Stablecoin Business Models for the Swiss Financial System

SFTI launched a dedicated working group to define how CHF-pegged stablecoins can be issued, structured, and sustained as a viable business — bridging global innovation with Switzerland’s unique regulatory framework.

WHY IT MATTERS

The global stablecoin market is maturing rapidly. In the US, issuers of USDC and USDT have demonstrated the power of reserve-yield models — investing fiat deposits in short-term Treasuries and repos to generate returns while enabling programmable, instant payments at scale. Switzerland, with its world-class financial infrastructure and progressive regulatory environment, is uniquely positioned to develop its own model — one that reflects Swiss legal standards, SNB monetary policy considerations, and the institutional trust that defines the Swiss financial center.

Recent Federal Council draft amendments to FinIA open the door to a new payment institution license, enabling the issuance of fiat-pegged, par-redeemable stablecoins in Switzerland for the first time. Under the proposed framework, Payment Instrument Institutions (Zahlungsmittelinstitute) replace the existing FinTech license, removing the CHF 100 million client fund cap and granting the exclusive right to issue CHF-pegged stablecoins — backed by fully segregated reserves held in sight deposits or high-quality liquid assets, with unconditional at-par redemption rights for holders. The question is no longer if, but how — and on what terms.

“Switzerland has the institutions, the infrastructure, and the regulatory intent. This working group will define the business logic that makes CHF stablecoins not just possible, but sustainable.”

SCOPE & OBJECTIVES

The working group will systematically analyze and compare viable business models for CHF-pegged stablecoins — covering issuance structures, reserve strategies, infrastructure requirements, and the regulatory constraints that shape each. It will benchmark Swiss approaches against global practices and assess their impact on the broader financial center.

Key questions the group will address include: How should CHF stablecoin reserves be held and managed? What revenue streams are feasible within Swiss law? How do HQLA constraints affect profitability? What role can platforms and DeFi play under FINMA oversight? And how do stablecoins compare to deposit tokens and synthetic CBDCs as monetary instruments?

DELIVERABLES

Whitepaper on CHF stablecoin business models, yields, risks, and HQLA strategies

Swiss business model proposals for stablecoin issuance and infrastructure

Position papers advocating CHF stablecoin advantages for the Swiss financial center

Roundtable forums for policy input, industry dialogue, and partner collaboration

Regulatory overview and feasibility assessment of each business model

PARTICIPANTS & ENDORSERS

The group is co-lead by Andra Maute, SFTI and Dr. Patric Huber, HSLU and brings together a cross-sector coalition of institutions committed to shaping Switzerland’s tokenized economy:

Raiffeisen, ZKB, SGKB, BCV, Lombard Odier, Mastercard, Valiant, TCS, Eraneos, AllUnity, Acrea, HSLU, FH OST, Swisscom, and others

Participation is open to banks, financial industry stakeholders, fintech innovators, and academic institutions members of SFTI. Regular coordination with the Swiss Bankers Association ensures alignment across the ecosystem.

TIMELINE & FORMAT

START DATE: March 2026

DURATION: 6 months