Mastercard obtains New York BitLicense, increasing its investment in stablecoins and tokenized deposits

According to CoinDesk, Mastercard Transaction Services (U.S.) LLC, a subsidiary of Mastercard, has been granted a BitLicense by the New York State Department of Financial Services (NYDFS), allowing it to conduct digital asset-related business in the state. This approval is part of its strategy to build a blockchain-based payment and settlement infrastructure, focusing on stablecoins and tokenized deposits.

The New York BitLicense requires licensed institutions to meet strict standards in areas such as capital, cybersecurity, compliance, and consumer protection. Mastercard stated that this license will support its layout in digital currencies such as stablecoins and tokenized deposits, while continuing to adhere to the compliance and operational standards of its global payment network, promoting the parallel development of traditional financial systems and blockchain payment tracks.