Northern Trust (NTRS) to Provide Custody and Cash Management Services to Stablecoin Issuer Haycen

Northern Trust to Provide Custody and Cash Management Services to Stablecoin Issuer Haycen

Haycen offers stablecoin solutions for non-bank lenders in international trade.

Posted by Will Canny | Edited by: Stephen Alpher Updated: March 26, 2025 11:06 UTC Published: March 27, 2025 8:59 UTC

Key points:

• Northern Trust will provide custody and cash management services for Haycen, a stablecoin issuer focused on trade finance.
• Haycen offers stablecoin solutions for non-bank lenders in the trade finance space.

Major financial institution Northern Trust (NTRS) will provide custody and cash management services for trade finance-focused stablecoin issuer Haycen, the company said in a press release Thursday.

Northern Trust Asset Servicing will be responsible for providing Haycen with global custody services for clients' fiat deposits, while Northern Trust Asset Management will handle cash management, the company said.

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Stablecoins are cryptocurrencies whose value is pegged to another asset, such as the US dollar or gold. They play a key role in cryptocurrency markets and are used for international money transfers.

Haycen is a digital payment provider for trade finance operating in the UK and Europe. The company offers wholesale stablecoin solutions for non-bank lenders in global trade.

Trade finance is a major segment of global trade that needs to be modernized. The industry still relies on manual processes and can be costly for the banks and companies involved.

Access is also an issue. Small businesses often lack access to trade finance due to the high costs and complexity of the existing system. This is where stablecoins can help.

Haycen offers improved access to US dollars through stablecoins, as well as instant settlements, which helps reduce the traditional difficulties associated with cross-border transfers.

“Global trade is an incredibly important part of the economy and a great market for us as a stablecoin solution; the international flow of goods and services depends on the smooth movement of liquidity, and regulatory changes are forcing banks to scale back their trade finance operations,” Luke Salley, founder and CEO of Haycen, said in emailed comments.

“This has created a gap in the market for unbanked participants looking for new ways to move $2 trillion in annual flows, 95% of which are denominated in US dollars,” Salley added, explaining that “for these players, using stablecoins combines increased yield with the certainty of instant, free global settlement.”

Haycen has received funding from the UK government to develop institutional-grade stablecoins.

These cryptocurrencies have gained attention this week.

The Financial Times reported on Wednesday that Fidelity Investments is in the advanced stages of developing its own stablecoin.

World Liberty Financial (WLFI), a decentralized financial protocol backed by US President Trump, has also confirmed its plans to launch a stablecoin.

Read more: Trump-backed World Liberty Financial confirms plans for dollar-backed stablecoin with BitGo

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