Transak Expands Stablecoin Payments with 6 New US State Licenses Amid Fragmented Rules

Stablecoin payment firm Transak has secured new Money Transmitter Licenses (MTLs) in six U.S. states: Iowa, Kansas, Michigan, South Carolina, Vermont, and Pennsylvania, as it continues expanding its regulated footprint across the country.

The approvals, announced Tuesday, have brought the company’s total to 10 licensed states, including Arkansas, Delaware, Illinois, and Missouri.

Each license allows Transak to process stablecoin transactions and fiat-to-crypto conversions directly.

While the move strengthens Transak’s operational independence, it also shows the fragmented nature of U.S. crypto regulation, where companies must obtain state-by-state approvals to operate nationwide.

“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.

Keane said the licenses focus on regulatory control, giving Transak more flexibility to innovate around new payment architectures and upcoming stablecoin use cases.

Will Transak’s 50-State Push Finally Unify Crypto Payments in the U.S.?

The company currently has 19 additional MTL applications pending and plans to achieve direct coverage across all 50 states within the next 12 to 18 months.

Transak obtained its first state license in Alabama in 2024 and already serves users in 46 states through partners. Its move toward full direct licensing marks a shift from third-party access to a fully compliant, native payments network built to meet evolving U.S. regulatory standards.

MTLs are mandatory for financial and crypto payment firms operating in the United States.

They authorize businesses to transmit money, manage digital assets, and enforce anti-money laundering (AML) and consumer protection rules. Firms without proper licensing risk enforcement action or suspension.

To obtain an MTL, companies must register with FinCEN as Money Services Businesses (MSBs), submit state applications, undergo background checks, and maintain AML and Know Your Customer (KYC) programs.

However, requirements vary across states, creating a fragmented regulatory environment that increases compliance costs and slows national expansion.

This contrasts sharply with the European Union’s Markets in Crypto-Assets (MiCA) framework, which allows licensed firms to operate across all 27 member states through a single authorization, an efficiency that U.S. firms like Transak lack.

Transak’s latest progress follows a string of U.S. milestones. In August 2025, it became the first crypto on-ramp to support wire transfers, letting users fund wallets directly from a bank.

The company is now preparing to roll out Automated Clearing House (ACH) payments to simplify domestic transfers.

Transak says its regulatory expansion and pursuit of federal stablecoin legislation are key to scaling lawful, transparent payments nationwide

“Any framework that defines how regulated stablecoins can be issued, held, and used is a net positive,” he said, though he acknowledged that full alignment may take years.

Stablecoins Emerge as Global Market Force with New Cross-Chain Payments Alliance

Transak’s progress comes as stablecoins emerge at the center of global financial discussions.

On November 7, Federal Reserve Governor Stephen Miran warned that stablecoins, now handling trillions in annual transactions, could influence global markets by boosting Treasury demand and lowering long-term interest rates.

🇺🇸 Fed Gov. @SteveMiran warns the growth of stablecoins could force U.S. interest rates lower, predicting the market could expand to $3 trillion in years to come.#Stablecoins #Fed #rateshttps://t.co/I5BfzfZawn

— Cryptonews.com (@cryptonews) November 10, 2025

His remarks reflect the growing influence of dollar-backed stablecoins.

At the same time, Fireblocks, Polygon Labs, Solana Foundation, and Stellar Development Foundation have formed the Blockchain Payments Consortium to standardize cross-chain stablecoin transactions.

The group, representing over $10 trillion in annual volume, seeks to make blockchain payments seamless and compliant.

These developments point to a broader shift in digital finance. Across regions from Southeast Asia to the U.S., stablecoin payments are rapidly gaining traction.

In Singapore, Bitget Wallet has rolled out QR-based stablecoin payments through national systems like VietQR and Solana Pay, demonstrating how blockchain-based payments are merging with everyday commerce.