Haycen
Haycen is a Bermuda-regulated institutional digital asset infrastructure provider that issues USDhm and GBPdm stablecoins and operates the HALO settlement orchestration platform to connect trade finance lenders, capital allocators, and counterparties across global trade flows.
- Company typePrivate
- Founded2021
- HeadquartersHamilton, Bermuda
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Haycen does
Haycen is a Bermuda-regulated digital asset infrastructure provider focused exclusively on institutional B2B trade finance settlement. Founded in 2018 (operating entity incorporated 2021, previously known as Ledgermatic) and headquartered in Hamilton, Bermuda, the company operates through three legal entities spanning Bermuda, the United Kingdom, and Poland. Its core offering combines a regulated USD stablecoin (USDhm), a wholesale GBP stablecoin (GBPdm), a privacy-preserving stablecoin (Haycen Money / hm) built on zk-SNARK cryptography, and HALO — a settlement and payment orchestration platform that embeds multi-signature workflows and reconciliation into trade flows. The platform runs across Ethereum, Avalanche C-Chain, and Canton Network, with client fiat reserves custodied by Northern Trust.
Haycen's go-to-market is sales-led and enterprise-direct, targeting trade finance lenders, capital allocators, and trade counterparties through a dedicated institutional sales team. Revenue is generated via three streams: transaction/settlement fees on stablecoin movement, the yield spread between client-eligible interest and yield earned on Northern Trust money market sweep balances, and platform/onboarding fees for HALO settlement orchestration. Anchor enterprise partnerships include Kimura Capital (London-based commodity finance lender, ~$500M/month) and TradeFlow Capital (up to $200M initial capacity framework launched April 2026). The company holds a Class M Digital Asset Business licence from the Bermuda Monetary Authority (reg. 202404309) and a Polish VASP registration (RDWW-1355) positioning for MiCA, and reports live operational metrics of $142.8M daily settlement volume across 52 active routes with sub-2-second settlement finality.
The company employs 11–50 staff with leadership drawn from Goldman Sachs, IBM, JP Morgan, and Barclays. Funding to date has been sourced primarily through non-dilutive government grants (Enterprise Ireland HPSU, UK British Business Bank NSSIF) rather than traditional venture capital. Geographic footprint is global with explicit carve-outs for restricted jurisdictions including the United States, with strategic emphasis on emerging market trade corridors (Southeast Asia, Latin America, Africa, Eastern Europe) underserved by Western correspondent banking.
Haycen firmographics
Firmographics- Name
- Haycen
- Legal name
- Haycen Limited
- Website
- https://haycen.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Haycen is a Bermuda-regulated institutional digital asset infrastructure provider that issues USDhm and GBPdm stablecoins and operates the HALO settlement orchestration platform to connect trade finance lenders, capital allocators, and counterparties across global trade flows.
- Ownership category
- akta.pro rank
Haycen industry classification
Industry- Product category
- Institutional Stablecoin Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
- akta.pro secondary industry
- Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE)
Keywords
Where Haycen is headquartered
LocationHeadquarters
- HQ city
- Hamilton
- HQ country
- Bermuda
Offices3 records
Markets served
Haycen business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Stablecoin Transaction/Settlement Fees: Haycen earns fees from processing stablecoin settlements and transactions across its HALO platform for trade finance flows. Transaction fees are charged on the settlement and payment orchestration of global trade using regulated USDhm and other stablecoins.
- Interest/Yield on Stablecoin Holdings: Haycen generates yield on client stablecoin deposits held at Northern Trust in money market funds, and shares a portion of this yield with eligible clients per the Bermuda-regulated yield-bearing stablecoin license. The spread between yield earned and yield paid to clients contributes to revenue.
- Institutional Infrastructure / Platform Fees: Fees from providing HALO settlement orchestration infrastructure to institutional clients including trade finance lenders, investors, and counterparties. Revenue derived from onboarding institutions onto the platform and managing their settlement operations.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Quote-based institutional pricing aligned to client volume |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels8 records
Haycen product offering
Product offeringCore offering
Haycen provides regulated stablecoin infrastructure and a settlement orchestration platform (HALO) for institutional trade finance. Its core products include USDhm (a regulated 1:1 USD-backed stablecoin), GBPdm (a wholesale GBP stablecoin), and Haycen Money (a privacy-preserving stablecoin using zero-knowledge proofs), enabling lenders, capital allocators, and trade counterparties to deploy digital liquidity into global trade flows with sub-2-second settlement finality.
Product overview
Haycen provides a regulated liquidity and settlement platform for institutional trade markets, consisting of HALO (the settlement orchestration platform), USDhm (the primary USD stablecoin), GBPdm (wholesale GBP stablecoin), and Haycen Money (privacy-preserving hm stablecoin). The platform connects institutional capital to global trade flows through regulated stablecoin infrastructure, with HALO serving as the central workflow orchestration layer and the stablecoins (USDhm, GBPdm, hm) serving as the digital liquidity instruments for trade finance settlement.
