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Iran war, debanking drive commodity traders toward stablecoins, says Haycen CEO

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Iran war, debanking drive commodity traders toward stablecoins, says Haycen CEO

The ripple effects of geopolitical conflict are reshaping the plumbing of global trade finance, pushing some commodity traders out of the banking system and into the arms of stablecoins.

That’s according to Luke Sully, CEO of trade finance-focused stablecoin issuer Haycen, who says the war involving Iran has heightened compliance fears among Western banks, triggering a fresh wave of “debanking” across commodity markets.

“Since the war, banks are further retreating from certain commodity flows,” Sully told CoinDesk in an interview.

“We spoke with some commodity traders who are getting debanked now,” he added.

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The $2 trillion market

The concern centers on counterparty risk.

Banks worry that seemingly legitimate transactions, say, involving firms in Oman or other regional hubs, could have indirect exposure to sanctioned Iranian entities. Rather than take the risk, some institutions are stepping back entirely.

The result is reduced access to traditional rails in a sector that is already largely financed outside of traditional banking.

Trade finance, a roughly $2 trillion market for international trade transactions, has increasingly been dominated by non-bank lenders, including private credit funds that finance the movement of commodities and goods globally.

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“Everybody thinks they know about trade finance, but they don’t,” Sully says. “It’s predominantly non-bank investment funds lending to borrowers around the world to move goods and services.”

These lenders provide critical liquidity, often earning annualized returns of around 15%, and enable transactions such as shipping helium from Qatar to South Korea or manganese from South Africa to Indonesia.

But they rely on banks for settlement and payment rails, relationships that are now under strain.

Stablecoins, digital tokens pegged to fiat currencies, typically the U.S. dollar, are emerging as a key workaround. In particular, Tether’s USDT has seen growing adoption among commodity traders and counterparties operating in emerging markets.

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These cryptocurrencies have rapidly evolved from a niche crypto trading tool into one of the fastest-growing segments of global finance, with total market capitalization surpassing $300 billion in 2025 after roughly 50% annual growth.

Transaction volumes have surged even faster, exceeding $4 trillion in 2025 and now accounting for around 30% of all onchain activity, underscoring their growing role as a medium for cross-border payments and dollar access in emerging markets.

Tether’s dominance

Once primarily used within crypto markets, stablecoins are increasingly being adopted for real-world use cases, from remittances to trade settlement, driven by their speed, global liquidity and ability to bypass traditional banking rails.

One such stablecoin is Tether’s USDT, which is currently dominating the flow.

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“Tether is soaking up a lot of the payments flow,” Sully says. “If you want to make a one-time payment into an emerging market, USDT is helping.”

The appeal is straightforward: deep global liquidity and widespread acceptance.

“There is so much global USDT liquidity that people don’t mind sending or accepting it as payment,” he added, “because someone in their country will eventually swap it for dollars.”

That growing familiarity is also shifting perceptions.

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Still, Sully frames this trend as a workaround rather than a long-term solution. “This is more of a workaround for these people than a solution for trade finance in general.”

‘A different problem’

The geopolitical backdrop is also producing more extreme signals.

Sully pointed to reports that bitcoin is being used as a “currency of choice” for payments tied to safe passage through the Strait of Hormuz, a critical chokepoint for global oil shipments.

“It shows that trade finance is increasingly being led and managed by non-bank actors and non-bank ways of transacting,” Sully says.

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Haycen is positioning itself to capture this shift. The firm issues a U.S. dollar-backed stablecoin, USDhn, designed specifically for trade finance.

According to Sully, “Haycen aims to be the liquidity and settlement layer for non-bank global trade and is currently working with industry participants around the world.” The goal is to streamline a highly fragmented system.

Haycen’s model allows users to deposit funds, transact using its stablecoin, and potentially earn interest, subject to regulatory eligibility, while avoiding the delays and inefficiencies of correspondent banking.

“Funds don’t get lost for seven days. You can log in, see your deposits and counterparties in one place, and settle instantly.”

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Unlike most stablecoin issuers, which focus on crypto trading or retail payments, Haycen is targeting a specific institutional niche. “Every other stablecoin business is a payments business or a crypto trading business,” Sully says. “We’re solving a different problem.”

That problem, how to move money efficiently in a fragmented, increasingly de-risked global trade system, may only grow more acute as geopolitical tensions persist.

Ironically, Sully notes, banks’ retreat could accelerate crypto adoption faster than the industry itself ever managed.

