Swiss crypto bank Dukascopy is working on its own stablecoin dubbed “Dukacash”. It is an Ethereum-based ERC-20 token. This stablecoin aims to strengthen the use of Dukascopy’s blockchain of payment. The public testing of this stablecoin will start on July 3rd.

Dukascopy intends to peg it to the euro, Swiss franc, and the U.S. dollar. It will gradually raise the list of base currencies of its tokens according to customers demand.

The banks will issue portions of the initial Dukacash tokens of nearly CHF 10 million in each base currency. Thereafter the bank will keep this portion as ‘unreleased’ tokens. The additional tokens will get issued in share as per the client’s demand. Subsequently, the bank will release the small tranches (CHF 100,000) of the unreleased tokens to sell it to the client.

Dukascopy is planning to provide a custody service for its stablecoin. The clients can offer the Dukacash tokens at the exchange rate of 1:1 to the fiat base currency.

Recently, many Brazillian crypto exchanges slated to issue the new stablecoin Real-T. It is also an Ethereum-based ERC-20 token and is strictly pegged to the Brazillian real.