The Swiss franc stablecoin has officially entered the testing phase. SIX and payment giant TWINT are new participants. Together with UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank (ZKB), BCV and Swiss Stablecoin AG, a total of 9 institutions take part. The project was initially launched in April this year. The test is built on CHFD, a stablecoin pegged 1:1 to the Swiss franc. It covers automated trading for financial institutions, tokenized asset settlement and programmable payments, including scenarios such as e-commerce anti-fraud, ticketing and public fund disbursement. The test is expected to run until the end of 2026. It remains an experimental project and is not an official commercial release for the public.