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Mastercard Announces BitLicense In New York
Mastercard secures its BitLicense approval in the state of New York, allowing it to conduct digital asset and stablecoin permitting activities.
Mastercard receives key license in the state of New York (Daniel Höhe / Unsplash)
Mastercard has received a NY BitLicense.
Mastercard has officially announced it has been approved for the New York BitLicense licensing application by the NYDFS (New York Department of Financial Services). This means the credit card network is able to conduct both digital asset and stablecoin activities, including custody, transfers, payments, issuing, and more.
This makes it a bit more of a competition with Visa, which currently accounts for many of the crypto card issuing products and spending solutions that are available for consumers. Additionally, other stablecoin custodians and issuers, such as Paxos, BitGo, and Ripple.
In its investor update, Mastercard has also hinted at the prospect of having to support tokenized deposits as part of its underlying infrastructure in the near future.
Over the last few months, more financial institutions and banking groups have highlighted that there will likely be a mixed financial environment whereby you have both stablecoins and tokenized deposits operate in parallel, rather than compete directly.
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