XCHF

Stablecoins: FINMA Classification, Swiss Legal Treatment, and the Swiss Franc Stablecoin Market

Stablecoins — blockchain tokens designed to maintain a stable value relative to a reference asset — are the most commercially significant intersection of blockchain technology and traditional finance. In Switzerland, FINMA's token classification framework produces a specific and commercially significant outcome: most fiat-backed stablecoins are payment tokens, which means their issuers must navigate Swiss banking law to operate legally. Understanding this framework is essential for anyone building or using stablecoins in Crypto Valley.