The Swiss Federal Government recently officially launched a public consultation process, planning to allow the issuance of stablecoins pegged to fiat currency within its borders. This move is seen as a key step for Switzerland towards a "crypto future," marking the country's entry into a substantive phase of institutional innovation in the field of digital assets. In the future, trust in the Swiss financial system will not only be reflected through traditional "numbered bank accounts" but also through crypto tokens based on blockchain technology, achieving a modern transformation of value storage and transfer.
According to the proposal, Switzerland plans to establish two new types of licensed institutions—"Payment Instrument Institutions" and "Crypto Institutions"—aiming to fully incorporate stablecoin issuers into the regulatory scope of the national financial legal system. This institutional design not only responds to the rapid development of global digital payment tools but also demonstrates Switzerland's ambition to maintain a leading position in the regulation of crypto assets.
Switzerland possesses multiple advantages to become a "trustworthy stablecoin anchor." Although the collapse of Credit Suisse in 2023 caused a short-term impact on its financial reputation, Swiss financial institutions have long been known for their capital adequacy and operational stability. Its regulatory authorities are renowned for their pragmatic and prudent style, and the Swiss franc is one of the most stable currencies globally recognized. These elements together form a foundation of trust that is difficult to replicate, providing solid assurance for the issuance and circulation of stablecoins.
Imagine a stablecoin pegged to the Swiss franc, with high transparency, a full reserve mechanism, and strictly regulated by the Swiss Financial Market Supervisory Authority. Such a product would likely stand out among numerous crypto products. Not only can it leverage Switzerland's inherent financial credibility, but it can also achieve verifiable and auditable reserve management at the technical level, thereby forming a sharp contrast with those "crude and arbitrary crypto experiments" in other parts of the world—the latter, due to a lack of effective regulation and stability mechanisms, have repeatedly caused market turbulence, severely damaging the credibility of the entire crypto industry.
From a global competitive perspective, Switzerland's move also holds strategic significance. Currently, many countries are actively deploying innovations in digital currencies and payment systems. With its mature private banking services, highly internationalized financial ecosystem, and flexible yet rigorous legislative tradition, Switzerland has the opportunity to gain a competitive edge in the next phase of the stablecoin competition. By combining blockchain technology with fiat currency credit, Switzerland can not only consolidate its position as a global wealth management center but also reshape the country's financial influence in the digital era.
Of course, the proposal is still in the consultation stage, and specific rule designs remain to be refined. For example, how to define the specific form of "full reserves," how to achieve real-time monitoring of on-chain circulating assets, and how to coordinate the relationship between domestic legislation and the EU's upcoming "Markets in Crypto-Assets Regulation" are all issues that need in-depth discussion in the future.
Regardless, Switzerland's move has clearly sent a signal: as crypto assets increasingly integrate into mainstream finance, institutional innovation and risk control must go hand in hand. Only under a robust regulatory framework can digital currencies truly carry public trust and become new infrastructure driving high-quality economic development. If Switzerland successfully implements this path, it may provide an important model for global digital financial governance.
