On August 22, 2025, following a regulatory green light, Haycen obtained from the Bermuda Monetary Authority (BMA) the license for the issuance of fully collateralized and multi-currency stablecoins.
In this context, the path opens for B2B solutions for international payments and supply chain financing. (source: CoinDesk)
According to the data collected from market analysis conducted between May and July 2025, the proof‑of‑concepts on B2B stablecoin solutions have shown significant improvements in settlement times and in the reconciliation of flows.
Industry analysts observe that the combination of full segregation of reserves and periodic reporting is today one of the determining factors for corporate adoption, especially in cases of trade finance involving multiple jurisdictions.
For the macroeconomic context and the relevance of trade finance, refer to the analyses of international institutions such as the IMF and the ICC. (sources: IMF – Fintech, ICC – Trade Finance Gap)
What the license covers and why it is relevant
The license falls within the scope of the http:///glossario/digital-asset-business-act (DABA) and authorizes the issuance, operational management, and redemption of stablecoin with 1:1 collateralization in fiat currency, accompanied by stringent transparency controls and periodic audits.
It should be noted that, on a practical level, this allows Haycen to structure regulated payment and trade finance instruments, with measurable benefits on settlement times, costs, and cash flow visibility. (source: BMA – Digital Assets)
How Haycen’s stablecoins will work
The model includes tokens anchored to multiple currencies and reserves held with institutional partners.
An interesting aspect is the launch with the British pound (GBP), which will be followed by a progressive extension to other currencies, maintaining the constraint of full coverage and reporting standards aligned with the BMA’s requirements. Options for yield that are compatible with the regulatory framework are also being studied, without compromising liquidity in stress conditions.
For technical insights, please refer to the operational guide on custody and reporting standards available in our resources section.
Main characteristics
- Collateralization: segregated fiat reserves at institutional custodians (e.g., Northern Trust), with independent audits.
- Multi-currency: initial launch in GBP and subsequent expansion to other major currencies.
- Target market: non‑bank lenders, regulated institutions, and B2B clientele.
- Purpose: support for cross-border payments, quick reconciliations, and working capital tools.
- Operations: issuance and redemption on‑chain with fiat funds in near real-time.
Key Data
- License date: August 22, 2025.
- Regulatory framework: Digital Asset Business Act 2018 and BMA guidelines for regulated digital assets (BMA – Digital Assets).
- Coverage scheme: 100% segregated fiat; periodic audits and public reports on reserves.
- Custody: entrusted to institutional partners, with reference to Northern Trust for the custody of fiat funds.
- Roll‑out: currently in progress, with progressive extension to more currencies and B2B use cases.
- Stablecoin market: for updated data and date of detection, refer to CoinGecko and sector analyses published by international institutions like the IMF. (IMF – Fintech).
Editorial note: in the absence of a further official statement from Haycen and the confirmation of specific operational details, some information (timelines, operational percentages, direct shares) requires further verification and updates as soon as available.
Why it matters for B2B trade finance
In international trade, the combination of programmable payments, instant settlement, and reserve transparency can reduce friction in the management of invoices, letters of credit, and pro-soluto discounts.
For SMEs and non-bank lenders, this translates into quicker access to liquidity and standardized tools, reducing reliance on intermediaries and the risk of exchange fluctuations. In this context, the standardization of on-chain processes represents a significant component. (source: CoinDesk)
More efficient international payments
- Decreasing costs: lower impact of commissions and reduction of unnecessary currency conversions.
- Speed: settlement almost in real-time and faster reconciliations.
- 24/7 Operations: payments and redemptions can be made even outside traditional banking windows.
- FX netting: possibility of offsetting positions in multiple currencies, reducing the number of intermediate steps.
Transparency, security, and governance
The proposal emphasizes full reserve, segregation of funds, independent audits, and public reporting, essential elements to build trust among corporate users.
The supervision of the BMA also imposes risk management processes, operational continuity plans, and controls on the redemption mechanism, helping to reduce the risk of mismatches between tokens and reserves.
Residual risks and how they are mitigated
- Reserve management: the adoption of conservative policies and continuous monitoring of liquidity are fundamental.
- Custodian concentration: the risk is mitigated by entrusting custody to multiple institutions and a legal segregation of funds.
- Market stress: resilience testing and activation of dedicated liquidity lines in case of redemption peaks.
- Technological risk: periodic code audits and rigorous checks on smart contracts.
- Regulatory arbitrage: the adoption of international standards is necessary to ensure interoperability and, in the future, a possible regulatory passport with other markets.
Bermuda in the global context
The archipelago has built a clear regulatory path for digital assets based on the DABA, positioning itself as a credible alternative to major financial hubs.
This clarity, in terms of requirements on reserves, audit, and governance, represents a competitive advantage compared to markets where regulations are still being defined or evolving. It must be said that such regulatory predictability remains a key factor for operators. (source: Global Legal Insights)
Impact on the market and outlook
The entry of Haycen into the stablecoin for trade finance segment could stimulate the offering of new products, encourage partnerships with banks and fintech companies, and accelerate the standardization of on‑chain tools for the supply chain and international payments.
In the short term, an expansion of the application horizon is also hypothesized, including factoring programs and securitizations of tokenized credits, with greater transparency on performance data. (data to be verified)
FAQ
Does the license require full coverage of stablecoins?
Yes. The BMA framework requires full collateralization and the performance of independent verifications, along with redemption processes consistent with the reserves. (source: BMA – Digital Assets)
Who will be able to use Haycen’s solutions?
The solutions are intended for regulated B2B operators, non‑bank lenders, financial institutions, and companies with cross‑border payments flows and specific working capital needs.
When is the operational launch expected?
The roll-out is currently in progress with a gradual activation for additional currencies and use cases. Detailed timings will be communicated through Haycen’s official channels.
Conclusion
With the Bermuda stablecoin license, Haycen positions itself to offer B2B stablecoin solutions focused on payments and international trade financing.
Thanks to the regulated issuance, 1:1 collateralization, and the adoption of institutional custody, the project could accelerate the adoption of digital instruments for both SMEs and large enterprises, contributing to making on-chain trade finance more efficient and transparent. (source: CoinDesk)
