The Swiss stablecoin CHFD entered the official testing phase on September 8, when financial operator SIX and payment provider TWINT joined the previously existing seven participants in this controlled initiative. A total of nine Swiss institutions are participating in the testing, including UBS, PostFinance, Sygnum, Raiffeisen, Zurich Cantonal Bank, Banque Cantonale Vaudoise, SIX, TWINT, and Swiss Stablecoin AG. CHFD is designed as a stable digital currency equal to one Swiss franc within the testing framework.
The pilot project was launched in April 2026 and has since been conducted in a limited environment. It initially started with six banks, allowing for the exploration of the stablecoin's potential in payments and tokenized finance. Now, with the inclusion of new participants, the testing covers aspects such as automating transactions between financial institutions, settling tokenized assets, and programmable payments. The testing is scheduled to conclude at the end of 2026, but a final decision on the commercial launch of CHFD has not yet been made.
The participation of SIX and TWINT expands the project's expertise. SIX is responsible for the exchange and settlement of tokenized assets, while TWINT brings experience in mobile payments for everyday transactions. Participants will explore how programmable payments can minimize fraud in online markets, ensure fairer access to event tickets, and enhance the efficiency of public payments. However, it is important to note that participants have not disclosed the expected issuance size of CHFD, its relationship to existing payment systems, or plans for a broader market launch. The testing is taking place in a limited environment and does not imply automatic approval of CHFD.