Swiss stablecoin sandbox enters testing phase with SIX and TWINT joining the consortium

Switzerland’s financial establishment is doing something unusual: building a stablecoin together. The country’s CHF stablecoin sandbox, a consortium effort involving some of the most recognizable names in Swiss banking, entered its active testing phase on September 8 with two heavyweight additions to the roster. SIX, the operator behind Switzerland’s core financial market infrastructure, and TWINT, the country’s dominant mobile payments app, have officially joined the project. The sandbox now includes UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV, and Swiss Stablecoin AG alongside SIX and TWINT. What the CHFD stablecoin sandbox actually does The project centers on CHFD, a stablecoin pegged 1:1 to the Swiss franc. It was technically launched on June 30, 2026, after the broader initiative kicked off on April 8, 2026. The sandbox is operated through CHFD Infrastruktur AG, a subsidiary of Swiss Stablecoin AG that provides the technical backbone for the platform. Testing is focused on three core use cases: interbank automated transactions, tokenized asset settlements, and programmable payments. Think of programmable payments as “if this, then that” logic applied to mon...