SIX, a principal Swiss stock exchange asks the country’s central bank to start issuing a stablecoin that will settle payments on its new digital securities trading platform, as reported by local media SwissInfo on June 26
SIX announced at the Crypto Valley Association conference that its SDX platform would allow users to swap fiat currency for a stablecoin. Once we’re up and running, SDX member banks will have the ability to settle trades and other obligations against tokenized CHF within SDX.
The firm also mentions that tokens are available on-demand.
“SDX would accept CHF payments in central bank money from member banks and issue equivalent tokenised CHF to SDX. Tokenised CHF would have a 1:1 ratio with CHF. A central bank-issued stablecoin is what we favor.
According to the publication, Switzerland’s central banks has confirmed that they are in discussions with SIX “about different options for how to settle cash side” trades. However, no final decision has yet been made. It is notable that if SIX suggests that the Swiss National Bank accepts it, it would be a significant shift from its cautious approach to digital currencies.
In May, SIX announced that it was working on a stablecoin backed by Swiss Franc. At the time, not much information was available about whether the Swiss Franc-backed coins will be used in private within SDX (like JPMorgan Chase’s acclaimed JPM Coin) and if it will be part of the cryptocurrency ecosystem.
SDX could be used to execute tasks like atomic swaps of tokenized securities.
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