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On April 8, UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, and BCV launched a joint CHF stablecoin sandbox with Swiss Stablecoin AG. On April 9, ClearBank Europe became the first Dutch credit institution to secure MiCA approval as a crypto asset service provider, going live with EURC and USDC through Circle Mint and Taurus-PROTECT. Also, twelve of European banks, including BNP Paribas, ING, BBVA, and UniCredit, have signed their names to a joint venture called Qivalis, targeting a euro-pegged stablecoin by H2 2026. Meanwhile, the ECB released Appia’s official roadmap for tokenisation in March.

The Signal: Stablecoin is gaining momentum in Europe. Dollar-pegged stablecoin activity in the EU has surged, USDC volume jumped 109% in six months, with demand outpacing supply by five to six times. The focus now shifts to Euro-pegged stablecoins as the natural next step. The race is on for established banks to build the infrastructure before the rails move beyond their reach.

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What happened

1/ Swiss franc stablecoin sandbox: six banks with one infrastructure

The CHF (Swiss Franc Stablecoin) sandbox is a controlled live environment. The six banks (UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV), with technical infrastructure from Swiss Stablecoin AG, will test real payment flows with real counterparties under transaction caps and a restricted participant pool. [RELEASE]

The goal is simple: To develop a regulated Swiss franc stablecoin by year-end.

The sandbox runs through 2026 and remains open to additional banks and corporations.