The license is necessary to maintain and develop standards for stablecoins and tokenized deposits, similar to the global payment network of Mastercard. To legally operate in New York, companies must obtain a BitLicense or a state banking license. Due to strict requirements, Mastercard became only the third company to receive a BitLicense in 2026. Mastercard has also expanded its partnership with over 100 crypto services. This includes Binance, Circle, Ripple, PayPal, Paxos, MetaMask, Gemini, Crypto.com, and others. They have improved payment integration with stablecoins, traditional cross-border systems, B2B, and e-commerce.