The payments giant, which processed nearly $11 trillion in volume last year, secured one of the US’s most demanding state crypto licenses as it moves to settle transactions in digital assets.
Mastercard, the world’s second-largest card payment network, has secured a BitLicense from the New York State Department of Financial Services, a key regulatory clearance as the company moves to support stablecoin and tokenized deposit settlement across its global infrastructure.
The license was granted to Mastercard Transaction Services (U.S.) LLC, the company announced Wednesday. It puts Mastercard — which processed close to $11 trillion in payment volume in 2025, according to Morningstar — into a select group of NYDFS-regulated digital asset operators that includes Circle, Coinbase, and Paxos.
Mastercard’s shares were trading around $494, down roughly 18% from their 52-week high of $601.77 hit in August 2025, according to Google Finance data.
The license comes as the total stablecoin market has reached $322.6 billion, according to DeFiLlama, and annual stablecoin transfer volumes topped $27.6 trillion in 2025 — exceeding the combined transfer volumes of both Visa and Mastercard’s traditional networks.
What the BitLicense Means
New York’s BitLicense, introduced in 2015, is widely considered the most rigorous virtual currency license in the US. It requires applicants to meet comprehensive standards on consumer protection, anti-money laundering compliance, cybersecurity, and operational resilience. The application process can take up to two years for complex institutional operations.
Mastercard obtaining the license directly, rather than relying on third-party licensees, means it can operate virtual currency business activities with New York residents and entities in its own name. That structural shift matters for a company whose business model depends on controlling settlement infrastructure.
“Clear regulatory frameworks play an important role in building trust and confidence as new forms of digital value move from experimentation toward practical application,” Jorn Lambert, Mastercard’s chief product officer, said in the company’s press release. “This approval underscores our focus on aligning innovation with regulatory expectations of high levels of security, compliance and risk management.”
Stablecoin Settlement Push
The BitLicense announcement is the latest step in Mastercard’s move into digital asset settlement. In March, the company partnered with SoFi Technologies to enable SoFiUSD, the first stablecoin issued by a US nationally chartered and insured bank on a public blockchain, as a settlement option across its global payments network. The company also launched a Crypto Partner Program with more than 85 companies targeting stablecoin-powered cross-border transfers and B2B payments.
Stablecoin issuance doubled in 2025 from the prior year, and roughly $30 billion is transacted in stablecoins per day, according to Mastercard’s own figures cited in the SoFi announcement.
Mastercard’s move into direct digital asset licensing also comes as federal stablecoin regulation takes shape. The GENIUS Act, the first comprehensive US stablecoin law, was signed by President Trump in July 2025. Federal regulators face a deadline of July 18, 2026, to finalize implementing rules, according to Gibson Dunn. Holding state-level standing before federal rules take effect could give Mastercard an advantage as that licensing framework is built out.
Racing Visa
Mastercard is not moving alone. Rival Visa reached a stablecoin settlement run rate of $3.5 billion by November 2025 and has expanded those services to more than 40 countries. Galaxy Digital also received a BitLicense and Money Transmission License from NYDFS earlier this month, as institutions accelerate their push into regulated digital asset infrastructure in New York.
Still Early
Mastercard has not disclosed which specific stablecoins it plans to support under the license, or how quickly it intends to migrate settlement volume to digital rails.
The company’s stablecoin settlement pilots remain limited to partnerships such as the SoFi arrangement, and full network-wide adoption would require coordination with thousands of issuing and acquiring banks worldwide.
The GENIUS Act’s implementing regulations will also shape what federally regulated stablecoin activity looks like, potentially affecting how state licenses like the BitLicense interact with the broader framework.