A consortium of six major Swiss banks has teamed up with Swiss Stablecoin AG to test use cases for a stablecoin pegged to the Swiss franc, the country’s largest bank, UBS, announced on Wednesday.
UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank and BCV, alongside Swiss Stablecoin AG, have set up a sandbox as part of a coordinated initiative to introduce blockchain-based payments into the Swiss financial system, the statement added.
The group will run the stablecoin trial period until 2026, allowing banks and other institutions to test transactions in a real 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. Banks aim to test how such a token could support payments, improve settlement speed and connect blockchain-based applications to traditional currency.
The project will focus on testing payment processes and exploring how programmable money could support financial services.
The stablecoin testing period will remain open to other banks, companies and institutions, the statement said. The group aims to gain operational experience and assess whether a full market launch of a CHF stablecoin can follow.
The Swiss stablecoin’s testing period follows a consortium of 12 major banks, including BBVA, ING and UniCredit, teaming up to support Qivalis, a digital euro that will debut in the second half of 2026, with the primary aim of becoming Europe’s alternative to dominant dollar stablecoins such as Tether’s USDT and Circle’s USDC.
