1Money gains licenses to expand stablecoin payments infrastructure

1Money Co., developer of a blockchain protocol designed for Web3 payments, secured a range of regulatory approvals in the United States and Bermuda, a step that expands its ability to offer compliant stablecoin services globally.

The company disclosed it has obtained 34 state money transmitter licenses (MTLs) in the United States, along with a Class F Digital Asset Business license from the Bermuda Monetary Authority.

Together, the approvals authorize 1Money to deliver money movement services across 40 U.S. jurisdictions and to operate internationally under Bermuda's regulatory framework. The company is also registered as a Money Services Business with the U.S. Financial Crimes Enforcement Network (FinCEN).

Stablecoin orchestration services coming

With these licenses, 1Money can move forward with its plan to provide "stablecoin orchestration services" alongside its Layer 1 blockchain, the 1Money Network. The infrastructure is designed to help businesses mint and distribute stablecoins, connect them to traditional banking systems and support use cases ranging from remittances to digital asset custody.

"Securing 34 U.S. MTLs and the Bermuda BMA Class F license is the linchpin of our commitment to providing secure, compliant, and scalable stablecoin solutions to businesses worldwide," said Brian Shroder, 1Money's co-founder and CEO.

The approvals, 1Money stated, position the company to compete in a rapidly evolving market where regulators are tightening oversight of digital assets. Stablecoins, which are cryptocurrencies pegged to traditional currencies such as the U.S. dollar, have become central to digital payments, but concerns over regulatory compliance and operational risks have limited their adoption in mainstream financial services.

By securing licenses across multiple jurisdictions, 1Money aims to reassure potential partners that it can operate within established regulatory frameworks.

Christopher Lalan, 1Money's chief legal officer, said the compliance program behind the approvals reflects "a robust legal and compliance framework that meets the stringent requirements of regulators in the U.S. and Bermuda."

A regulated partner to depend on

The company said it will now be able to offer services such as multi-currency fiat accounts, on- and off-ramps for deposits and withdrawals, foreign exchange, and stablecoin payments.

Kristen Hecht, the company's chief compliance officer, underscored the 1Money's pitch that licensing gives it an edge over unregulated competitors when she added that enterprises "need more than technology—they need a regulated partner they can depend on."

For the broader payments community, 1Money's move highlights a trend toward consolidation of technology and compliance in the stablecoin sector. As regulators and traditional institutions weigh the risks and potential benefits of stablecoins, providers with clear regulatory approval may have a stronger chance of attracting institutional clients and enabling cross-border transactions at scale.

Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.