ZURICH, April 8 (Reuters) – Six Swiss banks have joined forces to test potential uses for a Swiss franc-pegged stablecoin in Switzerland, UBS \u200csaid on Wednesday, as lenders grapple with the growing stablecoin industry \u200cand the wider growth of cryptocurrencies.<\/p>\n
Jointly with the company Swiss Stablecoin AG, the Swiss banks \u200bare launching a secure digital live environment, a so-called sandbox, to explore ways to connect blockchain applications with the Swiss franc, the UBS statement added.<\/p>\n
UBS, PostFinance, Sygnum, Raiffeisen, ZKB and BCV are part of the initiative, which is also open \u200cto other banks.<\/p>\n
There is \u2060currently no regulated Swiss franc-pegged stablecoin with broad application in Switzerland, UBS said. The sandbox will be conducted in 2026 \u2060and aims to strengthen the Swiss digital money ecosystem, the bank added.<\/p>\n
BANKS WORLDWIDE LOOKING AT STABLECOINS<\/p>\n
Stablecoins – a type of cryptocurrency designed to maintain a constant value and \u200bbacked by \u200btraditional currencies – are seen by some \u200blenders as potential competitors, putting them \u200cunder pressure to find uses for blockchain technology within their own businesses.<\/p>\n
Banks worldwide are experimenting with stablecoins, and several have joined forces to trial the technology, especially since U.S. President Donald Trump last year signed a law establishing rules for stablecoins.<\/p>\n
A group of 10 European banks, including ING, UniCredit and \u200cBNP Paribas, last year formed a company to \u200blaunch a euro-pegged stablecoin in the second \u200bhalf of 2026, in a \u200bmove they hope will counter U.S. dominance in digital payments.<\/p>\n
Also \u200clast year, a separate group of \u200b10 banks, including Bank \u200bof America, Deutsche Bank, Goldman Sachs and UBS, said that they are jointly exploring issuing a stablecoin.<\/p>\n
Stablecoins have grown sharply in recent years, \u200bbut the market is \u200cdominated by El Salvador-based company Tether, and demand for the few \u200bbank-issued stablecoins has so far been limited.<\/p>\n
(Reporting by Ariane Luthi; Editing \u200bby Linda Pasquini and David Holmes)<\/p>\n","protected":false},"excerpt":{"rendered":"ZURICH, April 8 (Reuters) – Six Swiss banks have joined forces to test potential uses for a Swiss…\n","protected":false},"author":2,"featured_media":45847,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[21952,8307,7032,41,14509,26540,17],"class_list":{"0":"post-45846","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-switzerland","8":"tag-blockchain-technology","9":"tag-european-banks","10":"tag-stablecoin","11":"tag-swiss","12":"tag-swiss-banks","13":"tag-swiss-stablecoin-ag","14":"tag-switzerland"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116369121952133863","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/45846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=45846"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/45846\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/45847"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=45846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=45846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=45846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}