Mastercard Wins New York BitLicense for On-Chain Settlements

Mastercard announced it has been granted a BitLicense by the New York State Department of Financial Services, allowing the company to clear and settle crypto and tokenized assets for customers in New York without relying on third-party intermediaries.

The license authorizes Mastercard to operate on-chain settlement for stablecoins and tokenized deposits on its payment rails. The firm said the approval covers a range of crypto payment activities in the state and enables direct clearing and settlement of tokenized assets and stablecoin transfers.

Jorn Lambert, Mastercard’s chief product officer, highlighted that clear regulatory frameworks build trust as digital value moves from experimentation to practical use.

In March, Mastercard added SoFiUSD to its Mastercard Multi-Token Network after partnering with SoFi Technologies. The company said the BitLicense will let it scale integrated crypto payments and tokenized asset transfers across its networks in New York.

Other payments firms are expanding stablecoin settlement support. Visa added settlement rails on five additional blockchains and reported about a 50% rise in demand for stablecoin payments on its platform in the first quarter of 2026. Companies such as MoneyGram and Western Union are also working to incorporate stablecoins into cross-border services.

Regulatory proposals, including the GENIUS Act, have sought clearer rules for stablecoins. An Artemis report found that business-to-business transfers were the dominant use case for stablecoins as of August 2025, and that crypto-linked payment cards had overtaken peer-to-peer stablecoin transfers in volume.

The BitLicense is issued by the New York Department of Financial Services and is required for many virtual currency business activities in the state, including transmission and custody of digital assets. With the license, Mastercard can move certain settlement functions into its own regulated operations rather than using outside crypto firms.

Mastercard did not provide a timetable for rolling out new services tied to the license. The approval allows the company to offer direct crypto settlement services to institutional and retail clients operating in New York.