1Money, a company developing a layer-1 blockchain for stablecoin payments, has successfully secured 34 US money transmitter licenses and a Class F license from the Bermuda Monetary Authority.
Licensing Acquisitions
On Thursday, 1Money announced the acquisition of 34 US money transmitter licenses and a Class F license from the Bermuda Authority. This will allow the company to launch global stablecoin orchestration services, including robust stablecoin infrastructure and a full array of compliant fiat solutions.
Rise of Stablecoin Popularity
Summer news confirms a growing interest in stablecoins. A survey conducted in May revealed that 90% of 295 executives from traditional banks and financial institutions are either using stablecoins or actively exploring their possibilities.
Traditional Payment Processors Engaging with Stablecoins
In June, major e-commerce giant Shopify began offering access to stablecoin payments, while Visa expanded its offerings on its settlement platform by including support for multiple stablecoins, including PayPal USD and Euro Coin. Mastercard, in collaboration with Circle, is also exploring new opportunities for expanding USDC adoption.
The licenses obtained grant 1Money the ability to integrate stablecoins with traditional financial systems, affirming the growing interest and support from financial institutions and technology companies.
