure tied to digital assets, with particular attention on stablecoins and tokenized deposits.

New York generally requires companies offering certain crypto-related financial services to residents of the state to hold a BitLicense. Mastercard joins a growing group of companies that have recently secured the approval as the regulatory framework for digital assets continues to develop across the U.S.

Earlier this year, Galaxy received permission to expand its institutional digital asset offerings in New York. Strike, the Bitcoin payments company led by Jack Mallers, also obtained both a BitLicense and money transmitter licenses to support its Bitcoin-focused payment services in the state.

Stablecoin and tokenization strategy widens

The New York license follows Mastercard's recent acquisition of stablecoin infrastructure company BVNK in a deal valued at up to $1.8 billion. The transaction, which is expected to close later this year, includes as much as $300 million in performance-based payments and is intended to improve Mastercard's ability to link traditional payment rails with blockchain-based transactions.

That deal comes after Coinbase and BVNK mutually agreed months earlier to end takeover discussions. Earlier this month, Mastercard also said it completed its first cross-border U.S. Treasury transaction on the XRP Ledger, highlighting a broader push into tokenized financial assets.

Industry estimates currently value the tokenization market, excluding stablecoins, at more than $33.8 billion. The latest approval adds regulatory capacity in a key U.S. market as Mastercard deepens its role in digital asset payments and settlement infrastructure.

Our earlier coverage of Project Agorá highlighted how major central banks and large financial institutions tested a shared-ledger prototype for near-instant cross-border settlement using tokenised deposits and tokenised central bank reserves. We noted that while the trials were still synthetic, the initiative is designed to modernise correspondent banking with privacy and AML safeguards and to strengthen traditional players’ position as stablecoins gain traction in global payments.

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