Mastercard has been granted a New York State BitLicense, which aligns with the firm's "long‑term strategy to responsibly engage with evolving payment and settlement infrastructure supporting digital currencies such as stablecoins and tokenized deposits."

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

New York has now officially granted three Virtual Currency Business Activity Licenses (aka BitLicenses) in 2026, including GalaxyOne Prime and Zap Solutions, and about 40 since the program rolled out in 2015. Companies must get a BitLicense or a state banking charter to legally operate with New York customers.

The license has developed something of a notorious reputation, preventing some startups from offering services in the state due to its stringent requirements. Some companies, like eToro, which was officially granted a BitLicense in 2023 but only launched crypto services in the state earlier this year, spin up separate legal entities to operate in New York.

Mastercard has indeed been expanding its crypto services, including a major initiative with over 100 partners like Binance, Circle, Ripple, PayPal, Paxos, MetaMask, Gemini, and Crypto.com, to integrate blockchain and stablecoin payments with traditional rails for cross-border transfers, B2B, payouts, and commerce.

It has also been expanding its crypto card business, rolling out offerings with MetaMask, Bybit, and Gemini, and offering end-to-end capabilities enabling consumers to spend stablecoins via their wallets at everyday merchants. To that end, the firm has also agreed to acquire stablecoin startup BVNK.