The Swiss Stock Exchange creates CHF-pegged stablecoin
|- The Swiss Stock Exchange is working on a stable coin begged to the Swiss Franc.
- The coin will be used to facilitate operations on SIX Digital Exchange.
The Swiss national stock exchange group, also known as SIX, is creating its own digital asset pegged to the Swiss Franc. The resulting stablecoin will be used to facilitate operations on the SIX Digital Exchange (SDX), CoinDesk reports
As the exchange did not provide details on the project, it is not clear, if the CHF-based stablecoin will function as a private tool for solely to SDX customers, similar to JPM Coin developed by JPMorgan Chase, or it will be publicly available on the cryptocurrency exchanges.
Basically, a fiat-backed SDX will facilitate certain operations like atomic swaps of tokenized securities and other blockchain-based assets.
SIX announced the creation of SDX in July 2019; the platform is scheduled to go online in the second half of 2019. The exchange will support operations with tokenizing stocks and bonds and expand the list of available digitalized versions o physical assets at a later stage.
Apart from that, SDX will provide an infrastructure of trading security token offerings (STOs). According to the chairman of the exchange, it may become a platform for raising funds via STO issuance.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.