Differentiator
Problem solved
Functional benefit
Brands
- HALO: Haycen Administrative and Ledger Orchestration - the settlement and payment orchestration platform for global trade flows.
- USDhm
- GBPdm
Products and services
- HALO (Haycen Administrative and Ledger Orchestration) Settlement and payment orchestration platform for global trade flows that manages deposits, settlement orchestration, liquidity management, and multi-signature workflows between lenders and trade counterparties. Provides real-time monitoring of settlement status, transaction flows, and account balances; compliance and audit trail reporting; and reconciliation capabilities. Designed for institutional clients including trade finance lenders, capital allocators, and trade counterparties.
- USDhm (Haycen Money USD) Regulated 1:1 USD-backed stablecoin designed for institutional liquidity and trade finance settlement. Backed fully by USD reserves held at Northern Trust in segregated accounts. Eligible clients earn AAA credit-rated yield on holdings while maintaining digital settlement capability. Operates on Ethereum, Canton Network, and Avalanche blockchain networks. Designed for trade finance lenders, investors, and counterparties deploying USD liquidity into global trade.
- GBPdm (Digital Money GBP) Wholesale issuance GBP stablecoin for B2B markets and regulated venues. 1:1 backed by GBP reserves, issued under Bermuda Monetary Authority's single currency pegged stablecoin standard. Provides local currency liquidity layer enabling regulated venues to access and deploy stablecoin liquidity in GBP. First in a series of non-USD stablecoins targeting non-USD trade corridors.
- Haycen Money (hm) Privacy-Preserving Stablecoin Privacy-preserving stablecoin built on Avalanche C-Chain using Groth16 zk-SNARKs and BabyJubJub elliptic curve encryption. All balances and amounts encrypted on-chain via EGCT (ElGamal Ciphertext). PCT (Partially Commutative Threshold) auditor encryption enables authorized regulatory access without exposing transaction data publicly. Includes Registration, Mint, Transfer, and Burn proof circuits with allowlist access control.
- Digital Money (dm) - Multi-Currency Liquidity Layer Local currency liquidity layer enabling regulated venues to access and deploy stablecoin liquidity in local currencies beyond USD, starting with GBPdm. Built on the same architecture as USDhm for multi-currency corridor support, designed for deeper liquidity formation within regulated venues.
Quantifiable outcome
- Daily settlement volume of $142.8M across 52 active routes
- +4 more outcomes
Companies that use Haycen
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles4 records
Haycen technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability1 record
Feature6 records
Haycen partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- TradeFlow CapitalcoreHaycen and TradeFlow Capital launched a new liquidity framework (April 2026) designed to channel institutional capital (up to $200M initial capacity) into real-economy trade finance flows. The structure integrates Haycen's regulated USD stablecoin liquidity and settlement alongside TradeFlow's asset-backed commodity transaction strategies. TradeFlow acts as investment and execution engine; Haycen provides liquidity coordination and settlement infrastructure via Avalanche blockchain.
- Kimura Capital LLPcoreKimura Capital, a London-based commodity trade finance provider, signed a cooperation agreement with Haycen to implement digital currency solutions for trade finance. Kimura underwrites approximately $23B+ in commodity finance and lends ~$500M/month. The partnership includes live trials in Q4 2024 with the aim of introducing digital trade finance products. Haycen enables Kimura to streamline capital usage and strengthen cash flow control through digital currency infrastructure.
- Canton NetworkcoreCanton Network is one of the blockchain networks on which Haycen's stablecoin products (USDhm) are deployed, alongside Ethereum and Avalanche. Canton Network is an institutional blockchain network designed for enterprise use cases.
- AvalanchecoreAvalanche C-Chain is the primary blockchain for Haycen's privacy-preserving stablecoin (Haycen Money / hm). EVM-compatible blockchain offering high throughput and low transaction costs, selected for on-chain proof verification requirements of the zk-SNARK-based privacy architecture.
- EthereumcoreEthereum Mainnet is one of the blockchain networks on which Haycen's USDhm stablecoin is deployed. Ethereum provides the base layer for institutional stablecoin settlement alongside Canton Network and Avalanche.
- HackencoreHacken is Haycen's smart contract security auditor. Independent audit of Haycen's smart contracts resulted in only 8 observational findings with a severity level of 0 on a scale from 1 to 4. Haycen uses Hacken audit badge on its About page.