Read more: Banks are treading carefully on stablecoins despite market growth, S&P Global says

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Pi Network price outlook as it completes a major protocol upgrade

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Pi Network price has formed a descending triangle pattern on the daily chart.

Pi Network has completed a major protocol update that brings it even closer to launching full smart contract capabilities on the network.

Summary

  • Pi Network rolled out mainnet v21, moving closer to full smart contract support and improved network performance.
  • Launch of a testnet RPC server will allow developers to build and test dApps ahead of mainnet deployment.
  • Despite upgrades, Pi Network price remains under pressure, with a bearish breakdown pointing to a potential drop toward $0.131.

In an April 14 X post, the Pi Network team revealed that the Pi mainnet has successfully been upgraded to version 21, which introduces several critical performance enhancements.

This milestone is part of a series of strategic improvements intended to expand the ecosystem’s functionality. The most important one will be the introduction of smart contracts to the network, which will enable developers to build decentralized applications in a more efficient and scalable manner.

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As such, the Pi team urged node operators to update their systems to the latest software version immediately. It also promised to share more details regarding the upcoming version 22 update soon, which is expected to further refine the network infrastructure.

Another major development shared by the development team is the launch of an RPC server on the Pi Testnet. This tool will enable developers to build, test, and deploy smart contracts before they go live on the main network. Besides this, it will also enable smoother integration with third-party wallets and analytical tools.

Once fully implemented, the upgrade will make Pi Network a direct competitor to other popular chains such as Ethereum or Solana, with the aim of boosting Pi token utility over time as new applications continue to be built on the network.

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Pi Network (PI) price initially rose slightly higher to $0.167 on the day before paring off with all of its gains and settling at $0.165 at the time of writing. The token has been in a steady downtrend since late March, during which it fell by approximately 15%.

On the daily chart, Pi Network price has formed a descending triangle, a highly bearish pattern, over the past month. It confirmed a bearish breakout from the pattern as it fell below the lower horizontal trend line at $0.166.

Pi Network price has formed a descending triangle pattern on the daily chart.
Pi Network price has formed a descending triangle pattern on the daily chart — April 14 | Source: crypto.news

Hence the path of least resistance for Pi Network price suggests a move downwards towards the Feb. 11 low of $0.131.

Momentum indicators such as the MACD and RSI strongly support the bearish forecast as they pointed downwards, suggesting that selling pressure remains dominant for now.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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CoinDesk 20 performance update: Ethereum (ETH) price rises 5.4%

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CoinDesk 20 performance update: Ethereum (ETH) price rises 5.4%


Aave (AAVE), up 3.6% from Monday, joined Ethereum as a top performer.

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Why is the crypto market rallying today? (April 14)

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Why is the crypto market rallying today? (April 14)

The crypto market rose 4.3% on Tuesday, moving above the $2.6 trillion mark after reports emerged that Iran could be considering ending the war, as the U.S. naval blockade on Iranian traffic through the Strait of Hormuz continues to apply pressure.

Summary

  • Crypto market cap jumped 4.3% above $2.6T as easing U.S.-Iran tensions boosted risk appetite.
  • Bitcoin hit a 4-week high near $74.8K while $430M in short liquidations accelerated the rally.
  • Cooling U.S. inflation data strengthened rate cut hopes, further supporting crypto prices.

Bitcoin (BTC) price rallied nearly 6% to a 4-week high of $74,788 today before paring off some of its gains and settling at $74,279 at the time of writing. Ethereum (ETH) was up 8%, perched at $2,363, while other major crypto assets such as BNB (BNB), XRP (XRP), Solana (SOL), and Dogecoin (DOGE) saw gains ranging between 2–5%.

Some of the top gainers of the day were RaveDAO (RAVE) with 86%, Algorand (ALGO) with 9%, and Canton (CC) with 8%. As crypto prices surged, it triggered over $430 million in short liquidations across crypto leveraged markets, forcing bearish traders to buy back crypto assets from the market, which further added upside momentum to the crypto market rally.

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The Crypto Fear and Greed Index showed a reading of 54 in the neutral threshold, a sign that market sentiment has relatively eased as signs of potential de-escalation in the Middle East conflict appear.

Crypto prices moved higher today after reports emerged that Iran may be considering abandoning its uranium enrichment plans to negotiate for an end to the U.S.-Iran war. Notably, US President Donald Trump revealed that Iranian officials have called his administration and “want to work a deal.”

