- 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.
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