Haycen has achieved a significant milestone by obtaining a stablecoin issuance license from the Bermuda Monetary Authority (BMA). This license, known as the Digital Asset Business (M) license, authorizes Haycen to issue and manage fully-collateralized stablecoins in various currencies, complete with options for yield-generating products.
What You Need to Know:
- Haycen is backed by Northern Trust and the National Security Strategic Investment Fund of the U.K.
- The company intends to introduce a series of non-dollar stablecoins, beginning with one pegged to the British pound.
The firm is targeting business-to-business (B2B) sectors, specifically focused on regulated entities and non-bank lenders, which are often overlooked in global trade and financing.
Stablecoins, which maintain value tied to assets like the U.S. dollar, play essential roles in cryptocurrency transactions, facilitating the transfer of money across borders. Current data indicates the stablecoin market caps around $280 billion, heavily influenced by Tether’s USDT and Circle’s USDC.
Luke Sully, the company’s founder and CEO, expressed pride in being part of Bermuda’s forward-thinking blockchain landscape. He stated, “This is a pivotal moment for Haycen’s advancement, and the clarity provided by the BMA positions us to build innovative stablecoin solutions that deliver tangible benefits to businesses worldwide.”
Further, Haycen’s offerings will concentrate on cross-border trade finance, a domain Sully notes as being “largely ignored” by traditional banks, despite substantial liquidity demands annually. With a commitment to maintaining full collateralization, Haycen assures institutions and corporations increased control over cash flows while lowering capital costs.
Haycen has partnered with Northern Trust to act as its fiat custodian and money market fund collaborator, alongside support from the U.K. government’s NSSIF.
