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Mastercard’s US transaction services unit has received a BitLicense from the New York State Department of Financial Services (NYDFS), allowing the payments giant to conduct regulated digital asset business activity in the state.
The company announced the license approval on Wednesday, but did not unveil any new consumer-facing crypto products. Instead, Mastercard said it plans to continue developing payment and settlement infrastructure tied to digital assets, focusing specifically on stablecoins and tokenized deposits.
New York’s BitLicense is widely regarded as one of the strictest state-level crypto regulatory frameworks in the United States. Companies offering certain crypto-related financial services to New York residents are generally required to obtain the license.
Mastercard joins a growing list of companies that have recently secured a New York BitLicense as regulatory clarity around digital assets continues to evolve in the United States.
Earlier this year, crypto financial services company <a href="https://cointelegraph.com/news/galaxy-secures-new-york-bitlicense-institutional-crypto-services" rel="noopener noreferrer nofollow">Galaxy received approval</a> to expand its institutional digital asset offerings in the state. Bitcoin payments company Strike, led by Jack Mallers, <a href="https://cointelegraph.com/news/strike-bitlicense-money-transmitter-license-new-york-nydfs" rel="noopener noreferrer nofollow">obtained both a BitLicense</a> and money transmitter licenses to support its Bitcoin (BTC) focused payment services in New York.
<img alt="Mastercard secures New York BitLicense for crypto operations" height="499" src="https://s3-images.ctmedia.io/media/content/pasted-image-1058.png" width="790">
Source: <a href="https://x.com/Mastercard/status/2059646754996232640" rel="noopener noreferrer nofollow">Mastercard</a>
The BitLicense isn’t Mastercard’s first crypto-related expansion in New York. In February, <a href="https://cointelegraph.com/news/mastercard-metamask-us-crypto-card-new-york-debut" rel="noopener noreferrer nofollow">MetaMask introduced a Mastercard-enabled payment card</a> in the state that allows users to spend crypto directly from their self-custodied wallets at merchants that accept Mastercard.
Related: <a href="https://cointelegraph.com/news/mastercard-launches-crypto-partner-program-with-more-than-85-industry-participants" rel="noopener noreferrer nofollow">Mastercard launches crypto partner program with a ‘who's who’ of industry</a>
<h2 id="mastercard-deepens-both-stablecoin-and-tokenization-efforts">Mastercard deepens both stablecoin and tokenization efforts</h2>
The BitLicense approval follows Mastercard’s recent <a href="https://cointelegraph.com/news/mastercard-to-acquire-bvnk-in-1-8b-stablecoin-deal" rel="noopener noreferrer nofollow">acquisition of the stablecoin infrastructure company BVNK,</a> valued at up to $1.8 billion. Expected to close later this year, the transaction included up to $300 million in performance-based payments and is aimed at strengthening the payments processor's ability to connect traditional payment networks with blockchain-based transactions.
The acquisition came months after crypto exchange Coinbase and BVNK mutually agreed to end takeover discussions.
Earlier this month, Mastercard also said it completed its <a href="https://cointelegraph.com/news/jpmorgan-mastercard-first-cross-border-us-treasury-settlement-xrp-ledger" rel="noopener noreferrer nofollow">first cross-border US Treasury transaction</a> on the XRP Ledger, underscoring the company’s growing focus on tokenized financial assets. Excluding stablecoins, the tokenization market is currently valued at more than $33.8 billion, according to industry estimates.
<img alt="Mastercard secures New York BitLicense for crypto operations" height="655" src="https://s3-images.ctmedia.io/media/content/pasted-image-1059.png" width="1385">
Total RWA market size. Source: <a href="https://app.rwa.xyz/" rel="noopener noreferrer nofollow">RWA.xyz</a>
Related: <a href="https://cointelegraph.com/news/crypto-biz-institutions-crypto-bitcoin-etfs-prediction-markets-tokenized-finance" rel="noopener noreferrer nofollow">Crypto Biz: Wall Street wants more than just Bitcoin</a>

Mastercard secures New York BitLicense for crypto operations

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Other articles published on May 27, 2026

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