Ripple Secures Key Licenses in New York and Texas, Expanding U.S. Payment Services
Ripple has obtained Money Transmitter Licenses (MTLs) in New York and Texas, marking a significant milestone in its U.S. expansion. These licenses strengthen Ripple’s ability to deliver compliant cross-border payment solutions to financial institutions and crypto businesses, enhancing the speed and efficiency of its services.
Ripple Expands Regulatory Footprint with New Licenses
Ripple confirmed it has secured MTLs in New York and Texas, enabling its customers to utilize licensed cross-border payment systems with confidence. These states, identified as hubs for real-time payment demand, reflect a growing interest from banks and crypto companies in blockchain-powered payment solutions.
With these additions, Ripple now holds over 55 MTLs globally, including 33 in the U.S., alongside a New York BitLicense and a Limited Purpose Trust Company Charter. Joanie Xie, Ripple’s Managing Director for North America, noted, “We’re seeing increased interest from financial institutions and crypto businesses eager to benefit from blockchain and digital assets.”
Boosting Global Payment Network with Compliance
Ripple’s licensing efforts align with its strategy to expand its global payment network, currently operating in over 90 markets—covering 90% of daily forex turnover. In 2024, Ripple doubled its payment volume to $70 billion, demonstrating robust growth in cross-border transactions.
These licenses complement Ripple’s regulatory achievements in other jurisdictions, such as its VASP status in Ireland and the Cayman Islands and an in-principle license in Dubai. This compliance-first approach ensures Ripple’s customers receive a secure and regulated payment experience.
Expanding Partnerships in North America
Ripple continues to onboard new North American partners, including Bancoli, CambioReal, and GeoSwift, in 2024. Its dynamic integrations provide these clients with the tools to navigate the evolving financial ecosystem, ensuring seamless adoption of blockchain technology.
Regulatory Shifts Signal Positive Momentum
Ripple’s latest approvals coincide with a changing regulatory landscape in the U.S. The new Trump administration has adopted a favorable stance toward cryptocurrencies, highlighted by the SEC’s recent repeal of SAB 121, which previously imposed stringent requirements on banks offering digital asset custody services. These policy changes signal a broader acceptance of blockchain technology within traditional financial systems.
Ongoing Legal Battle with the SEC
Despite its advancements, Ripple remains engaged in a legal dispute with the SEC, which appealed an October 2024 ruling regarding XRP’s classification. However, Ripple is optimistic about resolving the case, citing potential shifts in leadership under the current administration that could favor a more supportive regulatory environment.
Ripple’s licensing achievements and commitment to regulatory compliance solidify its position as a leader in blockchain-powered payments, setting the stage for continued growth in the U.S. and beyond.
