New CHF Stablecoin In the Works from Swiss SIX Stock Exchange, Pegged to the Franc


  • SIX Stock Exchange plans to launch stablecoin.
  • NSD Director Artem Duvanov believes that a stablecoin on a blockchain ledger promotes easier automation of processes.

Stablecoins have a reputation for being one of the least volatile type of digital assets on the market today, and there are several platforms that have already adopted it. SIX, the national stock exchange group of Switzerland, appears to be joining in on this action, developing a stablecoin that will be pegged to the Swiss franc.

This stablecoin will facilitate transactions on the exchange, according to reports from CoinDesk. This launch has already been confirmed by a spokesman for SIX, who said that they are “currently working on a CHF StableCoin.”

However, SIX remains unable to speak any further on if the stablecoin will end up available for private use like the JPM Coin from JPMorgan Chase, or if it will be publicly available like other stablecoins. As for SDX, the stablecoin would be helpful in performing atomic swaps for tokenized securities and other assets.

SIX has been a consistent innovator in the crypto industry, as far as market infrastructures go. In July 2018, SIX announced that the exchange would be starting with the tokenization of stocks and bonds for the first half of 2019. From there, the company aims to tokenize other physical items, including art. SDX will be also focusing on security token offerings (STOs), and there’s even rumors that the exchange itself will use an STO to raise their own funds.

Other digital asset platforms appear to feel a bit competitive, jumping into the same kind of tokenization. Deutsche Börse, which is the parent company of Frankfurt Stock Exchange, has decided to work with Swisscom in an effort to test out this type of tokenization in Switzerland. Russia’s National Settlement Depository (NSD) also decided to launch their own project in the country – the implementation of their own D3 blockchain and crypto ledger.

Director Artem Duvanov, who is the head of innovation with NSD, told CoinDesk that the D3 blockchain will be seeking out a stablecoin that meshes well with their platform. Particularly, Duvanov mentioned the Gemini stablecoin, USD.

Explaining their interest in this type of asset, he said that the use of a stablecoin within the blockchain makes it easy to offer high value in smart contracts, while automating more processes. He also believes that the use of a stablecoin with the backing of a central bank will promote the adoption of their ledger.

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