Haycen, a company that focused on trade financing, ensured a stableecoin issuing license from Bermuda Monetary Authority (BMA)said the company Friday.
The digital asset business (M) License allows Haycen to issue and control 1: 1 Security Staff Coins in multiple currencies with yield -bearing products.
The company is targeted at B2B markets, regulated devices and non-banking providers, as it says, remains underestimated in global trade and funding.
StableCOin values are tied to assets like the US dollar or gold. They play an important role in cryptocurrency markets that provide a payment infrastructure and are also used to transfer money internationally. The sector has a market capital of around $ 280 billion, CoingeCKO data, and is dominated by Tether’s USDT and Circle Internet’s USDC.
“This is an important moment in Haycen’s development, and we are proud to be part of Bermuda’s blockchain-powered future,” said founder and CEO Luke Sully in the release.
“The legislative clarity offered by BMA gives us the foundation to build and scale innovative stableecoin solutions that bring real value to businesses around the world.”
Haycen plans to focus his offers on cross -border trade financing, a sector described as “largely from the radar” for banks despite trillions of dollars in annual liquidity needs.
He said the company’s goal is to give institutions and businesses more control over cash flows and lower the cost of capital. Haycen’s stableecoins, including a British pound-denominated token, is full security security at all times.
Earlier this year, Haycen began working with the Northern Trust, which acts as his Fiat manager and Money Market Fund Partner. It also received support from the British Government’s National Security Strategic Investment Fund (NSSIF).
Read more: Northern Trust to provide custody, cash management services to stablecoin issuer Haycen
