Two of Switzerland’s most important payment players, SIX and TWINT, have joined the Swiss franc stablecoin initiative launched by six banks in April. SIX already settles tokenized assets with central bank money on its SDX platform, first with its own synthetic token and now with the Swiss National Bank’s wholesale CBDC. But only banks can hold central bank money. A stablecoin could bring digital settlement to everyone else, from asset managers and corporates to consumers. TWINT is the bank owned mobile payments app used by most Swiss consumers. The CHFD stablecoin has been technically live in a sandbox since late June.
The other members are UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV and Swiss Stablecoin AG. The token is issued on a platform run by CHFD Infrastruktur AG, a subsidiary of Swiss Stablecoin, rather than by the banks themselves.
The group is explicit that the sandbox exercise is open ended and does not signal a decision to launch a stablecoin. It runs until the end of 2026, after which the results will be published.
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