Swiss stablecoin sandbox enters testing phase, adds two new partners

Sandbox Expansion

Financial market operator SIX and payment app TWINT have joined numerous banks in the sandbox seeking to develop a Swiss franc-based stablecoin.

Stablecoin Overview

Nine Swiss companies have begun sandbox tests of CHFD, a Swiss franc stablecoin, for programmable payments and digital asset settlement. The pilot will examine whether programmable payments can reduce fraud on online marketplaces, support fair access to event tickets, and make public payments more efficient, according to a Tuesday press release shared with Cointelegraph.

Timeline and Scope

The initiative launched in April. Currently, CHFD is being tested across multiple platforms within the sandbox environment.

Additional Developments

Related coverage notes that Citi and DBS completed their first weekend tokenized cross-border deposit on Swift.