Swiss Banks Band Together to Test Regulated CHF Stablecoin

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Six Swiss banks announced they are jointly testing a regulated Swiss franc stablecoin, marking a significant move by traditional European banking institutions into the stablecoin space. This comes in the same week that stablecoins reached a $312 billion market cap (60x increase since 2020) and $33 trillion in annual transaction volume. The Swiss consortium approach — regulated banks collaborating on a sovereign-currency stablecoin — contrasts with the largely unregulated USD stablecoin market and could set a template for other European currencies.