Northern Trust (NTRS) to provide custody and cash management services for stablecoin issuer Haycen
Tradfi giant Northern Trust (NTRS) will provide custody and cash management services for trade finance dedicated to Stablecoin issuer Haycen, the company said in a press release Thursday.
Serving the Northern Trust Asset is responsible for providing Haycen of global care services for this client’s deposits, and the Northern Trust Asset management will provide cash sweep services, the company said.
Stablecoins are cryptocurrencies that the value is tied to another owner, such as the US dollar or gold. They play a major role in cryptocurrency markets and are also used to transfer money worldwide.
Haycen is a digital payment provider of digital payment, with operations in the UK and Europe. The company offers StableCoin-based Stablecoin-based solutions for non-lending bank in global trade.
Trade finance is an integral part of global commercial ripe for modernization. The industry is still relying on manu -work flow and can be expensive for banks and companies involved.
Accessing is also an issue. The smaller size of businesses are prevented from accessing trading finances due to the costs and complexity of the existing system. This is where stablecoins can help.
Haycen offers an increase in the availability of US dollars through Stablecoins, combined with immediate settlement, thus reducing the traditional strife associated with cross-border transfers.
“Global trade is an incapacitizing essential part of the economy and an amazing -amazing
Market for us as a stablecoin solution; The global flow of goods and services
is dependent on the liquid transition of hopeless and sequential regulatory changes
Banks were forced to scale trade lending operations, “said Luke Sully, founder and CEO of Haycen, in the comments -email comments.
“That was left by a market space for non-bank players looking for new ways to
Move $ 2 trillion of annual flow, 95% of which is denominated with the USD, “Sully said, adding that” for these participants, using stablecoins combines yield enhancement with the assurance of instant free regulating. “
Haycen received funding from the UK government to produce institutional grade stablecoins.
These cryptocurrencies get headaches this week.
Fidelity Investments are in advanced stages of developing its own stablecoin, The Financial Times reported On Wednesday.
World Liberty Financial (WLFI), a decentralized financial protocol supported by US President Trump, has also confirmed its own plans to launch a stablecoin.
Read more: Trump-backed World Liberty Financial confirms Stablecoin dollar plans along with BitGo