This comes just a day after the U.S. enforced a naval blockade on the Strait of Hormuz in an attempt to intercept military vessels moving to and from Iranian ports. However, the blockade excludes non-Iranian vessels, which helped calm immediate fears of a total global supply chain collapse.

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The Iranian government, for its part, had earlier accused the US of committing piracy as thousands of Iranians rallied in Tehran against the blockade. They further warned that they would retaliate if any threats were directed against civilian ships and vessels.

Iran’s fresh attempt at diplomacy has reignited hope of a more concrete ceasefire being put in place, which could potentially lead to an end of the war and reopen the strait to normal traffic. Pakistan is reportedly offering to host the next round of talks between te in Islamabad.

Shortly following the news, crude oil prices fell from above $119 yesterday to approximately $88 as G7 and IEA reserve releases hit the market, reducing global inflation fears and favoring risk assets like crypto.

U.S. macro data points to cooling inflation

Crypto prices also benefited from recent macroeconomic data that pointed to moderating inflation trends. Notably, the PCE Price Index, the Federal Reserve’s preferred inflation gauge, released earlier this month, showed inflation holding relatively steady and offered some relief to markets.

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Furthermore, JOLTS Job Openings came in below expectations, suggesting a softening labor market, while GDP growth remains steady but controlled.

Taken together, these indicators suggest that inflation pressures may be gradually easing, increasing the likelihood that the Federal Reserve could consider adjusting its policy stance later this year, a backdrop that tends to support risk assets like crypto.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Nexo Becomes the official digital asset partner of Argentina’s national football team in LATAM

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Nexo Becomes the official digital asset partner of Argentina's national football team in LATAM

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Nexo partners with the Argentine Football Association (AFA) ahead of the 2026 FIFA World Cup, reinforcing the company’s expansion in South America.

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Summary

  • Nexo partners with Argentina’s national team as regional digital asset sponsor ahead of 2026 World Cup
  • The deal strengthens Nexo’s expansion in Argentina following Buenbit acquisition and local hub launch
  • Nexo and AFA formalize partnership in Buenos Aires, marking push into South American crypto market

BUENOS AIRES, Argentina, April 14, 2026Nexo, the premier digital assets wealth platform, today announced a partnership with the Argentine Football Association (AFA), becoming the Official Regional Digital Asset Partner of the Argentine National Football Team across South America ahead of the 2026 FIFA World Cup. 

The agreement deepens Nexo’s expansion in Argentina, where the company recently acquired the leading platform Buenbit and is establishing Buenos Aires as a regional hub with its local team.

Federico Ogue, CEO at Buenbit by Nexo, said: “Argentina’s national team represents the highest level of sporting excellence, built on talent, conviction, and an unrelenting will to win. At Nexo, we share that standard. As we grow our presence in Argentina and across South America, partnering with AFA is a statement of commitment to this region and the clients we serve here.”

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Official partnership ceremony 

The partnership was officially launched at a gala ceremony in Buenos Aires, where Nexo and AFA executives signed the agreement before invited guests, media, and partners. The event marks the formal beginning of the collaboration ahead of the 2026 FIFA World Cup.

Leandro Petersen, Chief Commercial & Marketing Officer of the AFA, said: “We are excited to announce a new partnership with a strong global reach that aligns with the Argentine 

Football Association’s international growth strategy, which we have been building in recent years through agreements with leading companies in innovation and technology.  In this context, Nexo’s arrival as the Official Digital Assets Partner of the Argentine National Team reflects not only the growth of our brand globally but also the growing interest of international companies in partnering with Argentine soccer and one of the world’s most prominent national teams.

Success in elite sports, just as in business, is based on a clear strategy, discipline, and the ability to perform at the highest level when it matters most. Collaborating with partners who share this mindset allows us to continue expanding our ecosystem and create meaningful opportunities to connect our players, our brand, and millions of fans around the world.

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Partnership activations

Nexo is starting a global ticket giveaway campaign for Argentina’s World Cup matches, open to new and existing clients. Signed squad shirts and co-created player content with Messi, Lautaro Martínez, Julián Álvarez, and Nico Paz will be distributed across the campaign window running from May through the end of the tournament. Nexo’s program will incorporate match-day experiences and squad merchandise, such as tier-linked rewards, connecting platform activity directly to the campaign.

