In a significant stride for the burgeoning world of digital finance, Haycen has secured a coveted stablecoin issuance license from the Bermuda Monetary Authority (BMA). Announced on Friday, this development positions Haycen to issue and manage stablecoins that are 1:1 collateralized, offering yield-bearing products in various currencies. This move is set to shake up the landscape of trade financing, particularly for B2B markets, regulated entities, and non-bank lenders—sectors the company believes are often overlooked in the global trade ecosystem.
A New Chapter in Stablecoin Innovation
Haycen’s foray into the stablecoin market comes at a time when these digital assets play a pivotal role in cryptocurrency markets. Stablecoins, typically pegged to traditional assets like the U.S. dollar or gold, serve as a crucial payment infrastructure and facilitate international money transfers. The sector, with a current market cap of around $280 billion according to CoinGecko, is predominantly led by giants like Tether’s USDT and Circle Internet’s USDC. This trend mirrors other recent developments, such as Wyoming’s launch of a U.S. Dollar stablecoin on seven blockchains, highlighting the growing interest in stablecoin innovations.
“This is a key moment in Haycen’s evolution,” remarked Luke Sully, the founder and CEO, in a press release. “We are proud to be part of Bermuda’s blockchain-driven future. The regulatory clarity provided by the BMA gives us the foundation to build and scale innovative stablecoin solutions that bring real value to businesses across the world.” The endorsement from the BMA not only provides regulatory clarity but also sets the stage for Haycen to innovate in ways previously constrained by regulatory uncertainties.
Bridging the Trade Finance Gap
Haycen’s strategic focus on cross-border trade finance highlights a sector that CEO Sully describes as “largely off the radar” for traditional banks, despite its colossal annual liquidity demands. The goal? To offer institutions and corporates enhanced control over cash flows while minimizing capital costs. It’s a tall order, but with fully collateralized stablecoins—including a British pound-denominated token—Haycen seems poised to deliver.
Earlier this year, Haycen began collaborating with Northern Trust, a partnership that sees the latter acting as Haycen’s fiat custodian and money market fund partner. This relationship underscores Haycen’s commitment to ensuring robust financial backing and secure handling of its stablecoin offerings. Furthermore, the company’s initiatives have caught the eye of the U.K. government’s National Security Strategic Investment Fund (NSSIF), providing additional validation and support for Haycen’s ambitious plans. This follows a pattern of institutional support, as seen in Wyoming’s Visa-supported FRNT stablecoin launch.
Looking Ahead: Opportunities and Challenges
As Haycen embarks on this journey, it faces both promising opportunities and inevitable challenges. The company’s innovative approach to stablecoins could redefine how businesses navigate cross-border trade and finance. However, the success of these endeavors will depend on global regulatory landscapes, market acceptance, and technological advancements.
The broader implications of Haycen’s license acquisition are yet to unfold, raising questions about potential shifts in the stablecoin ecosystem. Will Haycen’s entry encourage other players to explore underserved markets? Can stablecoins truly transform trade finance as Sully envisions? Only time will tell.
In the meantime, all eyes are on Haycen as it charts a course through the uncharted waters of digital finance, armed with regulatory approval and a vision for a more inclusive financial future. As the stablecoin market continues to evolve, Haycen’s bold move in Bermuda might just be the catalyst for the next wave of innovation in the crypto world.
Source
This article is based on: Haycen Secures Stablecoin Issuance License in Bermuda
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
