Switzerland’s leading stock exchange SIX all in Stablecoin

According to the latest development in the crypto space, Switzerland’s central bank is requested to launch a stablecoin by Zürich- based SIX Swiss Exchange.

SIX Swiss Exchange is Switzerland’s leading stock exchange. The exchange’s key stock market index is the SMI, Swiss Market Index or blue-chip index. During the 2019’s Crypto Valley Blockchain Conference, SIX stated its upcoming trading platform SDX, will enable users to use digital assets as a means of payment settlement. Furthermore, fiat currency could be swapped by SIX’s forthcoming digital platform for a new stablecoin.

Moreover, the SIX stated that once the platform SDX is initiated, the member banks will be enabled to trade settlements with the tokenized CHF. The exchange further stated that the digital platform would receive CHF payments from the member banks in cash from the central bank, and SDX will issue an equal valued tokenized CHF. The value of tokenized CHF will always be pegged 1:1with CHF. So, stablecoin issued by the central bank will be favored the most.

Although there have been confirmed reports regarding the central bank holding talks with the stock exchange related to various options to settle the trades’ cash side, yet no final ruling has been made so far. Reportedly, SIX is likely to test its upcoming SDX in the latter half of 2019. SDX will enable its users to trade digitized stocks. Moreover, the users could use the tokens for redeeming it for cash or for purchasing securities. At the end of 2019, it is expected that JPMorgan Chase, the largest bank of the United States will be piloting its very own digital currency JPM Coin.