Nine Swiss financial companies began testing use cases for the CHFD stablecoin in a controlled live sandbox on Sept. 8, adding SIX and TWINT to an initiative formed in April. UBS said the group is examining how blockchain-based money could connect with financial-market infrastructure and digital payments.
The participants are UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV, SIX, TWINT and Swiss Stablecoin AG. According to the official UBS announcement, the test phase is expected to run through the end of 2026 and has an open outcome. The exercise does not represent a decision to launch a commercial Swiss-franc stablecoin.
CHFD provides the sandbox settlement asset
The tests use CHFD, a digital asset designed to maintain a one-to-one peg with the Swiss franc. UBS said CHFD has been technically live inside the sandbox since the end of June. CHFD Infrastruktur AG, a subsidiary of Swiss Stablecoin AG, operates the platform supporting the initiative.
That chronology separates the current development from the earlier technical deployment. Sept. 8 marks the start of partner use-case testing and the addition of SIX and TWINT, rather than the first creation of CHFD or a public rollout. Participation is restricted, and transaction limits form part of the sandbox safeguards.
Partners will test settlement and programmable payments
The program covers automated transactions between financial institutions and the tokenized settlement of digital assets. It will also examine programmable-payment applications, including whether transaction rules can reduce fraud on online marketplaces, improve access to event tickets and make public payments more efficient.
SIX contributes financial-market-infrastructure expertise, while TWINT adds experience in digital payments. The wider bank group provides potential institutional operating contexts, but UBS did not announce customer availability, transaction volumes or a production timetable. Those outcomes remain dependent on the technical, operational and regulatory findings generated during the trial.
Results will inform any future Swiss-franc product
The partners plan to publish an overview after the initiative ends. Their stated objective is to identify where a CHF stablecoin could add value and what obstacles would need to be addressed before any future development. The sandbox is therefore an evidence-gathering project, not proof that the consortium has approved issuance.
Switzerland has attracted other firms seeking regulated routes for digital-asset services. BlockchainReporter recently covered Yellow Card’s Swiss AML affiliation, a separate institutional expansion that illustrates the country’s role in stablecoin infrastructure. The CHFD trial goes further into shared payment experimentation, but its practical value will depend on the results reported after testing.
