Haycen, a company focused on trade financing, has secured a Stablecoin issuance license from the Bermuda Monetary Authority (BMA), the company said Friday.
The Digital Asset Business (M) license allows Haycen to issue and manage 1:1 secured stub coins in multiple currencies using the provisions of products that retain yields.
The company targets the B2B market, regulated entities, and non-bank lenders.
The value of a Stablecoin is associated with assets such as US dollars and gold. They play a major role in the cryptocurrency market, particularly providing payment infrastructure, and are also used to transfer money internationally. The sector's market capitalization is around $280 billion, Coingecko data shows, dominated by Tether's USDT and Circle Internet's USDC.
“This is a key moment in Heysen's evolution and we are proud to be part of Bermuda's blockchain-driven future,” founder and CEO Luke Three said in the release.
“The regulatory clarity provided by BMA provides the foundation for building and expanding innovative Stablecoin solutions that bring real value to businesses around the world.”
Haycen will focus its offering on cross-border trade finance, Sully, a sector known as “mostly off the radar” of the bank, despite trillions of dollars across its annual liquidity needs.
He said the company's goal is to provide institutions and businesses with better control over cash flow and reduce capital costs. Hasen's stubcoins, including tokens dragged into the British pound, are always fully secured.
Earlier this year, Heysen began working with Northern Trust, which serves as a partner for Fiat Custodians and money market funds. It also received support from the UK government's Strategic Investment Fund (NSSIF).
read more: Northern Trust provides custody, custody and cash management services for Haycen Stablecoin publisher
