1Money, an Abu Dhabi-based Hub71 startup that operates a Layer 1 protocol for Web3 payments , has secured over 30 money transmitter licences (MTLs) across the US. The company also obtained a Class F Digital Asset Business licence from the Bermuda Monetary Authority.
The licences permit the company to launch global ‘stablecoin orchestration service’, providing a bridge between its blockchain network and traditional financial systems. 1Money said the licences means it can partner with fintech and Web3 firms in regions such as MENA to offer access to USD fiat and stablecoin services by utilising 1Money’s US licence infrastructure.
According to the company, the new total of US licences surpasses competitors Bridge and BVNK.
Regulatory framework and service offering
1Money aims to combine its regulated money services business with its Layer 1 protocol to support stablecoin and Real World Asset (RWA) issuers. This approach lets issuers to mint assets on the 1Money Network while connecting to traditional banking systems.
With the new regulatory approvals, 1Money can offer services including multi-currency fiat virtual accounts, fiat deposit and withdrawal ramps, digital asset custody, stablecoin trading and exchange and foreign exchange services.
The US MTLs, along with registration as a money services business (MSB) with FinCEN, authorise 1Money USA to provide services across nearly 40 US jurisdictions. In Bermuda, the Class F licence under the Digital Asset Business Act (DABA) permits 1Money Bermuda to conduct various regulated activities, including operating as a digital asset exchange and payment service provider.
Milestones reached
Brian Shroder, co-founder and CEO of 1Money, said: “Securing over 30 US MTLs and the Bermuda BMA Class F licence is the linchpin of our commitment to providing secure, compliant, and scalable stablecoin solutions to businesses worldwide. These milestones enable us to orchestrate stablecoin flows across both traditional rails and emerging blockchain infrastructure, bringing a new level of interoperability, trust, and compliance to the digital payments landscape.”
Christopher Lalan, chief legal officer at 1Money, added: “Our team has worked diligently to build a robust legal and compliance framework that meets the stringent requirements of regulators in the US and Bermuda. This achievement reflects our commitment to globally align with esteemed regulatory regimes.”
The company’s Layer 1 protocol is described as being purpose-built for stablecoin and RWA transactions, featuring fixed fees paid directly in the stablecoin being transacted, eliminating the need for speculative network tokens.
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