Swiss bank Dukascopy Bank issues stablecoins, called Dukascash
Four months after issuing its own cryptocurrency, the Dukascoin, Dukascopy Bank is preparing 3 new stablecoins grouped under the name “Dukascash”.
On June 29th, Dukasbank has released the white paper of its Dukascash, divided into 3 different tokens: EUR +, USD + and CHF +, which are respectively stablecoins backed by the euro, US dollar and the Swiss franc (with a 1: 1 ratio).
Like the Dukascoin, these new Dukascash stablecoins are ERC-20 tokens, issued on the Ethereum blockchain (ETH). They can be obtained by clients of the bank in exchange for Dukascoins or corresponding fiat currencies.
Dukascopy Bank has also set up a website to track smart contracts related to EUR +, USD + and CHF + tokens.
« The initial Dukascash tokens tranches of roughly CHF 10 million or equivalent in each base currency will be issued and initially kept by the Bank as ‘unreleased’ tokens. Additional Dukascash tokens will be issued in tranches, depending upon client demand. Small portions (up to CHF 100,000) of unreleased Dukascash tokens will then be released in favor of the Bank to enable it to sell Dukascash tokens to clients. », explains the bank in the white paper.
However, the bank plans that the Dukascash tokens are then mainly traded on other trading places. The first public trials of these 3 stablecoins will begin today, on July 3rd, 2019.