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Crypto Bank Sygnum Offering Yield on Its Swiss Franc Stablecoin
The licensed Swiss firm claims to be the first regulated bank to offer returns on its own stablecoin.
Updated May 9, 2023, 3:17 a.m. Published Mar 16, 2021, 11:05 a.m.
Swiss crypto bank Sygnum is launching a yield product based on its own stablecoin, DCHF.
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- The licensed Swiss bank said in a press release Tuesday that its three-month fixed-term deposit product will generate 0.75 percent yield per year.
- Sygnum claims to be the first regulated bank to offer returns on its own stablecoin.
- The product was launched to meet demand for a yield-generating money market product denominated in Swiss francs, according to the announcement.
- “We created this product for our clients who are looking to protect the value of their wealth while maintaining short to medium-term liquidity,” said Pascal Gähweiler, Sygnum Bank’s head of credit and lending.
- Deposits of the stablecoin, which is pegged to the Swiss franc on a 1:1 basis, are covered by the Esisuisse insurance scheme, according to Sygnum.
Read more: Japan’s SBI Investing ‘Eight-Figure’ Sum in Swiss Crypto Bank Sygnum
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