PANews reported on August 22nd, according to CoinDesk, that Haycen, a trade finance company, has received a stablecoin issuance license from the Bermuda Monetary Authority (BMA). The company plans to launch 1:1 collateralized stablecoins in multiple currencies, including a British pound pegged token. Haycen's target market is B2B businesses, regulated entities, and non-bank lenders in the cross-border trade finance sector, which has long been considered underserved.

Haycen's stablecoin product will focus on reducing capital costs and increasing control over cash flow for businesses, with all tokens fully collateralized. Furthermore, Haycen has partnered with Northern Trust and received support from the UK's National Security Strategic Investment Fund (NSSIF).