Northern Trust will provide custody and cash management services for stablecoin issuer Haycen

2025-03-27 17:13:29

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ChainCatcher news, according to CoinDesk, global custodian bank Northern Trust will provide custody and cash management services for trade finance-focused stablecoin issuer Haycen. Northern Trust's Asset Services division will be responsible for providing global custody services for Haycen's clients' fiat deposits, while Northern Trust's Asset Management division will offer cash management services.

Haycen's founder and CEO Luke Sully stated that through stablecoins, non-bank participants can combine yield enhancement with the certainty of instant free global settlement to address the $20 trillion in annual capital flows.

The report states that Haycen has received funding support from the UK government for the development of an institutional-grade stablecoin.

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