“Stablecoin Shenanigans: Bankers Get in on the Action!”
What to know:
- Northern Trust is to provide custody and cash management services for Haycen, a trade finance focused stablecoin issuer.
- Haycen offers stablecoin-based solutions for non-bank lenders in the trade finance industry.
It seems the big boys are getting in on the stablecoin action! Northern Trust, a TradFi giant, is now providing custody and cash management services for Haycen, a trade finance focused stablecoin issuer. Because, why not, right? 🤷♂️
Northern Trust Asset Servicing is handling the global custody services for Haycen’s client fiat deposits, while Northern Trust Asset Management is providing cash sweep services. Because, you know, who doesn’t love a good game of “pass the hot potato”? 🎲
Stablecoins, for those who don’t know, are cryptocurrencies tied to another asset, like the US dollar or gold. They’re all the rage in cryptocurrency markets and are also used for international money transfers. It’s like a game of “trust fall” – you fall, and someone else catches you… with a stablecoin! 🤹♀️
Haycen is a trade finance digital payments provider with operations in the UK and Europe. They offer wholesale stablecoin-based solutions for non-bank lenders in global trade. It’s like a big game of ” Risk” – but instead of conquering countries, you conquer the world of trade finance! 🌎
Trade finance is a vital part of global commerce, but it’s still stuck in the dark ages. Manual workflows and high costs make it a cumbersome process for banks and companies involved. But fear not, stablecoins are here to save the day! 🦸♂️
Haycen offers increased availability to US dollars via stablecoins, combined with instant settlement. It’s like a magic trick – poof! Your money appears! 🎩
“Global trade is an incredibly important part of the economy and a fantastic market for us as a stablecoin solution,” said Luke Sully, founder and CEO of Haycen, in an emailed comment. “The global flow of goods and services relies on liquidity moving unencumbered… and successive regulatory changes have forced banks to scale back trade lending operations.” 🤯
Haycen has received funding from the UK government to develop institutional-grade stablecoins. It’s like a big game of ” Monopoly” – but instead of buying properties, you’re buying stability! 🏠
Other players in the stablecoin game include Fidelity Investments, which is reportedly developing its own stablecoin, and World Liberty Financial, a decentralized finance protocol backed by US President Trump. It’s like a big game of “stablecoin poker” – who will be the big winner? 🤔
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2025-03-27 12:04