Switzerland has long sought to project financial stability — the neutral safe haven, the sound money, the vault. Now it wants to bottle that reputation in digital form. The government has launched a consultation on allowing stablecoins to be issued in the country.

Switzerland has opened a major regulatory consultation on stablecoins to create a clear and safe environment for digital payments. The announcement from Swiss regulators introduces a new licensing category under the FINMA (Swiss Financial Market Supervisory Authority) banner for issuers of what they call “value-stable Blockchain-based tokens.”

This is the biggest step Switzerland has taken so far toward integrating stablecoins into its financial system, which could see more than $1.2 billion in market activity. The consultation invites public and industry feedback on how payment systems based on these tokens should interact with existing regulatory frameworks.

Balancing innovation with financial safeguards

Under the proposed rules, issuers of stablecoins will have to meet strict requirements on transparency and reserve management. Issued tokens should be fully backed by high-quality assets. Reserves must be kept separate from other assets to protect investors. Issuers will need a FINMA-approved white paper that clearly explains the project, its financial structure, and the safeguards in place. They will also have to notify FINMA 60 days before launching a stablecoin, and ensure that anyone holding the token can redeem it at face value at any time.

Foreign stablecoins sold in Switzerland will be classified as crypto assets rather than payment instruments. Offshore issuers will not be required to establish a presence in Switzerland or duplicate their reserves there, unless they directly issue tokens to people in the country.

Industry experts believe that Switzerland is positioning itself to play a major role in global digital finance. They argue that this framework could be a game changer for building markets in tokenised assets and bonds, supported by cash-on-chain mechanisms.

Some also think that stablecoins could help make the Swiss franc even more stable and attractive to investors around the world, reinforcing Switzerland’s long-standing reputation as a responsible and prudent financial operator.

A broader philosophical question remains: can Switzerland replicate its defining product — trust — in an era driven by code, Blockchain, and decentralisation? If it succeeds, the country could extend its financial relevance deep into the digital age. If it missteps, a core national industry risks being undermined by a world of tokenised competition.

The consultation will remain open until February 2026, after which the government is expected to finalise and implement the new laws.

Sources:

https://www.news.admin.ch/en/newnsb/x4TMWQ1SWofNoFx7XyHhY

https://www.fxleaders.com/news/2025/11/06/switzerland-rolls-out-1-2b-stablecoin-plan-under-finmas-new-rules/

https://www.ft.com/content/636531c8-89e9-489d-8de8-84ce43128955