Stablecoin in francs: the project enters the operational phase (cross-border guide)
The CHFD project for a digital currency linked to the Swiss franc enters the testing phase. Nine Swiss financial partners are experimenting with concrete uses of the stablecoin until the end of 2026.
Context
In brief
- Nine Swiss partners are testing CHFD, a stablecoin pegged to the franc
- Operational phase from late June 2025, will last until end of 2026
- Testing on automated transactions, fraud prevention, fair access to tickets
- Objective: strengthen competitiveness of the Swiss financial centre
Key facts
- What: CHFD, stablecoin in francs with 1:1 ratio
- When: Technical activation at end of June 2025, testing until end of 2026
- Who: UBS, PostFinance, Sygnum, Raiffeisen, cantonal banks of Zurich and Vaud, Swiss Stablecoin, SIX, Twint
- Where: Switzerland
- Initiative: Launched in April 2025
- Duration of experimentation: Until end of 2026
- Exchange ratio: 1 CHFD = 1 Swiss franc
Nine Swiss financial institutions have officially entered the operational testing phase for CHFD, a stablecoin (digital currency) pegged to the Swiss franc. The project, launched in April 2025, reached its first technical milestone at the end of June with the official activation of the digital currency. Testing takes place in a protected digital environment, called a 'sandbox', where partners can experiment with concrete uses of the digital currency without exposing the real financial system to risks.
The nine partners involved represent the historic core of Swiss finance: universal banks such as UBS and PostFinance, the Sygnum institute specializing in digital currencies, the Raiffeisen group, the cantonal banks of Zurich and Vaud, Swiss Stablecoin, as well as SIX and Twint, two key infrastructures of Swiss payments. A grouping that reflects the desire of the national financial system to develop its own expertise in the field of sovereign digital currencies.
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Operational details
Stablecoins in the Swiss context
Switzerland does not come to this experimentation as a beginner. In 2022, the City of Lugano has already started a collaboration with Tether for the Plan B project, an initiative that develops concrete uses of Bitcoin, blockchain and decentralized technologies in the Ticino territory. In Lugano, Bitcoin, Tether and LVGA can be used for purchases in numerous businesses participating in the project. The CHFD initiative therefore continues on a path already traced: testing how digital currencies can be integrated into local and national economic ecosystems.
Concrete opportunities for the financial system
Programmability is a crucial feature that distinguishes blockchain stablecoins from traditional money. A digital franc linked to the blockchain's distributed ledger could make it possible to automate complex payments. For example, a cascading refund for an e-commerce transaction could be triggered automatically if the customer does not receive the goods within a set timeframe, without the need for manual banking intermediation. Similarly, anti-fraud control could be performed in real time by publicly verifiable scripts, reducing disputes and increasing trust between parties.
In the area of public payments — taxes, levies, contributions — a stablecoin in francs could shorten reconciliation times and reduce transaction errors.
Key points
Timeline and Next Steps
The CHFD pilot phase will continue until the end of December 2026. This timeframe of approximately 18-20 months from technical activation (end of June 2025) allows the nine partners to gather robust data on real-world use, transaction volumes, user behavior, and emerging technical issues. The window is wide enough to identify critical scenarios and validate the proposed operational models.
How to Stay Informed and Participate
For Swiss citizens and businesses interested in CHFD project developments, the first step is to consult official communications from partner institutions: UBS, PostFinance, SIX, and Twint publish regular updates on their corporate platforms and communication channels. For an overview of digital innovation in the Swiss financial sector, it's useful to follow communications from the Swiss National Bank (SNB) and the State Secretariat for Economic Affairs (SECO), which oversee federal government policy on these topics.
Currently, testing is taking place in a sandbox environment, so it is not yet possible for the general public to access or purchase CHFD with real money. However, financial institutions may open doors to selected beta-testers in the coming months of testing. Swiss banks — particularly the nine partners — will communicate any participation opportunities through their customer channels and public announcements.
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