Alchemy Pay, a payment gateway that connects cryptocurrency with traditional fiat currencies, announced Tuesday (March 3) that it obtained a Money Transmitter License (MTL) in Delaware.
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This brings to 15 the number of U.S. states in which Alchemy Pay holds Money Transmitter Licenses, the company said in a Tuesday press release. The company secured four of those licenses since the beginning of the year, including Delaware, Nebraska, South Dakota and West Virginia.
With its new license from the Delaware Office of the State Bank Commissioner, Alchemy Pay is authorized to provide regulated money transmission services within the state, according to the release.
Alchemy Pay also has additional licensing applications under review across multiple jurisdictions as it aims to build a fully compliant and regulated payment infrastructure across the United States, the release said.
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Over the past year, the company has also achieved various regulatory milestones in other global markets, including Australia, South Korea, Switzerland and Hong Kong, per the release.
“This expanding regulatory coverage directly supports Alchemy Pay’s ability to scale its fiat-crypto payment services, deepen its market presence and deliver compliant on-ramps and off-ramps to a broader user base,” the company said of its progress in the U.S. “It also lays a critical regulatory foundation for Alchemy Pay’s longer-term strategic initiatives, including the launch of its own stablecoin and the development of its upcoming stablecoin-based blockchain infrastructure, Alchemy Chain.”
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Alchemy Pay said in February that it took a key step in the development of its payments-focused blockchain infrastructure by launching the Alchemy Chain testnet. Through the testnet, developers and partners can experience the network’s core capabilities.
Alchemy Chain is designed to support stablecoin transactions that are fast, low-cost and predictable, as the company aims to support a broader stablecoin payment ecosystem, Alchemy Pay said in a Feb. 22 press release.
PYMNTS reported in March 2025 that many FinTechs operate under money transmitter licenses rather than full banking charters, allowing them to offer cryptocurrency services with fewer capital and compliance constraints.
Unburdened by the strictures of traditional banking charters, FinTechs are leveraging their regulatory flexibility, customer demand and technological prowess to push forward with crypto offerings, the report said.
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