Northern Trust (Nasdaq: NTRS) announced today that it has been selected by Haycen Bermuda Ltd. (Haycen) – a trade finance digital payments provider, with operations in the UK and Europe – to deliver global custody and money market fund services.
Haycen delivers wholesale stablecoin-based solutions for non-bank lenders in global trade. Haycen offers global trade participants increased availability to USD in a digital format alongside an instant settlement capability, reducingthe traditional friction associated with cross-border liquidity transfers. Haycen provides fully collateralized single currency pegged stablecoins in multiple currencies, seeking to reward its clients for maintaining their funds in Haycen’s digital payment ecosystem.
Under the new mandate, Northern Trust Asset Servicing will provide Haycen with global custody services for its client fiat deposits. Northern Trust Asset Management will provide cash sweep services.
Ian Hamilton, head of Asset Owners Europe, Asset Servicing at Northern Trust, said: “At Northern Trust, we offer clients the strength and stability of our custody business combined with an innovative approach to the future of the industry. Haycen recognized this value and selected us to help support their investment objectives. By pairing our client-focused approach with close collaboration with our Northern Trust Asset Management partners, we provide a seamless service experience that helps our clients succeed. We’re excited to bring this to our relationship with Haycen.”
Luke Sully, Founder & CEO of Haycen, said: “We have been working with the team at Northern Trust for a year to develop and refine the operating model needed to deliver a high quality stablecoin for global markets. This is a key moment in the evolution of new digital-first financial services and represents a step forward for our stablecoin businesses to be trusted with advancing global commerce. Northern Trust took the time to understand our unique requirements in order to provide us with the best experience for our unique ecosystem. With their reputation as a trusted industry leader and innovator, Northern Trust adds a layer of expertise we need, and we’re eager to embark on this journey together.”
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