SIX and TWINT Join Swiss Franc Stablecoin Sandbox
Switzerland’s push for a broadly usable, regulated franc stablecoin began in April 2026 with UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank and Banque Cantonale Vaudoise. Working with Swiss Stablecoin AG, the banks aim to connect established banking rails with blockchain-based money and digital payments, building practical expertise while testing whether tokenised francs can improve settlement efficiency and reinforce Switzerland’s competitiveness as a financial centre.
SIX and TWINT joined the initiative on Sept. 8, 2026, adding financial-market infrastructure and mobile-payment expertise as testing moves forward. The sandbox uses CHFD, technically live since the end of June and designed to maintain a one-for-one peg with the Swiss franc, or 1 CHFD to 1 CHF. Trials cover automated institutional transactions, settlement of tokenised assets and programmable payments intended to curb marketplace fraud, improve ticket access and streamline public disbursements. Testing is due to continue through end-2026.
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The history behind this eventStablecoin Transaction Volume Hits Record $1.79 Trillion in June
Stablecoins maintain a stable value through backing by assets such as the U.S. dollar. Beyond serving as a medium of exchange in crypto markets, they are increasingly used for cross-border payments, settlement and decentralized finance. Visa continues to track on-chain stablecoin activity, offering insights into real-world adoption and shifts in competition among issuers such as Circle and Tether.
Visa data showed stablecoin transaction volume reached a record $1.79 trillion in June, surging 63% from May. Circle-issued USDC accounted for about 67% of trading volume among major stablecoins that month, putting it well ahead of Tether's USDT and reflecting continued growth in stablecoin payments and DeFi use.
Six Swiss Banks Join Forces to Test Swiss Franc Stablecoin
Switzerland currently has no regulated, widely used Swiss franc stablecoin. Such tokens are typically pegged 1-to-1 to fiat currency and can support rapid settlement and programmable payments on blockchains. Joint testing by major banks indicates that stablecoins are evolving from cryptoasset tools into traditional financial infrastructure, with implications for the competitiveness of Switzerland's financial center.
UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank and Banque Cantonale Vaudoise announced on April 8, 2026, that they had joined Swiss Stablecoin AG in launching a year-long sandbox. Swiss Stablecoin AG is providing the token-issuance technology. The test limits participation and caps transactions, but neither the issuance amount nor the numerical caps have been disclosed. Other institutions may also join.
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