SIX, the Swiss National Stock Exchange group, is working on creating its own stablecoin, a Swiss franc-backed cryptocurrency. Its main aim is to facilitate transactions on the SDX digital exchange, CoinDesk reports. A SIX representative confirmed these intentions in an email.
SIX did not provide additional information as to whether the coins pegged to the Swiss franc are intended for private use within SDX (such as JPM Coin by JPMorgan Chase) or for public use, like the most of other stablecoins used for trading on various exchanges. A fiat-backed token can be used for atomic swaps of tokenized securities and other assets on the blockchain while operating on the SDX exchange.