Nexo is committed to global premium sport, serving as the Official Crypto Partner of the Australian Open and Summer of Tennis, the Official Digital Wealth Platform of the DP World Tour, and the Official Partner of the Audi Revolut Formula 1 Team.

Ahead of 2026 FIFA World Cup

The partnership adds a further dimension to Nexo’s U.S. relaunch. In February 2026, Nexo re-entered the United States market under a regulated framework, marking its first operational return to the country. Argentina arrives at the World Cup as reigning champions, competing across North American stadiums.

About Nexo

Nexo is a premier digital assets wealth platform designed to empower clients to grow, manage, and preserve their crypto holdings. Our mission is to lead the next generation of wealth creation by focusing on customer success and delivering tailored solutions that build enduring value, supported by 24/7 client care.

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Since 2018, Nexo has provided unmatched opportunities to forward-thinking clients in over 199 jurisdictions. With over $8 billion in AUM and over $403 billion processed, we bring lasting value to millions worldwide. Our all-in-one platform combines advanced technology with a client-first approach, offering high-yield flexible and fixed-term savings, crypto-backed loans, sophisticated trading tools, and liquidity solutions, including the first crypto debit/credit card. Built on deep industry expertise, a sustainable business model, robust infrastructure, stringent security, and global licensing, Nexo champions innovation and long-lasting prosperity.

For more information, visit the official website.

About the Argentine Football Association (AFA)

Founded in 1893, the Argentine Football Association (AFA) is the governing body of football in Argentina and one of the oldest football associations in South America. AFA oversees the Argentine national team — the Albiceleste — three-time FIFA World Cup champions and current title holders, as well as the structure of Argentine club football.

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Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.

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Nauru Appoints Dadvan Yousuf Trade Commissioner for Crypto Push

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Nauru Appoints Dadvan Yousuf Trade Commissioner for Crypto Push

Nauru has appointed crypto entrepreneur Dadvan Yousuf as an international trade commissioner to help advance its digital asset strategy and attract global investment.   

In a statement on Tuesday, President David Adeang said the appointment is part of the Pacific nation’s efforts to strengthen international partnerships and position itself as a hub for virtual asset activity. The government said Yousuf will support cross-border engagement with virtual asset service providers, financial institutions and technology firms.

The move comes less than a year after Nauru passed legislation establishing the Command Ridge Virtual Asset Authority (CRVAA), a dedicated regulator tasked with licensing and overseeing crypto firms, digital banks and other virtual asset activities.

The appointment marks a shift from establishing Nauru’s crypto regulatory framework to actively promoting itself as a jurisdiction for digital asset companies and investment, as the country says it is seeking new revenue streams and greater economic resilience.

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Yousuf has previously been linked to regulatory action in Switzerland. In 2023, the Swiss Financial Market Supervisory Authority (FINMA) said a crypto project he founded sold millions of dollars in tokens without the required license and described the platform as non-operational, issuing cease-and-desist orders.

Source: Republic of Nauru

Nauru expands crypto push with trade appointment

According to the United Nations, Nauru is a Pacific island state in Micronesia, northeast of Australia, with about 21 square kilometers of land and roughly 12,500 people, making it the world’s third-smallest country and smallest island nation.

Adeang said Nauru’s digital asset push is intended to improve economic resilience and living standards while committing to international governance and compliance standards.

He previously said in August 2025 that Nauru, ranked among the most vulnerable to economic and climate shocks, is seeking to change its trajectory through new economic strategies.

Related: IMF guides Andorra to record and monitor Bitcoin transactions

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The appointment adds a new outward-facing element to that strategy by pairing Nauru’s regulatory ambitions with a known figure in crypto circles.

In the announcement, Adeang said Yousuf brings “a unique combination of entrepreneurial vision, international network, and deep understanding of digital asset markets.”

Yousuf had previously attracted attention in the crypto sector after raising a Bitcoin flag atop Mount Everest in 2024. The Bitcoiner said the expedition was intended to highlight disparities in access to financial education.

Nauru surfaced in FTX-linked memo before crypto push

Nauru previously surfaced in crypto headlines in 2023 after court filings in the FTX bankruptcy revealed a memo proposing the purchase of the Pacific island nation using allegedly misappropriated funds. 

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The plan, linked to Gabriel Bankman-Fried, Sam Bankman-Fried’s brother, outlined building a bunker to survive a global catastrophe. However, Gabriel’s representatives denied involvement in drafting or endorsing the plan. 

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