UBS, Raiffeisen, and four Swiss banks launch live sandbox for Swiss franc stablecoin

XCHF, Frankencoin, and AllUnity's Deutsche Bank-backed CHFAU already exist — "Switzerland lacks a regulated CHF stablecoin" is doing serious heavy lifting in that press release. Three of these six banks (UBS, PostFinance, Sygnum) ran cross-bank deposit token settlements on public blockchain in late 2025, so the "sandbox" framing drastically undersells what they've already proven works. Transaction caps and gated participation mean zero DeFi composability by design — this is a walled-garden play for institutional rails, not a step toward permissionless CHF on-chain.

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• UBS partners with five banks for Swiss franc stablecoin sandbox (binance.com)
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• Swiss Banks To Test Swiss Franc Stablecoin In Blockchain Sandbox (globalbankingandfinance.com)
• Swiss Banking Alliance Tests Digital Franc - finews.com (finews.com)
• Swiss Franc Stablecoin Sandbox Launched - Markets Media (marketsmedia.com)

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