Swiss institutions begin pilot test of CHFD stablecoin pegged to Swiss franc

Nine Swiss financial institutions, including UBS, SIX, and TWINT, have launched a coordinated pilot test of the CHFD stablecoin, which is pegged one-to-one with the Swiss franc. Operating in a controlled sandbox environment since June 2026, the pilot explores institutional transaction automation, tokenized asset settlement, and programmable payments for e-commerce and ticketing. The trials, scheduled through 2026, aim to evaluate technical and regulatory requirements rather than prepare for an immediate commercial rollout.

CHFD stablecoin pilot test

• ▪The nine participating entities in the CHFD stablecoin pilot are UBS, PostFinance, Sygnum, Raiffeisen, Zurich Cantonal Bank, Banque Cantonale Vaudoise, SIX, TWINT, and Swiss Stablecoin AG.
• ▪The CHFD stablecoin pilot is scheduled to continue through the end of 2026, with participants planning to publish an overview of their findings afterward.
• ▪Nine Swiss institutions began a formal pilot testing phase of the CHFD stablecoin, which is pegged one-to-one with the Swiss franc, on September 8, 2026.
• ▪The CHFD stablecoin has been technically operational inside a controlled sandbox environment with transaction limits and safeguards since late June 2026.

Institutional transaction automation

• ▪The CHFD stablecoin sandbox is designed to review technical, operational, and regulatory requirements, and does not represent a commercial launch decision or public availability.
• ▪The participating institutions are testing automated transactions between financial firms using the CHFD stablecoin to evaluate established blockchain-based money use cases.

Tokenized asset settlement

• ▪The CHFD pilot is testing the settlement of tokenized assets to reduce the delay between the delivery of a security and the receipt of corresponding funds.
• ▪More than CHF2 billion in digital securities have been issued through the SIX Digital Exchange, with some transactions settling via the Swiss National Bank's wholesale central bank digital currency.

Programmable payment scenarios

• ▪The CHFD participants are studying programmable payments where predetermined conditions control fund movements across e-commerce, ticketing, and public-sector disbursement scenarios.
• ▪In online marketplaces, the CHFD pilot is examining whether conditional payments that release money only after agreed requirements are met can reduce fraud risks.

SIX infrastructure participation

• ▪The participation of SIX could help connect the payment side of the CHFD stablecoin with tokenized bonds, funds, or other financial instruments.
• ▪Swiss financial market operator SIX joined the CHFD sandbox on September 8, 2026, bringing expertise in exchanges, securities settlement, custody, and institutional digital assets.

TWINT consumer payment integration

• ▪There is currently no confirmed plan to offer the CHFD stablecoin to retail users through the TWINT mobile application.
• ▪Swiss payments provider TWINT joined the CHFD sandbox on September 8, 2026, introducing a participant focused on everyday consumer and merchant mobile payments.

Debatable claims

• ▪Swiss financial institutions should prioritize wholesale CBDCs over private stablecoins
• ▪Governments should use programmable digital currencies to distribute public funds
• ▪Switzerland should allow retail access to Swiss franc stablecoins

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