Alchemy Pay, a fiat-crypto payment solutions provider, has obtained a Money Transmitter License (MTL) in Michigan, bringing its total regulated U.S. footprint to 19 states. The approval represents a further step in the company's effort to build compliant payment infrastructure across major U.S. economic regions and meet increasing demand for seamless fiat-to-digital-asset connectivity. The state-by-state licensing approach reflects the broader U.S. regulatory landscape, where the absence of a comprehensive federal framework for digital asset payments has made individual state money transmitter licenses a primary mechanism for crypto payment companies to operate compliantly.

A Money Transmitter License in Michigan is required for businesses that receive, transmit, or issue payment instruments within the state. The license covers a broad range of financial technology and payment activities, including digital wallets, cross-border remittance services, payment processing, and cryptocurrency-related operations. License status can be verified through the Nationwide Multistate Licensing System (NMLS) Consumer Access portal by searching "Alchemy Pay."

Michigan holds strategic significance within Alchemy Pay's U.S. regulatory network. As one of the nation's major economic and industrial centers, the state maintains a substantial business and consumer economy and serves as a central hub within the Great Lakes and Midwest economic corridor. Michigan's established industrial base, developing technology ecosystem, and integration within a highly connected regional economy position it as a meaningful market as digital payment infrastructure advances across the United States.

As regulatory frameworks governing cryptocurrency payments and stablecoins take shape across major markets, Alchemy Pay is prioritizing the development of compliant infrastructure designed to bridge traditional finance with blockchain-based financial services. The Michigan license reinforces the company's capacity to facilitate regulated fiat-to-crypto and crypto-to-fiat transactions while broadening its payment services and market reach.

The license also supports the regulatory groundwork for Alchemy Pay's longer-term stablecoin strategy and the development of Alchemy Chain, the company's next-generation blockchain infrastructure focused on stablecoin-based payments and settlement. Alchemy Chain is engineered to link blockchain settlement with real-world payment infrastructure through a compliant and scalable architecture. The initiative is intended to enable stablecoins as an efficient settlement layer for enterprises, financial institutions, merchants, and emerging AI-driven economic systems, while aligning its infrastructure with evolving regulatory frameworks in key global markets. Stablecoin-based settlement has gained traction among payment processors and financial institutions seeking faster, lower-cost cross-border transactions compared with traditional correspondent banking channels.

The Michigan approval adds to a series of regulatory milestones Alchemy Pay has achieved across global markets over the past year. Beyond its expanding U.S. licensing portfolio, the company has secured Digital Currency Exchange Provider (DCEP) registration in Australia, Electronic Financial Business registration in South Korea, and admission to Switzerland's Association for Quality Assurance of Financial Services (VQF) as a recognized Self-Regulatory Organisation (SRO). Alchemy Pay has also deepened its presence in Hong Kong through an investment in SFC-licensed HTF Securities Limited, facilitating access to regulated virtual asset activities under Hong Kong's developing regulatory framework.

Collectively, these developments underscore Alchemy Pay's sustained investment in regulatory compliance as a central pillar of its global payment strategy. With the addition of Michigan, the company now holds Money Transmitter Licenses in 19 U.S. states: Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, Wyoming, Arizona, South Carolina, Kansas, West Virginia, South Dakota, Nebraska, Delaware, Rhode Island, Maine, and Illinois. Alchemy Pay is continuing to pursue additional regulatory approvals, with applications currently under review across multiple jurisdictions.