The Swiss National Bank (SNB) has raised concerns that large stablecoins could interfere with how monetary policy reaches the real economy. Speaking at an event in Zurich on September 30, 2026, SNB Governing Board member Petra Tschudin stated that regulatory measures are necessary to ensure central bankers maintain control over monetary policy transmission.
Tschudin’s central concern focuses on the two-tier financial system, where the central bank sits at the top and deals with commercial banks, which in turn deal with households and businesses. When a central bank changes its policy rate, it relies on this chain to ripple outward through commercial bank loans and deposits.
According to Tschudin, stablecoins operate outside this traditional structure. If deposits shift away from commercial banks and into stablecoins, the transmission channels used by the SNB to steer borrowing costs could be undermined.
Despite these risks, Tschudin did not dismiss the technology entirely, acknowledging that stablecoins can modernize payments and offer lower costs for international transfers. Her focus remains on establishing regulatory guardrails rather than implementing outright bans.
Building on Previous Findings
This warning follows risks previously highlighted in the SNB's July 2026 financial stability report, which pointed to two main dangers: disintermediation, where money bypasses traditional banks, and run risk, where a stablecoin backed by inadequate reserves faces unmeetable redemption waves.
However, the same report noted that domestic risks remain manageable. As of mid-2026, the market for Swiss franc stablecoins stayed small, with a total market capitalization under $50 million.
Switzerland's Regulatory and Technological Response
Switzerland is actively addressing the sector through legislative changes and technological experimentation.
- Regulatory framework: The country is introducing a new "payment instrument institution" license category for fiat-backed stablecoin issuers as part of amendments to the Financial Institutions Act.
- CBDC experimentation: Through Project Helvetia III, the SNB is experimenting with a wholesale central bank digital currency (wCBDC), a tokenized form of central bank money utilized between financial institutions. This project has been extended until at least 2028.
