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Swiss bank Dukascopy developing its own ethereum-based stablecoins

Yogita Khatri

Switzerland-based Dukascopy Bank is developing its own Ethereum stablecoins, as announced in a whitepaper published Thursday. The bank will have separate stablecoins each "softly" linked to euro (EUR), U.S. dollar (USD) and Swiss franc (CHF), the bank said, adding that it will add more currencies at later stages upon clients' requests.

The stablecoins will be issued as ERC-20 tokens similar to other stablecoins already on the market. They will open for public testing in about a week on July 3. The minimum size of a transaction is 1,000 tokens, the bank said, as it wants to "protect retail clients from the risks associated with participation in the testing processes."

"The main purpose of the introduction of [the stablecoins] is to enhance the use in the blockchain of payment tokens issued by Dukascopy Bank," the whitepaper states.