Mastercard has secured a BitLicense from the New York Department of Financial Services as part of its long-term strategy supporting stablecoins and tokenized deposits. The approval reflects the company's compliance focus in digital assets, backed by significant resources, a planned $1.8 billion acquisition and new partnerships with firms including SoFi.
Obtaining a BitLicense is famously difficult and expensive.
Clear regulatory frameworks play an important role in building trust and confidence.
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Metaplanet secured approval for a 93.7% stake in Super League, USD1 lost over $400 million in market cap, and Qubic reportedly paused after an about $1.4 million exploit.
CoinTelegraph reports on a proposed US accounting change for stablecoins, an FSB letter warning G20 officials about stablecoin oversight gaps and AI risks, and XRP Ledger developers defending a September emergency patch that bypassed the usual vote.
Citi and Coinbase launched a stablecoin integration that hides all crypto elements from business users. Bitcoin ETFs recorded modest inflows while Strategy added 1,665 BTC to reach record holdings.
SoFi has begun settling its card program with Mastercard using SoFiUSD, targeting more than $25 billion in expected annualized volume after migration. The change provides faster onchain settlement while leaving consumer cards and merchant systems unchanged.
Sony Bank received preliminary conditional OCC approval to form Connectia Trust, a New York-based subsidiary capitalized with $40 million to manage dollar-denominated stablecoins. The approval arrives as stablecoin transaction volumes hit a record $1.79 trillion last month, intensifying competition in a market dominated by USDT and USDC.
