Six Swiss Banks Launch Unified Swiss Franc Stablecoin Sandbox

Six major Swiss banks—UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, and BCV—partnered with Swiss Stablecoin AG to launch a sandbox testing program for a Swiss franc-pegged stablecoin, announced April 8, 2026. The trial runs through 2026 in a controlled environment with real transactions but limited users and volumes, allowing participants to explore faster settlement, programmable money, and blockchain payment rails. Switzerland currently lacks a regulated Swiss franc stablecoin with broad use, and the consortium aims to gather operational experience before a potential full market debut. The initiative mirrors the European Qivalis project, where 12 banks including BBVA, ING, and UniCredit are launching a digital euro stablecoin in the second half of 2026 to compete with dollar-dominant stablecoins like Tether's USDT and Circle's USDC.

Swiss Franc Stablecoin Sandbox Launch and Structure

• ▪The Swiss franc stablecoin sandbox was set up to bring blockchain-based payments into Switzerland's financial system
• ▪UBS announced the Swiss franc stablecoin consortium on Wednesday, April 8, 2026
• ▪Six major Swiss banks partnered with Swiss Stablecoin AG to launch testing of a Swiss franc-pegged stablecoin
• ▪The Swiss franc stablecoin testing period will remain open to other banks, companies, and institutions

Testing Objectives and Operational Framework

• ▪The Swiss franc stablecoin consortium aims to gather operational experience and assess whether a full market debut of a CHF stablecoin can follow
• ▪The Swiss franc stablecoin consortium aims to test how the token could support payments, improve settlement speed, and connect blockchain-based applications with traditional money
• ▪The Swiss franc stablecoin trial period runs through 2026
• ▪The Swiss franc stablecoin sandbox allows participants to simulate real payment flows with limits on users and transaction volumes to manage risk
• ▪The Swiss franc stablecoin testing program allows banks and other institutions to test transactions in a live but controlled setting
• ▪The Swiss franc stablecoin testing aims to explore faster settlement and programmable money

Broader European Stablecoin Competition Context

• ▪A consortium of 12 top banks including BBVA, ING, and UniCredit teamed up to back Qivalis, a digital euro stablecoin
• ▪The Swiss franc stablecoin project mirrors similar efforts in the European Union such as the Qivalis euro stablecoin initiative

Perspective of Swiss banking consortium (UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV)

• ▪The Swiss franc stablecoin testing provides Swiss banks operational experience before committing to a full market launch of a CHF stablecoin
• ▪The Swiss franc stablecoin consortium allows Swiss banks to explore blockchain payment rails while maintaining control within Switzerland's regulated financial system
• ▪The Swiss franc stablecoin sandbox enables Swiss banks to test programmable money capabilities that could automate financial processes

Perspective of Switzerland's financial regulators

• ▪The Swiss franc stablecoin sandbox's controlled setting with transaction volume limits allows regulators to assess risks before wider adoption

Perspective of European stablecoin initiatives

• ▪The Qivalis digital euro stablecoin backed by 12 European banks aims to challenge the dominance of Tether's USDT and Circle's USDC in European markets