Bank-issued stablecoin used for e-commerce payment

Sygnum Bank’s digital Swiss Franc, considered the first bank-issued stablecoin, was used to make an e-commerce payment on Galaxus, an online Swiss retailer. The transaction was enabled by Danish digital currency platform provider, Coinify, according to a report in Finextra.

The value of Sygnum’s DCHF is equal to the Swiss Franc when used for e-commerce payments. The DCHF requires no intermediaries, the transaction occurs in real-time with stable values, and according to partners, reduces costs for online retailers by eliminating card systems, protects against fraud, and simplifies and speeds up the customer purchase experience.

“With the DCHF and other digital currencies, the future of money is going back to its roots; exchanged between two parties, instantly and simply,” Mark Hojgaard, CEO, Coinify, said. “This speaks volumes about the potential of trusted, price-stable digital currencies in the e-commerce space.”