Northern Trust to Offer Custody and Cash Management for Haycen
Northern Trust (NTRS) will provide custody and cash management services to Haycen, a stablecoin issuer focused on trade finance. Key details include:
- Northern Trust Asset Servicing will manage global custody for Haycen's client fiat deposits.
- Northern Trust Asset Management will offer cash sweep services.
- Haycen operates in the U.K. and Europe, providing stablecoin-based solutions for non-bank lenders in global trade.
- The trade finance sector faces challenges such as high costs and complexity, limiting access for smaller businesses.
- Stablecoins aim to enhance availability of USD and facilitate instant settlement, reducing friction in cross-border transactions.
- Haycen has received U.K. government funding to develop institutional-grade stablecoins.
Additionally, Fidelity Investments is reportedly developing its own stablecoin, while World Liberty Financial (WLFI), supported by U.S. President Trump, plans to launch a stablecoin as well.