By The Swiss national stock exchange group SIX has announced that it’s working on developing its own stablecoin pegged to the Swiss Franc, to facilitate transactions upon the SIX Digital Exchange (SDX).
A SIX spokesperson confirmed the news in an email stating:
“Yes, we are currently working on a CHF Stable Coin – so Swiss franc.”
At the time of press SIX was unable to provide any further details as to whether the Swiss franc-pegged coins would be for private use within the SDX (similar to JP Morgan’s JPM Coin) or for use on public markets like other stablecoins which are used for trading crypto on exchanges.
If it were to be used within SDX, the fiat-backed token could aid in performing basic tasks including atomic swaps of tokenised securities and other digital assets on the blockchain network.
SIX Leading The Charge
It’s no secret that SIX is leading the charge as a trailblazer within the cryptocurrency industry.
Back in July, SIX stated that its SDX would be operational by the second half of 2019, starting with the tokenisation of stocks and bonds and thereafter moving onto research into digital versions of other assets such as fine art. Furthermore, SDX also has plans to focus on security token offerings (STOs). SIX’s chairman has stated that the exchange might run a funding round via an STO.
SIX and the SDX’s cryptocurrency innovation seems to have a positive effect on other digital asset platforms.
For example, the parent company of the Frankfurt Stock Exchange, Deutsche Börse, is currently working alongside the Swiss government-backed Swisscom to pilot tokenisation in the nation.
Furthermore, the Russian National Settlement Depository (NSD) also announced its plans to launch its D3 blockchain and cryptocurrency ledger in Switzerland
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