Heisen, a company specializing in trade financing, has obtained a license to issue stablecoins from the Bermuda Monetary Authority (BMA), according to the company's announcement on Friday.

The digital business license (M) allows Haicen to issue and manage stablecoins backed 1:1 by several currencies, with the option to offer yield-bearing products.

The company targets the business-to-business markets and non-bank lenders, which it says are still underserved in global trade and finance.

Stablecoin values are tied to assets such as the US dollar or gold. They play a key role in cryptocurrency markets by providing, among other things, a payment infrastructure, and are used for transferring money internationally. The sector is approximately $280 billion in size, according to CoinGecko data, and is dominated by Tether's USDT and Circle Internet's USDC.

Luke Sully, the founder and CEO, said in the statement: "This is an important moment in the evolution of Hyzen, and we are proud to be part of the blockchain-driven future of Bermuda."

"The regulatory clarity provided by the Bermuda Monetary Authority gives us the foundation to build and expand innovative stablecoin solutions that bring real value to businesses around the world."

Hysen plans to focus its offerings on cross-border trade financing, a sector that Solly described as "largely off the radar" for banks despite annual liquidity needs in the trillions of dollars.

He stated that the company's goal is to provide institutions and businesses with more control over cash flows and reduce the cost of capital. The stablecoins issued by Hycen, including the GBP-pegged token, are fully backed at all times.

Earlier this year, Hycen began working with Northern Trust, which acts as a custodian for fiat currencies and a partner in the money market fund. It also received support from the UK government's National Security Strategic Investment Fund (NSSIF) #Show My Alpha Points #Token of Love: Cheer on Square & Win Tickets #FOMC July Minutes .