The Tradfi Northern Trust (NTRS) giant will provide cash management and management services for Stablecoin issuer focused on the financing of trade Haycen, the company announced on Thursday in a press release.
Northern Trust Asset Servicing will be responsible for providing Haycen with global childcare services for its Fiat Customer deposits, and the management of Northern Trust assets will provide cash scanning services, said the company.
Stablecoins are cryptocurrencies whose value is linked to another asset, such as US dollar or gold. They play a major role in the cryptocurrency markets and are also used to transfer money internationally.
Haycen is a supplier of digital commercial financing payments, with operations in the United Kingdom and Europe. The company offers solutions based on the large reserve for non -banking lenders in world trade.
Trade financing is an essential element of global trade which is mature for modernization. The industry still depends on manual work flows and can be expensive for banks and companies involved.
Access is also a problem. Small companies are prevented from accessing trade due to the costs and complexity of the existing system. This is where Stablecoins can help.
Haycen offers increased availability for American dollars via stablecoins, combined with instant settlement, thus reducing the traditional friction associated with cross -border transfers.
“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
is based on liquidity moving regulatory changes without incident
Forced the banks to develop the trade loan operations, “said Luke Sully, founder and CEO of Haycen, in the comments sent by e-mail.
“It left a gap on the market for non -banking players looking for new ways of
Move the 2 billions of dollars of annual flows, 95% of which are denominated in USD, “said Sully, adding that” for these participants, using stablecoins combines the improvement of yield with the certainty of an instant free global settlement “.
Haycen obtained funding from the British government to develop stablecoins of institutional quality.
These cryptocurrencies made the headlines this week.
Fidelity Investments is in advanced stages of development of its own stablecoin, the Financial Times reported on Wednesday.
World Liberty Financial (WLFI), a decentralized financial protocol supported by President Trump, also confirmed his own plans to launch a stablecoin.
Find out more: World Liberty Financial supported by Trump confirms Stablecoin plans to a dollar with Bitgo
