Haycen Granted Stablecoin License in Bermuda to Expand Trade Finance Offerings

Haycen, a trade finance-focused company, has been granted a stablecoin issuance license by the Bermuda Monetary Authority (BMA) [1]. This license allows the firm to issue and manage collateralized stablecoins in multiple currencies, including yield-bearing options, positioning it to expand its digital asset offerings [1]. The company announced the development on Friday, highlighting its intent to serve non-bank lenders, regulated entities, and B2B markets, which it identifies as underserved in the global trade and financing landscape [1].

Backed by Northern Trust and the U.K.’s National Security Strategic Investment Fund (NSSIF), Haycen plans to launch a series of non-dollar stablecoins, beginning with one pegged to the British pound [1]. The stablecoins will be fully collateralized at all times, providing transparency and regulatory assurance. Northern Trust currently acts as Haycen’s fiat custodian and money market fund partner, enhancing the company’s credibility and operational security [1].

The CEO of Haycen, Luke Sully, emphasized the significance of the license in the company’s development, stating that the regulatory clarity from the BMA creates a strong foundation for building scalable and innovative stablecoin solutions [1]. He also noted that cross-border trade finance remains a largely overlooked sector by traditional banks, despite its vast liquidity needs. Haycen’s stablecoin products aim to give businesses more control over their cash flows and reduce the cost of capital [1].

Stablecoins, which maintain their value through backing by assets such as the U.S. dollar or gold, are a critical part of the cryptocurrency ecosystem. They facilitate payments and international money transfers and hold a market cap of approximately $280 billion, according to CoinGecko [1]. While the sector is dominated by tokens like Tether’s USDT and Circle’s USDC, Haycen’s entry into the space with a focus on trade finance represents a niche-driven approach that may appeal to institutional and corporate clients seeking tailored financial instruments.

The firm’s strategy aligns with Bermuda’s growing reputation as a blockchain-friendly jurisdiction, offering a regulatory environment that supports digital innovation. With the backing of trusted financial partners and a clear mission to enhance trade finance, Haycen is well-positioned to capitalize on the evolving stablecoin market [1].

Source: [1] [Haycen Secures Stablecoin Issuance License in Bermuda](https://www.coindesk.com/business/2025/08/22/haycen-secures-stablecoin-issuance-license-in-bermuda)