Six Swiss banks are collaborating to create a stablecoin sandbox to trial the issuance and distribution of a CHF stablecoin. The six banks, UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank and BCV, are working with Swiss Stablecoin for the initiative. They are inviting other banks and institutions to participate in their work. The first three have previously worked together on a trial Swiss deposit token solution based on public blockchains.
While Sygnum has a stablecoin that is only available to its institutional clientele, to date no CHF stablecoin has gained significant traction. The lack of a widely used CHF coin is not just because dollars dominate stablecoins. Switzerland has one of the most restrictive AML regimes for stablecoins, requiring the identification of every stablecoin holder, which is similar to Hong Kong’s stablecoin plans in the initial phase.
However, this anti money laundering requirement is under review. In October 2025 the Federal Council published several proposed legislative changes that touch crypto-assets. The consultation closed in February 2026. Amongst them was optionality in dealing with AML. A stablecoin issuer can either choose to whitelist users or alternatively actively keep a blacklist, with the latter being far more permissive.
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