A consortium of major Swiss banks has launched a pilot project to introduce a stablecoin pegged to the Swiss franc into the national economy. The goal is to create a digital payments layer.

Banks participating in the project include UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, and BCV. More participants are expected to join. The regulated stablecoin is issued by Swiss Stablecoin AG.