UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, Banque Cantonale Vaudoise, SIX, TWINT and Swiss Stablecoin AG have launched sandbox testing for CHFD, a Swiss franc stablecoin, in a controlled live environment. CHFD went live technically at the end of June and is designed to maintain a 1:1 value with the Swiss franc. The test covers automated trading between financial institutions, settlement of tokenized digital assets and programmable payments, with trials expected to run through the end of 2026. UBS said the sandbox is intended to evaluate technical, operational and regulatory conditions and does not represent a decision to officially launch a Swiss franc stablecoin.