The tradfi giant Northern Trust (NTRS) will provide custody and cash management services for the Stablecoin issuer focused on commercial finances there are, the company said in a press release on Thursday.
Northern Trust Asset Servicing will be responsible for providing there to be global custody services for their client fiduciary deposits, and Northern Trust Asset Management will provide cash sweeping services, said the company.
The stable are cryptocurrencies whose value is linked to another asset, such as the US dollar or gold. They play an important role in cryptocurrency markets and are also used to transfer money internationally.
There are a supplier of digital payments of commercial financing, with operations in the United Kingdom and Europe. The company offers wholesale solutions based on stablcoin for non -bank lenders in global trade.
Trade Finance is a vital part of global trade that is mature for modernization. The industry still depends on manual workflows and can be expensive for banks and companies involved.
Access is also a problem. The smaller companies are prevented from accessing commercial finances due to the costs and complexity of the existing system. This is where Stablecoins can help.
Haycen offers greater availability to US dollars through Stablecoins, combined with instant settlement, thus reducing traditional friction associated with cross -border transfers.
“Global trade is an incredibly important part of the economy and a fantastic
Market for us as a Stablecoin solution; The global flow of goods and services
It is based on the liquidity that moves without successive levies and regulatory changes
They have forced banks to climb commercial loan operations, “said Luke Sully, founder and CEO of Haycen, in comments sent by email.
“That has left a market gap for players who are not banks looking for new forms of
Move the $ 2 billion annual flows, 95% of which is called in USD, “said Sully, adding that” for these participants, the use of Stablocoins combines the improvement of performance with the certainty of a free -instant free global agreement. “
Haycen has received funds from the United Kingdom government to develop institutional degree stable.
These cryptocurrencies have been taking holders this week.
Fidelity Investments is in advanced stages to develop its own Stablecoin, Financial Times reported Wednesday.
World Liberty Financial (WLFI), a decentralized finance protocol backed by the president of the United States, Trump, also confirmed his own plans to launch a stablcoin.
Read more: World Liberty Financial, backed by Trump, confirms the plans of Dollar Stablecoin with Bitgo
