Tradfi Giant Northern Trust (NTRS) will provide custody and cash management services for trade financing focused stableco -issuer Haycen, the company said in a press release on Thursday.
Northern Trust Asset Service is responsible for giving Haycen global custody services to its client Fiat deposits, and Northern Trust Asset Management will provide cash sweeping services, the company said.
Stableecoins are cryptocurrencies whose value is bound to another asset, such as the US dollar or gold. They play an important role in cryptocurrency markets and are also used to transfer money internationally.
Haycen is a trade financing provider of digital payments with operations in the UK and Europe. The company offers wholesale stablecoin-based solutions for non-banking providers in global trade.
Trade financing is an important part of the global trade that is ripe for modernization. The industry still depends on manual workflows and can be expensive for banks and companies involved.
Access is also a problem. Businesses of smaller size are prevented from accessing trade financing due to the cost and complexity of the existing system. This is where stableecoins can help.
Haycen offers increased accessibility to US dollars via stableecoins, combined with immediate settlement, reducing the traditional friction associated with cross -border transfers.
“Global trading is an incredibly important part of the economy and a fantastic
Market for us as a stableecoin solution; The global flow of goods and services
is dependent on liquidity moving effortless and successive regulatory changes
has forced back banks to scale trade lending operations back, “said Luke Sully, founder and CEO of Haycen, IE -Mail comments.
“It has left a gap in the market for non-bank players looking for new ways of
Move $ 2 trillion of annual flows, 95% of which are denominated in USD, “Sully said, adding that” for these participants by using stableecoins combines dividend improvement with certainty for immediate free global settlement. “
Haycen has received funding from the British government to develop stableecoin’s institutional quality.
These cryptocurrencies have made headlines this week.
Fidelity Investments is in advanced stages of the development of its own stablecoin, the Financial Times reported Wednesday.
World Liberty Financial (WLFI), a decentralized funding protocol supported by US President Trump also confirmed his own plans to start a stablecoin.
Read more: Trump-backed World Liberty Financial confirms Dollar StableCOin plans with Bitgo
