Switzerland and Uzbekistan Join Sovereign Stablecoin Push
The global stablecoin market has reached new heights, exceeding $300 billion in December 2025. Despite this growth, the market is still dominated by US dollar-denominated tokens, accounting for 98% of the total market cap.
In response to this trend, many countries are exploring their own sovereign stablecoins. This week saw the launch of a Swiss franc stablecoin test phase, initiated by SIX and mobile payment service Twint in collaboration with nine other firms, including UBS, PostFinance, Sygnum, and Raiffeisen.
The test aims to connect blockchain applications with the Swiss franc and explore potential use cases for the stablecoin, CHFD. The project focuses on programmable payments and digital asset settlement, examining how it can reduce fraud risks, support fair access to event tickets, and make public payments more efficient.