Swiss institutions launch CHFD stablecoin testing phase

On September 8, the CHFD stablecoin entered a coordinated testing phase after SIX Swiss Exchange and payments provider TWINT joined an existing group of seven Swiss financial firms. The sandbox, which has operated since late June with transaction caps, now includes nine participants testing institutional automation, tokenized asset settlement and programmable payments.

Participants and scope

The nine entities are UBS, PostFinance, Sygnum, Raiffeisen, Zurich Cantonal Bank, Banque Cantonale Vaudoise, SIX, TWINT and Swiss Stablecoin AG. All testing remains confined to a controlled environment and does not constitute a commercial launch.

Use‑case focus

Tests cover three practical scenarios:

• Automated inter‑bank transactions – evaluating how blockchain‑based money can speed settlement of tokenized securities.
• Programmable payments – exploring conditional fund releases for e‑commerce, ticketing and public‑sector disbursements.
• Tokenized asset settlement – linking CHFD to tokenized bonds, funds or other securities on SIX’s digital exchange platform.

Infrastructure and expertise

SIX contributes its experience in digital securities issuance, trading and post‑trade settlement, while TWINT brings consumer‑payment capabilities. Both firms may help bridge CHFD with existing tokenized‑securities workflows, though no direct integration with SIX Digital Exchange or the TWINT app has been confirmed.

Regulatory context

The sandbox operates under strict participant limits and risk safeguards, distinguishing it from a public stablecoin. FINMA’s guidance on stablecoins applies only if CHFD moves beyond the experimental phase, requiring clear issuance, redemption and AML frameworks.

Timeline

Testing is expected to continue through the end of 2026, after which the consortium will publish an overview of findings. No retail rollout, exchange listing or public token contract has been announced.