SIX, the Swiss nationwide inventory change group, is engaged on creating its personal “stablecoin” – a cryptocurrency pegged to the Swiss franc – to facilitate transactions on the SIX Digital Change (SDX), CoinDesk has realized.

A spokesman for SIX confirmed the transfer in an e mail, telling CoinDesk:

“Sure, we’re at the moment engaged on a CHF Secure Coin – so Swiss franc.”

SIX couldn’t present any additional element on whether or not the Swiss franc-backed cash can be for personal use inside SDX (like JPMorgan Chase’s feted JPM Coin) or exist publicly just like the universe of stablecoins used to commerce crypto on exchanges.

Inside SDX, a fiat-backed token could possibly be used to assist carry out duties equivalent to atomic swaps of tokenized securities and different property on the blockchain.

Trailblazer

From the attitude of economic market infrastructures, SIX is clearly rising as a trailblazer within the crypto area.

In July of final yr, SIX said SDX would be in operation in the second half of 2019, beginning by tokenizing shares and bonds after which transferring on to discover digital variations of different bodily property like effective artwork. SDX can also be specializing in so-called safety token choices (STOs) with the exchange’s chairman suggesting SIX would possibly even elevate some funds itself through an STO.  

The crypto innovation being pushed by SIX and SDX appears to be exerting a gravitational pull on different digital asset platforms.

Notably, the mum or dad firm of the Frankfurt Inventory Change, Deutsche Börse, is working with Swiss government-backed Swisscom to test-drive tokenization in Switzerland.

Most just lately, Russia’s Nationwide Settlement Depository (NSD) announced it could be launching its D3 blockchain and crypto ledger in Switzerland.

Why stablecoins?

In an interview with CoinDesk, Artem Duvanov, head of innovation and a director at NSD, stated D3 will likely be purchasing for an appropriate stablecoin so as to add to the platform, mentioning Gemini’s GUSD.

“Stablecoins backed by central financial institution (ideally) or financial institution cash will drive adoption of D3Ledger and different monetary DLT [distributed ledger technology] platforms,” Duvanov remarked.

“The reason being quite simple – when you might have a steady coin INSIDE of the blockchain you possibly can automate extra processes and supply extra worth with good contracts,” he continued. “It’s not nearly [delivery versus payment], it is usually about many company actions, for instance, dividends distribution.”

Swiss army knife picture through Shutterstock



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