Northern Trust to Provide Custody, Cash Management Services for Stablecoin Issuer Haycen

1 month ago

Haycen provides stablecoin-based solutions for non-bank lenders successful planetary trade.

Updated Mar 26, 2025, 11:06 a.m. UTCPublished Mar 27, 2025, 8:59 a.m. UTC

TradFi elephantine Northern Trust (NTRS) volition supply custody and currency absorption services for commercialized concern focused stablecoin issuer Haycen, the institution said successful a property merchandise Thursday.

Northern Trust Asset Servicing volition beryllium liable for providing Haycen with planetary custody services for its lawsuit fiat deposits, and Northern Trust Asset Management volition supply currency expanse services, the institution said.

Stablecoins are cryptocurrencies whose worth is tied to different asset, specified arsenic the U.S. dollar oregon gold. They play a large relation successful cryptocurrency markets and are besides utilized to transportation wealth internationally.

Haycen is simply a commercialized concern integer payments provider, with operations successful the U.K. and Europe. The institution offers wholesale stablecoin-based solutions for non-bank lenders successful planetary trade.

Trade concern is simply a captious portion of planetary commerce that is ripe for modernization. The manufacture is inactive reliant connected manual workflows and tin beryllium costly for banks and companies involved.

Access is besides an issue. Smaller sized businesses are prevented from accessing commercialized concern owed to the costs and complexity of the existing system. This is wherever stablecoins tin help.

Haycen offers accrued availability to U.S. dollars via stablecoins, combined with instant settlement, thereby reducing the accepted friction associated with cross-border transfers.

"Global commercialized is an incredibly important portion of the system and a fantastic
market for america arsenic a stablecoin solution; the planetary travel of goods and services
relies connected liquidity moving unencumbered and successive regulatory changes
have forced banks to standard backmost commercialized lending operations," said Luke Sully, laminitis and CEO of Haycen, successful emailed comments.

"That’s near a spread successful the marketplace for non-bank players looking for caller ways to
move the $2 trillion of yearly flows, 95% of which is denominated successful USD," Sully said, adding that "for these participants, utilizing stablecoins combines output enhancement with the certainty of instant escaped planetary settlement."

Haycen has received backing from the U.K. authorities to make institutional-grade stablecoins.

These cryptocurrencies person been grabbing headlines this week.

Fidelity Investments is successful precocious stages of processing its ain stablecoin, the Financial Times reported connected Wednesday.

World Liberty Financial (WLFI), a decentralized concern protocol backed by U.S. President Trump, besides confirmed its ain plans to motorboat a stablecoin.

Will Canny

Will Canny is an experienced marketplace newsman with a demonstrated past of moving successful the fiscal services industry. He's present covering the crypto bushed arsenic a concern newsman astatine CoinDesk. He owns much than $1,000 of SOL.