Deployments · platform by Swiss Stablecoin AG

CHF stablecoin sandbox (CHFD)New

A joint test of a Swiss franc stablecoin by UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank and BCV with Swiss Stablecoin AG, launched in April 2026 and joined by SIX and TWINT in September 2026. The tests use CHFD, a stablecoin pegged one to one to the franc, which has run on Swiss Stablecoin AG's platform (operated by its subsidiary CHFD Infrastruktur AG) since the end of June 2026, with a restricted group of users and transaction limits. Use cases under test include automated payments between financial institutions, tokenised settlement of digital assets, and programmable payments for online marketplaces, event ticketing and public payments. The test phase runs to the end of 2026 and the partners stress that it is not a decision to launch a CHF stablecoin.

Pilot since Jun 2026^[2][4]i — Live sandbox with limited participants and transaction caps; no circulation figures, contract or ledger published. · Reviewed 13d ago i

Assets

Stablecoin^[2]

CHFD, a Swiss franc stablecoin designed to hold a 1:1 peg, used only inside the sandbox

Networks

Ethereum Public, permissionless^[3]

Swiss Stablecoin AG says the sandbox with the banks runs mainly on Ethereum, as an ERC-20 token, and that the platform is chain-agnostic with further chains planned. It does not say whether this is mainnet or a test network.

Use cases i

Domestic payments^[2]Delivery versus payment (DvP)^[2]Programmable payments^[2]

Jurisdictions

Switzerland

Participants

• Swiss Stablecoin AGIssuer, Operator, Platform provider, Technology provider^[2][1][3][5]Switzerland
• UBSClient or user^[1][2][6]Switzerland
• PostFinanceClient or user^[1][2][6]Switzerland
• SygnumClient or user^[1][2][6]Switzerland
• Raiffeisen SwitzerlandClient or user^[1][2][6]Switzerland
• Zuercher KantonalbankClient or user^[1][2][6]Switzerland
• Banque Cantonale VaudoiseClient or user^[1][2][6]Switzerland
• SIXClient or user^[2]Switzerland
• TWINTClient or user^[2]Switzerland

Likely relevant regulation i

• Swiss DLT Act (Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology)Switzerland
• Swiss amendment to the Financial Institutions Act on payment instrument institutions, stablecoins and crypto-institutionsSwitzerland

Assets

• IssuesCHFD Swiss franc stablecoin (sandbox) (CHFD)^[2]

Timeline

1. Expected Dec 2026 (month only) · Production milestone · recorded 18 Oct 2026
   Test phase expected to end; the partners plan to publish an overview of findings.^[2]
2. Happened 8 Sep 2026 · Participant joined · recorded 18 Oct 2026
   The sandbox enters its test phase and SIX and TWINT join, making nine participants; tests are to run until the end of 2026.^[2]
3. Happened Jun 2026 (month only) · Launch · recorded 18 Oct 2026
   CHFD goes technically live inside the sandbox.^[2]
4. Happened 8 Apr 2026 · Announcement · recorded 18 Oct 2026
   UBS, PostFinance, Sygnum, Raiffeisen, ZKB and BCV launch a CHF stablecoin sandbox with Swiss Stablecoin AG providing the issuing infrastructure, to run during 2026.^[1]

Sources i