Last month the Swiss Bankers Association (SBA) published a paper exploring the potential for stablecoins in Switzerland. While there was no mention of the Trump administration leaning into stablecoins, the paper highlighted the need to be globally competitive. Another reason for the paper was the Swiss regulator FINMA’s review of stablecoin rules announced last year.
The authors’ message was that stablecoins are an opportunity, and if Switzerland doesn’t have sufficient presence, it risks ceding ground to other currencies. They also explored risks with the usual concerns about replacing bank deposits. However, they “deliberately refrain from recommending a particular course of action.”
Today there are three sets of stablecoin activities in Switzerland. There are central money backed tokens, which are only available to accredited and institutional investors. These include offerings from digital asset bank Sygnum and the SIX Digital Exchange for settlement purposes. For mainstream stablecoins available to everyday users, there are one or two small coins available, but they don’t have recognizable brands. And then there are banks such as BBVA Switzerland that enable access to the big US dollar stablecoins.
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