Mastercard Secures New York BitLicense for Stablecoins

The New York State Department of Financial Services granted Mastercard a BitLicense in 2026, allowing the company to offer stablecoin and tokenized-deposit services to customers in the state. New York requires firms to hold either a BitLicense or a state banking charter to provide virtual currency services to residents.

The license permits Mastercard to settle transactions using stablecoins and tokenized deposits under state supervision and to integrate those instruments into its payment and settlement infrastructure for New York customers. Mastercard said the authorization aligns with the company’s longer-term strategy to engage with payment and settlement systems that support digital currencies.

In a release, Mastercard Chief Product Officer Jorn Lambert wrote: “Clear regulatory frameworks play an important role in building trust and confidence as new forms of digital value move from experimentation toward practical application. This approval underscores our focus on aligning innovation with regulatory expectations of high levels of security, compliance and risk management.”

Mastercard has built a crypto and blockchain program with more than 100 partners to link stablecoin and blockchain payments with traditional rails for cross-border transfers, business-to-business payments, payouts and commerce. Partners include Binance, Circle, Ripple, PayPal, Paxos, MetaMask, Gemini and Crypto.com. The company has expanded crypto card programs with MetaMask, Bybit and Gemini and enabled consumers to spend stablecoins from digital wallets at everyday merchants. Mastercard has agreed to acquire stablecoin startup BVNK.

The BitLicense program began in 2015 and has approved about 40 licenses to date. In 2026, New York issued three BitLicenses, including those to Mastercard, GalaxyOne Prime and Zap Solutions. The licensing process requires strict compliance and reporting; some firms form separate legal entities to operate in New York. eToro received a BitLicense in 2023 and launched crypto services in the state later.

With the BitLicense, Mastercard can expand the range of crypto-related products offered to New York consumers and businesses while operating under state oversight. The authorization allows the company to offer settlement and payment services that connect consumer wallets, merchant acceptance and cross-border and business-to-business payments.