Breaking: Ripple Secures Money Transmitter Licenses in New York and Texas

Ripple has secured Money Transmitter Licenses (MTLs) in New York and Texas, marking another step in its U.S. expansion.

These licenses, crucial for offering compliant cross-border payment services, strengthen Ripple’s ability to provide financial institutions and crypto businesses with faster and more efficient payment solutions.

Ripple Secures Money Transmitter Licenses in Two Key States

In a company statement, Ripple has confirmed that it has been granted Money Transmitter Licenses (MTLs) in New York and Texas. These licenses allow the customers of Ripple Payments to use the licensed versions of its cross-border payment systems with the assurance that all the transactions are handled by Ripple on their behalf.

According to Ripple, New York and Texas have shown the most interest in real-time cross-border payments with the increasing demand from banks, as well as other companies working with cryptocurrencies. The licenses increase Ripple’s number of MTLs to more than 55 globally, with 33 of them being in the United States. Concurrently, the company also has a New York BitLicense and a Limited Purpose Trust Company Charter.

Joanie Xie, the company’s Managing Director for North America added,

“We are witnessing growing attention from financial organizations and crypto businesses willing to reap the rewards of blockchain and digital assets.”

Global Payment Network Growth Supported by Regulatory Compliance

Ripple’s new licensing bid is in line with its plans to enhance its correspondent network for global payments. At the moment, the company enables transactions in over 90 markets, which is equivalent to over 90% of the daily turnover in the forex market. In the previous year, the payment volume processed by Ripple was $70 billion, which was twice the payment volume of the previous year.

The licenses in Texas and New York join other regulatory approvals obtained by Ripple, such as registration as a VASP in Ireland and the Cayman Islands, and an in-principle license in Dubai. This compliance-first approach enables Ripple to provide a clean and compliant payment experience for its customers.

Ripple Payments has also kept on increasing its client network with new North American partners signing up in 2024 including Bancoli, CambioReal, and GeoSwift. The integrations offered by the firm help the clients to onboard and operate in the financial ecosystem that is ever-changing and dynamic.

Changing U.S. Regulatory Environment Provides Momentum

These latest approvals from the U.S. come at a time when the new Trump administration has shown a positive outlook toward cryptocurrencies. In the previous week, the SEC repealed SAB 121 which had set very rigid conditions for banks that are offering digital asset custody services. This policy change is considered a further shift towards the integration of blockchain technologies into traditional financial systems.

Ripple has also stressed the need for legal certainty as the key to the future of the crypto market. 

The company is still involved in a legal dispute with US SEC, which has filed an appeal in October 2024 regarding a 2023 court ruling on the classification of XRP sales. However, Ripple still holds hope that they can solve the case given the fact that there is a chance of having a more favorable SEC Chair under the current Trump administration.