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Transak obtains licenses in six states, expanding its stablecoin payment business in the US.
According to Mars Finance, Transak has obtained currency transmission licenses in Iowa, Kansas, Michigan, South Carolina, Vermont, and Pennsylvania (MTL), increasing its total number of state licenses held in the United States to 11. These licenses allow the company to legally handle stablecoin transactions, transfer funds, and facilitate direct conversions from fiat to Crypto Assets for users. Transak currently has 19 state license applications under review and plans to achieve coverage in all 50 states within the next 12 to 18 months. The company has also recently enabled wire transfer functionality and plans to launch ACH payments to improve bank transfer efficiency for U.S. users.