A consortium of six major Swiss banks joined forces with Swiss Stablecoin AG to test use cases for a Swiss franc-pegged stablecoin, the country’s largest bank UBS announced on Wednesday.
UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank and BCV, along with Swiss Stablecoin AG, have created a sandbox in a coordinated push to bring blockchain-based payments into Switzerland’s financial system, the statement added.
The group will run the stablecoin trial until 2026, allowing banks and other institutions to test transactions in a live but controlled setting.
The Swiss franc-pegged stablecoin project is designed to allow participants to simulate real-world payment flows with limits on users and transaction volumes to manage risk.
Switzerland does not yet have a widely used regulated Swiss franc stablecoin. The banks aim to test how such a token could support payments, improve settlement speed and connect blockchain-based applications with traditional money.
The project will focus on testing payment processes and investigating how programmable money can support financial services.
The stablecoin test period will remain open to other banks, companies and institutions, the statement noted. The group aims to gather operational experience and assess whether a full market debut of a CHF stablecoin may follow.
The Swiss stablecoin test period follows a consortium of 12 top banks, including BBVA, ING and UniCredit, coming together to back Qivalis, a digital euro that will debut in the second half of 2026, with the primary aim of becoming the European alternative to dominant dollar stablecoins such as Tethers USDC and Circles USDC.
