1、Swiss Bankers Association Swiss Bankers Association April 20251Stablecoins in Switzerland An overview of the opportunities and risks of stablecoins issued by swiss banksApril 2025 Expert report of the SBASwiss Bankers Association Swiss Bankers Association April 20252 Executive Summary 31 Introductio

2、n 42 Stablecoins in the monetary landscape 62.1 Different forms of money 62.2 Different stablecoin concepts 83 Opportunities and risks of stablecoins for Swiss banks 133.1 Opportunities 143.2 Risks 184 Conclusion 23 Glossary 243Executive SummaryStablecoins have the potential to strengthen the digita

3、l economy in Switzerland as they represent efficient,potentially low-cost and secure means of payment.Their ability to streamline payment proces-ses and to reduce transaction times and costs makes them attractive for various applications,including payment transactions,trading in digital assets and,i

4、n the future,decentralised financial services.As a global innovation leader with a strong financial centre,Switzerland could benefit from the introduction of a Swiss franc stablecoin.As regulated and supervised financial intermediaries,banks are well placed to issue stablecoins compared to other iss

5、uers.They are fundamentally interested in the strategic options and new use cases within the evolving blockchain-based(financial)economy.Stablecoins are usually directly transferred peer-to-peer,and they are regarded as a complement to existing means of payment.They may be more suitable than other m

6、eans of payment for various use cases.The way they are regulated and structured heavily de-pends on national laws,economic conditions and financial market supervision of the respective country.However,the widespread use of stablecoins also poses risks to the domestic financial system,especially if t