TechFlow news, March 27 — According to CoinDesk, global custodian Northern Trust will provide custody and cash management services for Haycen, a stablecoin issuer focused on trade finance. Northern Trust’s Asset Services division will offer global custody services for Haycen’s clients’ fiat deposits, while its Asset Management unit will deliver cash management services.
Haycen founder and CEO Luke Sully said that through stablecoins, non-bank participants can combine yield enhancement with the certainty of instant, free global settlement to address $2 trillion in annual funding flows.
The report noted that Haycen has received funding support from the UK government to develop institutional-grade stablecoins.
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