Between Swiss stability and global network effects

The Swiss franc is widely regarded as one of the world’s most reliable currencies. It stands for political stability, independent monetary policy and a financial centre built strongly on trust. At first glance, it therefore seems an ideal foundation for a stablecoin, in other words a digital token whose value is intended to remain closely linked to a state currency.

Even so, no broadly used, regulated CHF stablecoin has yet established itself in Switzerland. That is precisely what makes the issue timely: from 23 to 25 June 2026, the Point Zero Forum is taking place in Zurich, with digital financial infrastructure, regulation and stablecoins prominently on the agenda. In addition, UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV and Swiss Stablecoin AG have been testing possible use cases for a CHF stablecoin in a sandbox since April 2026.

The idea is therefore far from dead. But the development so far shows that a digital franc does not become successful simply because its analogue counterpart is credible. What matters are demand, trading opportunities, regulation and a clear benefit for investors and companies.

Liquidity does not emerge on its own

A stablecoin only works if it can actually be used. This requires trading pairs on exchanges, connections to platforms, sufficient volume and counterparties that accept the token. Without this liquidity, even a technically sound stablecoin remains of limited use in everyday digital finance.

This creates a classic chicken-and-egg problem. Without a user base there is little liquidity; without liquidity there is little incentive to use it. Niche currencies are particularly exposed to this dynamic. CHF stablecoin projects therefore need to create not only trust, but also an ecosystem in which the token is used regularly.

Regulation as a mark of quality and a hurdle

Switzerland is among the more advanced jurisdictions for blockchain and crypto applications. FINMA and the Federal Council have repeatedly made clear in recent years that innovation should be possible, but within clear legal guardrails. This includes questions of licensing, anti-money laundering prevention, sanctions, depositor or customer protection, and the role of bank guarantees.

This clarity is an advantage for serious providers because it creates trust. At the same time, it increases the burden on issuers. A CHF stablecoin is not a simple software product; it sits at the core of payments, financial market regulation and the reputation of the Swiss financial centre.

The EU’s MiCA regulation is also relevant. Anyone wishing to offer a CHF stablecoin domiciled in Switzerland across Europe must take account of both Swiss requirements and European rules. For start-ups, for example, this double complexity can make the economic viability of a project significantly more difficult.

The SNB thinks institutionally

Another distinctive feature is the role of the Swiss National Bank. Through Project Helvetia, the SNB is examining how tokenised assets can be settled in central bank money. The focus is primarily on a wholesale CBDC, meaning digital central bank money for financial institutions, not a generally available stablecoin for private clients.

This is an important distinction. A privately issued CHF stablecoin is not legal tender and does not replace the franc. It would be a privately issued digital claim linked to the franc. The closer such a token comes functionally to money, the more carefully questions of stability, redemption rights, reserves and supervision need to be addressed.

Trust is hard to surpass in Switzerland

In many countries, stablecoin use cases emerge where the existing financial system is expensive, slow or unreliable. In Switzerland, the starting point is different. Banking services are widely available, payments work efficiently, and the franc itself is already considered a stable measure of value.

A private CHF stablecoin must therefore do more than prove that it works technically. It must also offer a benefit beyond existing solutions. For private clients, this benefit has so far been less obvious than for professional applications, for example tokenised assets, settlement processes or cross-border payments.

Where a CHF stablecoin could still make sense

There are certainly use cases. Companies with international supply chains, fintechs in cross-border payments, or platforms for tokenised assets could benefit from a liquid, regulation-compliant CHF stablecoin. Such infrastructure could also become relevant over the long term for settlement between digital assets and franc liquidity.

The Swiss sandbox running in 2026 is therefore an important step. It shows that established financial institutions are not merely observing the topic in theory, but are testing concrete applications under controlled conditions. Whether this leads to a broadly usable product will depend on whether the tested use cases are large and urgent enough to overcome the structural hurdles.

Important legal information

_{This publication is intended for information and marketing purposes only, and does not constitute investment advice or a specific individual investment recommendation. It is not a sales prospectus and does not constitute a request, an offer, or a recommendation to buy or sell investment instruments or investment services, or to engage in any other transaction. Maerki Baumann & Co. AG does not provide legal or tax advice. Investors are therefore advised to obtain independent legal or tax advice concerning the suitability of such investments, since their tax treatment depends on the personal circumstances of the investor in question and is subject to change at any time. ­Maerki Baumann & Co. AG holds a Swiss banking licence issued by the Financial Market Supervisory Authority (FINMA). This publication is expressly not intended for persons domiciled in Germany or so-called U.S. persons.}
 

Editorial deadline: 23 June 2026

Maerki Baumann & Co. Ltd.
Dreikönigstrasse 6, CH-8002 Zurich
T +41 44 286 25 25, info@maerki-baumann.ch
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