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JUST IN: The Iran related conflict is pushing a portion of global commodity trading away from traditional banking. In this void, stablecoins, especially USDT, are gaining traction as a cross-border settlement tool, according to Haycen's CEO.
Luke Sully, CEO of Haycen, said that some commodity traders in Europe are being excluded from banks due to counterparty risks linked to Iran related flows.
Stablecoins, particularly Tether's USDT, are filling some of the gap left by banks in cross border payments and trade settlements.