Swiss CHF Stablecoin Sandbox Enters Test Phase as SIX and TWINT Join Initiative | LeapRate
It was revealed on Tuesday that Switzerland’s CHF stablecoin initiative has entered a test phase, with financial infrastructure operator SIX and payment provider TWINT joining as new partners, bringing the total number of participating companies to nine.
The initiative, launched in April 2026, now includes UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV, SIX, TWINT and Swiss Stablecoin AG. The group is testing selected use cases for a Swiss franc stablecoin within a secure digital sandbox environment. SIX and TWINT bring additional expertise in financial market infrastructure and digital payments to the project.
The tests centre on CHFD, a stablecoin designed to maintain a 1:1 peg to the Swiss franc, which has been technically live in the sandbox since late June. Testing takes place on a CHF stablecoin platform run by CHFD Infrastruktur AG, a subsidiary of Swiss Stablecoin AG.
Beyond established applications such as automated interbank transactions and tokenized settlement of digital assets, participants are exploring programmable payment use cases, including reducing fraud on online marketplaces, supporting fairer access to event tickets, and improving efficiency in public sector payments.
The test phase, which runs within defined limits on participants and transaction sizes, has an open outcome and is expected to continue until the end of 2026.
Organisers say the goal is to understand where a CHF stablecoin could add value, identify challenges, and determine the technical, operational and regulatory requirements for any future development.
A summary of findings is expected once the initiative concludes. The sandbox does not represent a decision on whether a CHF stablecoin will ultimately be introduced.
