Swiss Franc Stablecoin CHFD: Nine Partners and an Ecosystem
Switzerland’s CHF stablecoin initiative expands to 9 participants and builds an ecosystem
SIX, market infrastructure firm, and TWINT, payment company, have joined UBS, PostFinance, Sygnum, Raiffeisen, ZKB, BCV and Swiss Stablecoin AG to test CHFD in a controlled live sandbox.
The use cases span programmable payments, automated transactions between financial institutions and settlement of digital assets.
➡️ Why this matters
For digital money to become economically useful at scale, it needs an ecosystem around it:
Issuance: who creates and manages the money?
Distribution: who brings clients and access to cash?
Payments: where can it be spent or transferred?
Securities infrastructure: which assets can it settle?
Liquidity and convertibility: how easily can participants move into and out of it?
CHFD brings organisations from across these functions into the same experiment.
The involvement of banks, TWINT and SIX creates an opportunity to connect payments with institutional finance.
➡️ Competition vs Tokenized Deposits
While many consortium stablecoin projects are busy onboarding partners, tokenized deposit is rapidly scaling via hub of hubs model.
Case in point: Citi's recently completed live transactions with FAB and OCBC demonstrate how banks can leverage SWIFT's infrastructure to make tokenized deposits and institutional payments across banks and borders much easily orchestrated and usable.
Which scales faster: building an ecosystem around a shared stablecoin, or connecting tokenized deposits across existing banking networks?
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