Transak obtains licenses in six states to expand its stablecoin payment business in the U.S

Transak has obtained money transmission licenses (MTL) in Iowa, Kansas, Michigan, South Carolina, Vermont, and Pennsylvania, increasing its total number of state licenses in the U.S. to 11. These licenses allow the company to legally process stablecoin transactions, transfer funds, and directly convert fiat currency to cryptocurrency with users.

Transak currently has license applications pending in 19 states 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 the efficiency of bank transfers for U.S. users.