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The Swiss National Stock Exchange Plans To Create Franc-backed Stablecoin

23 May 2019 08:42, UTC
SIX, the Swiss National Stock Exchange group, is working on creating its own stablecoin, a Swiss franc-backed cryptocurrency. Its main aim is to facilitate transactions on the SDX digital exchange, CoinDesk reports. A SIX representative confirmed these intentions in an email.

SIX did not provide additional information as to whether the coins pegged to the Swiss franc are intended for private use within SDX (such as JPM Coin by JPMorgan Chase) or for public use, like the most of other stablecoins used for trading on various exchanges. A fiat-backed token can be used for atomic swaps of tokenized securities and other assets on the blockchain while operating on the SDX exchange.

In July 2018, SIX claimed that SDX would be in operation in the second half of 2019. It will start by tokenizing stocks and bonds and then moving on to explore digital versions of other physical assets like fine art. SDX is also focusing on so-called security token offerings (STOs). The exchange’s chairman Romeo LACHER suggested that SIX might even raise some funds itself via an STO.

Image courtesy of Securities.io