Haycen has announced that it has received the Digital Asset Business (DAB) license from Bermuda Monetary Authority (BMA) for its stablecoin payment management platform.
The company describes itself as the “B2B stablecoin platform for global trade finance”, leading the way for modern institutional financing.
Bermuda passed its Digital Asset Issuance Act back in 2020 as a result of stakeholder consultations earlier on, creating an overall reflective policy framework and list of requirements for applicants and approved issuers.
Compliance, accounting methods, and the integrity of the actor responsible for issuance management are all areas taken into consideration.
Speaking on this achievement, CEO Luke Sully expressed:
This is a key moment in Haycen’s evolution, and we are proud to be part of Bermuda’s blockchain-driven future. The regulatory clarity offered by the BMA provides us with the foundation to build and scale innovative stablecoin solutions that bring real value to businesses around the world.
Haycen now has the ability to issue a variety of currency-backed stablecoins to their worldwide client base.
They also offer additional whitelabelled services to non-bank lenders, including providing faster access to liquidity, credit funds and assistance with international disbursement processes. ‘Yield bearing’ products may also be available to compliant regions.
The company primarily focuses on supporting the maritime and trade sectors, improving daily operations and cashflow issues, such as payment delays with receivables or expensive docking fines.
This can be removed with the use of instant stablecoin settlements. Prior to this, Haycen had successfully passed a series of smart-contract security audits, as well as partnering key with a reputable custodian for its stablecoin issuance plans – Northern Trust.
