The Rhode Island approval allows Alchemy Pay to handle money transfers, remittance services, and certain crypto-related payment activities. The company now holds money transmitter licenses across sixteen U.S. states.
Qivalis aims to create a regulated euro stablecoin that can be used for payments and cross-border transfers across Europe. The move comes as US dollar stablecoins dominate most of the global market.
Beyond the U.S., Alchemy Pay has expanded its regulatory presence in Australia, South Korea, Switzerland, and Hong Kong. The company says regulatory approvals are becoming increasingly important for mainstream crypto payment adoption.