Haycen Secures Stablecoin Issuance License in Bermuda

Haycen, a trade finance-focused firm, has obtained a stablecoin issuance license from the Bermuda Monetary Authority. The Digital Asset Business (M) license permits Haycen to issue and manage 1:1 collateralized stablecoins across multiple currencies, including provisions for yield-bearing products.

The company aims to serve B2B markets, regulated entities, and non-bank lenders—segments it claims are underserved in global trade finance. Stablecoins, pegged to assets like the U.S. dollar or gold, are pivotal in crypto markets, facilitating payments and cross-border transactions. The sector, valued at $280 billion, is dominated by Tether's USDT and Circle's USDC.

"This is a key moment in Haycen’s evolution," said founder and CEO Luke Sully. The BMA's regulatory framework, he added, provides the foundation to scale innovative stablecoin solutions for global businesses.

Haycen will prioritize cross-border trade finance, a sector Sully describes as "largely off the radar" for traditional banks despite trillion-dollar liquidity needs. The firm seeks to bridge gaps for institutions and corporates.