Swiss Stock Exchange SIX Requests that Bank of Switzerland Create Stablecoin

June 26, 2019 8:38 PM UTC


Top Swiss stock exchange SIX, in a report on June 26, has requested that Bank of Switzerland create own stablecoin.

According to the report, the stock exchange disclosed that the introduction of a stablecoin will help settle payments on its upcoming digital securities trading platform SDX. Speaking in the Crypto Valley Association Conference that was held in Zug this week, SIX disclosed that users will be able to trade fiat currency for a stablecoin on its yet to be fully developed SDX platform.

The exchange explained that: “SDX member banks will be able to settle their trades and other obligations against tokenised CHF within SDX once we are up and running.” It further revealed that:

“SDX would accept CHF payments from member banks in central bank money and issue equivalent tokenised CHF in SDX. The value of tokenised CHF would be pegged 1:1 with CHF at all times. We most definitely favour a central bank issued stablecoin.”

In addition, the report noted that SIX has been in talks with Bank of Switzerland so as to decide on different options that can be adopted to settle the cash aspect of trades, but hasn’t gotten to a final decision.

The stock exchange SIX had earlier announced plans to launch its upcoming SDX digital trading platform in the second half of the year. It revealed that users of the upcoming SDX platform will be able to trade digitized versions of stocks or purchase securities using tokens.

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