Transak Secures 6 New Us State Licenses As It Expands Stablecoin...

Transak’s latest licenses highlight the continued fragmentation of US state licensing as stablecoin payment firms push for nationwide access.

Stablecoin payment company Transak has secured new state Money Transmitter Licenses (MTLs) in Iowa, Kansas, Michigan, South Carolina, Vermont and Pennsylvania, expanding its US footprint as regulatory fragmentation continues to define how crypto payment companies operate across the country, according to a Tuesday announcement shared with Cointelegraph.

The approvals bring Transak’s total to 11 licensed states, including Arkansas, Delaware, Illinois and Missouri. Each license allows the company to legally process stablecoin transactions, transmit funds, and facilitate fiat-to-crypto conversions directly with users, without relying on intermediaries.

In the US, MTLs allow companies to handle customer funds, execute value transfers and operate as regulated financial intermediaries under state supervision.

“Every new license we secure brings us closer to a future where users can move between fiat and digital assets seamlessly and lawfully,” said Bryan Keane, Transak’s compliance officer for the Americas.

While the licenses expand Transak’s direct reach, they also highlight the complexity of the US regulatory landscape for crypto payment providers.

In the European Union, the Markets in Crypto-Assets Regulation (MiCA) framework allows companies to “passport” a single crypto license across all its 27 member states.

This means that a licensed company in one member state can automatically operate across member countries without needing to reapply for approval in each jurisdiction.

The model creates a unified market for crypto services, simplifying compliance and reducing costs compared to the US’s state-by-state approach.

In the US, companies are required to secure individual MTLs in each state they operate in.

Source: CoinTelegraph