The Swiss National Bank (SNB) has warned, through Governing Board member Petra Tschudin, about the risks that large stablecoins pose for the transmission of its monetary policy to the real economy. If deposits move from commercial banks to stablecoins, the SNB’s ability to influence borrowing costs could be weakened. The SNB had already identified two main dangers in its July 2026 financial stability report: disintermediation and run risk. The Swiss franc stablecoin market remains limited, with a market cap under 50 million dollars as of mid-2026. Switzerland is developing a new license category for fiat-backed stablecoin issuers while continuing Project Helvetia III to test wholesale CBDCs until at least 2028.
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