At least two banks are working on a stablecoin linked to the Swiss franc. The aim is to create a digital currency in the Swiss market that would not be subject to fluctuations like a classical cryptocurrency.
SEBA Bank and Sygnum Bank, two banking institutions specializing in digital assets, have been involved in preparatory work for stablecoin, which could be called Bitcoin Suisse. “Here in Switzerland, the environment is very suitable for such cooperation. Each of us is working to create a stablecoin linked to the Swiss franc and it is going well, “said Mathew Alexander, head of asset tokenization at SEBA Bank.
The aim is to create a digital currency that will be accepted by both consumers and the central bank or companies, because everyone will know that the counterparty uses a similar currency. According to the Swiss, the new stablecoin should also have the benefit of preventing speculation about changes in the exchange rate of the Swiss franc against other currencies.
Sygnum Bank is also already working to form a partnership with telecommunications giant Swisscom, which recently announced the first transaction using stablecoin. “We are in contact with other major players in the market. We can offer them a completely new form of asset transfer using blockchain, which significantly speeds up everything, “added Martin Burgherr, a member of the management of the customer section at Sygnum Bank.