A former Singapore parliamentarian has launched two stablecoins in Switzerland to help investors diversify away from the US dollar.
Anchored Coin has launched a euro-backed stablecoin (AEUR) and a Swiss franc-backed stablecoin (ACHF), according to a statement. Both stablecoins, which will be issued on the Ethereum and BNB Chain public blockchains, are backed one-to-one by their respective fiat currencies and held in Swiss banks.
Earlier this year, Anchored Coin was granted membership in the Financial Services Standards Association (VQF), which means it has to comply with Swiss anti-money laundering rules. In addition, the firm said it will also comply with the European Union’s new Markets in Crypto Assets (MiCA) regulations once they come into effect in 2024.
Other than currency diversification, the stablecoins can also be used as collateral placement for credit limits on cards through a partnership with DCS Card Center in Singapore.
Ex-Singapore Parliamentarian
Anchored Coin is fully owned by chairman Calvin Cheng who is currently Serbia's first Honorary Consul to Singapore. Previously, he was also an appointed member of Singapore’s parliament.
«There is a clear need for stablecoins to be pegged to currencies other than the US dollar, given the regulatory uncertainty in the US,» said Cheng.
«Switzerland has very clear regulatory guidelines for the issuance of stablecoins. The reputation of Swiss banks is also second to none.»
