Overview
Haycen has announced a partnership with Northern Trust to provide custody and cash management services intended for its operations as a trade finance-focused stablecoin issuer.
Key Points
- Northern Trust will handle global custody for Haycen’s client fiat deposits.
- Haycen specializes in offering stablecoin solutions aimed at supporting non-bank lenders within the trade finance sector.
Importance of Trade Finance Modernization
The trade finance industry is crucial for global trade but often depends on outdated, manual processes. By integrating stablecoins, Haycen aims to lower costs and improve accessibility for smaller businesses that traditionally struggle with the existing systems.
Comments from Leadership
“Global trade is an incredibly important part of the economy and a fantastic market for us as a stablecoin solution; the global flow of goods and services relies on liquidity moving unencumbered,” said Luke Sully, the founder and CEO of Haycen. He further remarked on the gap in traditional banking’s capacity to support trade lending.
Funding and Growth
Haycen has received funding from the U.K. government to help develop institutional-grade stablecoins, which are increasingly relevant in today’s cryptocurrency market.
Related Developments
Recent news highlights movements in the stablecoin sector, including reports on Fidelity Investments’ own stablecoin initiatives.
Conclusion
This collaboration is poised to enhance Haycen’s capabilities in providing stablecoin-based solutions, which will foster better liquidity and efficiency in the trade finance market.