Scale indicators13 records
Recent moves6 records
Expansion highlights6 records
Haycen competitors and assessment
Company assessmentBroad incumbents
- Circle: Issuer of USDC, the largest regulated USD stablecoin, with a comparable focus on institutional compliant digital dollars and an expanding presence in trade and settlement. Circle is the most direct regulated-stablecoin competitor to Haycen's USDhm, but addresses a broader market including payments, DeFi, and exchanges.
- Tether: Issuer of USDT, the dominant USD-pegged stablecoin by circulation and on-chain volume. While not primarily trade-finance focused or yield-bearing, Tether is the scale benchmark Haycen must differentiate against and is a key reference point for institutional adoption of USD stablecoins.
Emerging players
- MakerDAO / Sky: Decentralized protocol issuing DAI/USDS, the largest decentralized stablecoin, expanding into RWA collateral and institutional products via Sky. Conceptually adjacent to Haycen in addressing institutional stablecoin needs, but decentralised rather than regulated-Bermuda issuance.
- TrueUSD (Techteryx): Regulated, attestation-backed USD stablecoin with multi-chain deployment and institutional redemption rails. Directly comparable to Haycen's USDhm in regulated USD stablecoin positioning, though smaller in scale and lacking trade-finance-specific orchestration.
- Ondo Finance: Provider of tokenized US Treasuries and institutional yield-bearing digital assets (e.g., USDY, OUSG). Ondo overlaps with Haycen's yield-bearing institutional infrastructure thesis, though its asset base is Treasuries rather than trade-finance settlement corridors.
- Maple Finance: Institutional on-chain credit marketplace offering undercollateralized lending to institutional borrowers, increasingly tied to real-economy use cases. Overlaps with Haycen's non-bank trade finance lending segment from the credit-origination side rather than stablecoin issuance.
- Centrifuge: Tokenization protocol for real-world assets including trade finance and invoice receivables, providing on-chain capital infrastructure for institutional lenders. Competes with Haycen in bringing institutional capital to trade-finance use cases via digital rails, but via asset tokenization rather than stablecoin issuance.
Direct peers
- Paxos: Regulated stablecoin issuer and tokenization infrastructure provider offering Pax Dollar (USDP) and a B2B stablecoin-as-a-service platform, alongside blockchain infrastructure for enterprises. Paxos directly mirrors Haycen's regulated issuance model, though with a more diversified product set beyond trade finance.
- Komgo: Blockchain-based trade finance network used by commodity traders and banks (including through the Marco Polo Network / TradeIX legacy) to digitize letters of credit and other trade documents. Komgo addresses the same non-bank trade finance gap as Haycen's HALO platform, though its rails focus on documents rather than stablecoin settlement.
Regional players
- First Digital Labs: Hong Kong-based regulated digital asset firm issuing FDUSD, a Hong Kong-regulated USD stablecoin. Operates a regulated stablecoin model analogous to Haycen but is focused on Asia-Pacific distribution rather than trade finance corridors.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Haycen social profiles
Digital presenceHaycen compliance and trust
Trust signalCompliance4 records
Haycen financial estimates
Financial estimateRevenue estimate
Valuation estimate
Haycen leadership team
Management profileNumber of profiles
Profiles1 record
Haycen subsidiaries and ownership
Company hierarchySubsidiaries1 record
Haycen funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Haycen M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Haycen
What does Haycen do?
Haycen provides regulated stablecoin infrastructure and a settlement orchestration platform (HALO) for institutional trade finance. Its core products include USDhm (a regulated 1:1 USD-backed stablecoin), GBPdm (a wholesale GBP stablecoin), and Haycen Money (a privacy-preserving stablecoin using zero-knowledge proofs), enabling lenders, capital allocators, and trade counterparties to deploy digital liquidity into global trade flows with sub-2-second settlement finality.
Is Haycen a public or private company?
Haycen is a private company. It is classified as venture growth investor backed and is currently operating.
When was Haycen founded?
Haycen was founded in 2021. It employs 11 to 50 people.
Where is Haycen based?
Haycen is headquartered in Hamilton, Bermuda.
How does Haycen make money?
Three revenue lines are on record. Stablecoin Transaction/Settlement Fees are the primary driver. The others are interest/Yield on Stablecoin Holdings and institutional Infrastructure / Platform Fees.
Who are Haycen's main competitors?
Broad incumbents on record are Circle and Tether. Emerging players are MakerDAO / Sky, TrueUSD (Techteryx), Ondo Finance, Maple Finance and Centrifuge. Direct peers are Paxos and Komgo. First Digital Labs is listed as a regional player.
Does Haycen have an API?
No public API is recorded for Haycen.
What industry is Haycen in?
Haycen's product category is Institutional Stablecoin Infrastructure. Its primary akta.pro industry code is FSAPAEAB, Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption), with a secondary code of FSADADAE, Mint/Redeem, Issuance APIs & Treasury Operations Platforms. Its NAICS code is 522320 and its SIC code is 6200.