Deployments · SIX Digital Exchange (SDX) · platform by SIX

Swiss National Bank Project Helvetia wholesale CBDC pilot on SDXUpdated 15 Oct 2026

Since late 2023 the Swiss National Bank has issued real Swiss franc wholesale CBDC on SIX Digital Exchange so that banks can settle digital bonds in central bank money. Bonds from the Cantons of Basel-Stadt and Zurich, the Cities of Lugano and St. Gallen, and the World Bank have settled this way. The pilot has been extended several times, and the SNB now says it will run until at least June 2028, open to more institutions and transaction types.

Pilot since Dec 2023^[2]i — Live central bank money with a restricted set of participating banks; the SNB stresses it is not a commitment to a permanent wholesale CBDC. · Reviewed 24d ago i

Assets

Wholesale central-bank money^[1]

Swiss franc wholesale CBDC issued by the SNB on SDX

Networks

SIX digital assets ledger Private, permissioned^[1]

Use cases i

Delivery versus payment (DvP)^[2]

Jurisdictions

Switzerland

Participants

• Swiss National BankOperator, Cash leg provider^[1]Switzerland
• SIXPlatform provider, Operator, Technology provider^[5]Switzerland
• Zuercher KantonalbankCounterparty, Distributor^[2]Switzerland
• Canton of Basel-StadtIssuer^[3]Switzerland
• Canton of ZurichIssuer^[2]Switzerland
• City of LuganoIssuer^[4]Switzerland
• City of St. GallenIssuer^[4]Switzerland
• World BankIssuer^[5]United States
• Banque Cantonale VaudoiseCounterparty^[7]Switzerland
• Basler KantonalbankCounterparty, Paying or settlement agent^[7]Switzerland
• CommerzbankCounterparty^[7]Germany
• Hypothekarbank LenzburgCounterparty^[7]Switzerland
• UBSCounterparty, Issuer^[8]Switzerland
• Aargauische KantonalbankCounterparty^[9]Switzerland
• Basellandschaftliche KantonalbankCounterparty^[9]Switzerland
• Raiffeisen SwitzerlandCounterparty^[9]Switzerland
• BX DigitalPlatform provider^[10][11]Switzerland
• Six commercial banks took part at the start of the pilot; by October 2026 the SNB listed nine banks as eligible for wCBDC (all named here) and says further institutions may join.^[9]

Likely relevant regulation i

• Swiss DLT Act (Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology)Switzerland

Assets

• IssuesSwiss franc wholesale CBDC (SNB, Project Helvetia)^[1]

Moves across networks

• direct linkSynchronised settlement^[10][11]SIC–BX Digital RTGS link added in the June 2025 extension so tokenised assets can settle against conventional central bank money in SIC; recorded as network connection ethereum-sic (announced).

Metrics i

• CHF 750mDigital bond issuance settled in wholesale CBDC · as of Jun 2024^[8][11]
  Six issues since December 2023.
• over CHF 2bnSecurities issued through SDX · as of Oct 2026context^[6]
  Covers all SDX issuance and not only wCBDC-settled bonds.

Timeline

1. Happened 2026 (year only) · Scope expansion · recorded 15 Oct 2026
   SNB project page now states the pilot will run until at least June 2028.^[1]
2. Happened 30 Jun 2025 · Scope expansion · recorded 15 Oct 2026
   SNB extends the pilot by a year to at least mid-2027 and adds a link between SIC and BX Digital's DLT platform so tokenised assets can also settle in conventional central bank money (a synchronised approach).^[10][11]
3. Happened 21 May 2024 · Production milestone · recorded 11 Oct 2026
   SIX says several issues, including the World Bank's, are part of Helvetia III, as SDX passes CHF 1 billion of issuance.^[5]
4. Happened Mar 2024 (month only) · Production milestone · recorded 11 Oct 2026
   Lugano and St. Gallen bonds settle in wholesale CBDC.^[4]
5. Happened 1 Dec 2023 · First transaction · recorded 11 Oct 2026
   Canton of Zurich bond settles against wholesale CBDC.^[2]
6. Happened 15 Nov 2023 · Announcement · recorded 11 Oct 2026
   Basel-Stadt says its digital bond will be payable in real wholesale CBDC, the SNB's first such issue on SDX.^[3]

Sources i