Crypto companies collaborate on a Swiss franc Stablecoin

Crypto companies partner on Swiss franc Stablecoin - swiss franc fluctuation 759x500 1Those who are working on developing the next generation of digital money in Switzerland have understood the importance of collaboration. Stablecoins, digital tokens pegged one by one to the Swiss franc (CHF) in this case, are a great example.

More collaboration, less competition

SEBA Bank and Sygnum Bank, the two B2B operators specializing in digital assets, which hold the banking licenses of the Swiss Financial Market Supervisory Authority, are both involved in the exploration of stablecoins, as is the well-known financial services provider for cryptocurrencies. Bitcoin Suisse.

"Inside the Crypto Valley and here in Switzerland, a great collaboration is underway, where everyone is working together to try and design a Swiss franc stablecoin that has more or less the same definition or is fully interoperable," he said. said Matthew Alexander, SEBA Bank responsible for the tokenization of assets.

"Interoperability" is a word that is advertised a lot in the blockchain world, to the detriment of the term "competition". The ultimate goal, Alexander said, is that "you have something that a consumer, a central bank or a company can trade with anyone else because they know they have the same thing on the other side."

Swiss Stablecoins

Sygnum, which works in partnership with telecom giant Swisscom, recently claimed the world's first e-commerce transaction using a bank-issued stablecoin, the Sygnum Digital Swiss Franc (DCHF). Here the quotation in real time of the best stablecoins.

"We are undoubtedly in communication with other ecosystem players," said Martin Burgherr, co-head of clients at Sygnum Bank, on the topic of stablecoins. " Bitcoin Suisse is no stranger to crypto interoperability, having led the OpenVASP network in harmonizing global anti-money laundering (AML) standards.

The subsidiary of Swiss Crypto Tokens AG was the first of three to introduce a Swiss franc stablecoin, the CryptoFranc (XCHF). "In the Swiss cryptocurrency industry, we often discuss with partners and other stablecoin issuers to see what cooperation and new use cases can make sense for XCHF and how we can further adopt cryptocurrencies in general," said Armin Schmid, CEO of Swiss Crypto Tokens AG.

All three companies praised the support of the Swiss National Bank (SNB). Asked for comment on the growth of stablecoins in Switzerland, a spokesperson for the SNB referred to a speech by the bank's president, Thomas Jordan.

"We believe cryptocurrencies and cryptocurrency-based tokens are of limited use as payment instruments, stores of value and units of account because they are subject to large fluctuations," he said last September. "However, the picture may be different for stablecoins."


Of course, interoperability is at the fore when it comes to developing a euro stablecoin, said Alexander of SEBA. "We are trying to help design something that is truly interoperable," said Alexander, adding:

“If many European countries create their own definition of the euro, the idea of ​​a European Union is destroyed because when you reach a border you have to change the currency in your e-wallet. You must have only one definition and one means to operate; otherwise, what's the point of having an integrated European banking system? "