Haycen has just received a license to issue stablecoin from the Bermuda Monetary Authority, preparing to launch a stablecoin backed 1:1 in various currencies, including the British Pound.

Haycen targets the B2B market, regulated entities, and non-bank lending organizations in cross-border trade finance, aiming to reduce capital costs and increase cash flow control for enterprises.

MAIN CONTENT

  • Haycen has been granted a license to issue stablecoin by the Bermuda Monetary Authority.

  • The stablecoin product is backed 1:1, multi-currency, targeting the B2B market and cross-border trade finance.

  • Collaborating with Northern Trust and supported by the UK's National Security Strategic Investment Fund (NSSIF).

Where and when did Haycen receive the license to issue stablecoin?

Haycen has just been granted a license to issue stablecoin by the Bermuda Monetary Authority (BMA) on August 22, according to CoinDesk.

This licensing marks an important step for Haycen to officially issue legal stablecoin in the international financial market, facilitating business activities aimed at corporate clients and cross-border financial institutions.

The licensing in Bermuda, a well-known financial center for cryptocurrency regulation, also helps increase the credibility and legality of the stablecoin issued by Haycen.

What features will Haycen's stablecoin have and who is it aimed at?

Haycen's stablecoin product will be backed 1:1 with real currencies, including the British Pound, and is expected to be issued in various currencies.

Targeting the B2B market segment, regulated entities, and non-bank lending organizations, this stablecoin supports cross-border trade finance, which has long been considered under-resourced and lacking appropriate services.

The goal is to reduce capital costs for businesses, as well as help businesses gain greater control over cash flow through a comprehensive and secured stablecoin system.

Who does Haycen collaborate with to develop and support the stablecoin?

Haycen has established a strategic partnership with Northern Trust, a globally reputable financial institution, to strengthen the infrastructure and trust for the issued stablecoin.

In addition, the project also receives support from the UK's National Security Strategic Investment Fund (NSSIF), demonstrating interest from the UK government in developing financial solutions using cryptocurrency in international trade.

This collaboration helps Haycen develop a safe, transparent product that complies with international regulations.

"The license to issue stablecoin from Bermuda will help us provide a transparent and efficient financial solution, aiming to serve businesses that are often overlooked in the cross-border trade finance market."
- Haycen representative, 2023

Frequently Asked Questions

When will Haycen issue the stablecoin?

The license was granted on August 22, 2023, and Haycen is preparing to launch a multi-currency stablecoin in the near future.

What is special about Haycen's stablecoin?

The product is backed 1:1, aiming to reduce capital costs and improve cash flow management for B2B enterprises.

Who are Haycen's main partners in this project?

Haycen collaborates with Northern Trust and receives support from the UK's National Security Strategic Investment Fund (NSSIF).

What is the target market for Haycen's stablecoin?

B2B enterprises, regulated financial institutions, and non-bank lending organizations in cross-border trade.

What does the license granted in Bermuda mean?

The license enhances the legality, credibility, and facilitates the development of stablecoin in the international market.

Source: https://tintucbitcoin.com/haycen-phe-duyet-stablecoin-gbp-tai-bermuda/

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