Geopolitical tensions in recent months are reshaping the financial backbone of global trade. As the specter of war between the United States and Iran intensifies, major Western banks are noticeably pulling back from the commodities sector. This withdrawal is pushing many commodities trading companies out of the traditional banking system—and is fueling the rapid spread of stablecoin use in international trade finance.
Non-bank players rise in global trade finance
Financing international trade is a $2 trillion market. Yet in recent years, a steady retreat by traditional banks—driven by regulatory pressure and mounting geopolitical risks—has opened the door for non-bank organizations to fill the void. Private credit funds, for example, are now stepping in to finance the movement of goods and services worldwide.
One major reason behind the banks’ retreat is concern about even innocent-looking transactions having an indirect connection to sanctioned countries. Businesses operating out of trade hubs like Oman, for instance, may struggle to access financing simply because of the risk of being linked—however tenuously—to Iranian entities. Wanting to avoid that exposure, some banks are opting to exit the market entirely.
Caught in this crossfire, players in the commodities trade are now searching for new financial solutions as access to traditional payment rails becomes more challenging than ever.
Stablecoins and Tether become key
Against this backdrop, fiat-pegged digital tokens—especially Tether’s USDT stablecoin—are emerging as dominant forces in trade finance and cross-border payments. In markets across the globe, but especially in developing countries, companies and their counterparties are increasingly using USDT for commodity trades and settlements.
The appeal of stablecoins stems from global liquidity, widespread acceptance, and fast transaction speeds—they offer a lifeline for companies frustrated with the hassles of legacy banking. By 2025, the total market cap of all stablecoins surpassed $300 billion. Stablecoin transaction volumes topped $4 trillion that year, accounting for nearly 30% of all blockchain activity worldwide.
Once limited mainly to cryptocurrency trading, stablecoins are now widely used for real-world money transfers and commercial payments. Tether’s deep liquidity, in particular, allows even one-off payments to developing economies to be made seamlessly and instantly via USDT.
Spearheading this shift is Haycen, headed by Luke Sully. The company has launched USDhn, a stablecoin backed by U.S. dollars and designed specifically for direct trade finance, offering new settlement and payment services to market participants.
According to Haycen CEO Luke Sully, “Haycen aims to be the liquidity and settlement layer for non-bank trade and is now working with industry stakeholders across several regions.”
Haycen’s model enables users to deposit capital, transact with stablecoins, and—depending on regulations—earn interest, all while bypassing the delays of traditional correspondent banking. Instead of waiting a week for funds to arrive, clients enjoy instant transparency into their transactions and counterparties, and can settle payments without delay.
Unlike other stablecoin issuers who mainly target crypto trading and retail payments, Haycen is focusing squarely on corporate needs. Their ambition is to make cross-border trades more efficient, particularly in a fragmented and risk-averse global trade environment.
In a sign of broader trends, reports indicate that even oil shipments via the Strait of Hormuz are now being paid for with bitcoin in some cases. This underscores how, even amid extraordinary geopolitical challenges, crypto assets are beginning to facilitate real-world trade.
Industry observers note that banks’ ongoing withdrawal could accelerate the adoption of cryptocurrencies in trade even faster than most expect.
