Commodity traders are getting debanked due to Iran war, pushing them to rely on stablecoins

As banks retreat from trade finance amid Iran-linked risk fears, non-bank lenders and traders are increasingly turning to stablecoins for settlement, according to Haycen’s Luke Sully. What to know : Some commodity traders in Europe are being “debanked” over concerns about counterparty risk tied to Iran-related flows, according to Haycen CEO Luke Sully. Stablecoins, especially USDT, are filling the gap as a workaround for cross-border payments. Haycen aims to become a liquidity and settlement layer for the $2 trillion non-bank trade finance market.