Swiss crypto bank Sygnum is launching a yield product based on its own stablecoin, DCHF.
- 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.
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