In what is being hailed as a world-first, a bank-issued stablecoin has been used to carry out an e-commerce payment.
Sygnum Bank's digital Swiss Franc (DCHF) was used to make a payment on the site of Swiss online retailer Galaxus. The transaction was enabled by Danish digital currency platform provider Coinify.
The value of Sygnum’s DCHF is pegged 1:1 to the Swiss Franc. When used for e-commerce payments, no intermediaries are involved and the transactions happen in real-time with stable values.
The partners say this reduces costs for online retailers by eliminating card systems and protecting against fraud, as well as simplifying and speeding the customer purchase experience.
Mark Højgaard, CEO, Coinify, says: "With the DCHF and other digital currencies, the future of money is going back to its roots; exchanged between two parties, instantly and simply. This speaks volumes about the potential of trusted, price-stable digital currencies in the e-commerce space."