Alchemy Pay has obtained a Money Transmitter License (MTL) in Illinois, adding another regulatory approval to its growing presence in the United States.
The licence was issued by the Illinois Department of Financial and Professional Regulation (IDFPR) and allows the company to conduct money transmission activities involving both fiat currencies and digital assets within the state.
According to Alchemy Pay, the approval covers electronic funds transfers, money transmission services, and virtual currency-related activities. Illinois becomes the 18th U.S. state where the company holds a money transmitter licence.
The development forms part of Alchemy Pay’s effort to expand regulated payment infrastructure across North America as demand grows for services connecting traditional finance and digital assets.
🔥#AlchemyPay has secured a Money Transmitter License (MTL) in the State of Illinois, enhancing Alchemy Pay’s ability to facilitate compliant fiat-to-crypto and crypto-to-fiat transactions, expand its payment services, and strengthen its market presence across the United States.… pic.twitter.com/3hbqhSl4pw
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) June 24, 2026
Illinois adds another important financial market to Alchemy Pay’s network
Illinois is home to Chicago, one of the largest financial centres in the United States and a major hub for trading, payments, and financial technology companies.
By securing approval in the state, Alchemy Pay gains access to an important market for payment services and digital asset infrastructure. The company said the licence will support its fiat-to-crypto and crypto-to-fiat services while helping it strengthen relationships with businesses and financial institutions operating in the region.
The approval also supports future initiatives tied to stablecoin services and the development of Alchemy Chain, the firm’s proposed settlement network designed to connect stablecoins with traditional payment systems. Outside the United States, Alchemy Pay has expanded its regulatory footprint through registrations and approvals in Australia, South Korea, Switzerland, and Hong Kong.
Why has state-by-state licensing remained a major hurdle for crypto payment firms?
Unlike many international markets that operate under a single national licensing framework, companies offering money transmission services in the United States often need separate approvals in multiple states.
This has made regulatory expansion both costly and time-consuming for crypto payment providers. Firms such as Coinbase, Circle, MoonPay, and BitPay have also pursued state-level licences to expand their operations.
For companies building payment and stablecoin infrastructure, these approvals often serve as a foundation for banking partnerships, institutional relationships, and future product launches. Alchemy Pay’s latest licence, therefore, represents more than access to one state. It strengthens the regulatory framework needed to support larger payment networks and stablecoin-based financial services across the U.S.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
