Swiss Franc-Pegged Stablecoin Planned By Switzerland’s SIX Swiss Exchange

News | May 24, 2019 By:

SIX Swiss Exchange, Switzerland’s principal stock exchange, is reportedly developing a stablecoin pegged to the Swiss franc.

The stablecoin is reportedly being created to facilitate transactions on the upcoming SIX Digital Exchange (SDX), a fully integrated, blcokchain-based end-to-end trading, settlement and custody service for cryptocurrencies. A representative from SIX confirmed the reports, stating that: “Yes, we are currently working on a CHF Stable Coin – so Swiss franc.”

In July 2018, SIX announced the development of the SDX platform, which aims to provide a safe environment for issuing and trading digital assets, and enable the tokenization of existing securities and non-bankable assets to make previously untradeable assets tradeable. The platform will be powered by R3’s Corda Enterprise and will be launched in the second half of this year.

Earlier this month, Thomas Zeeb, head of securities and exchanges and director at SIX, revealed that the exchange’s plans will encompass native digital applications, involving the launch of new tokens alongside an initial digital offering service.

“Ultimately we want to be able to tokenize existing securities — equities, fixed income, funds,” Zeeb said. “Maybe the token will eventually replace the share one day.”