CHF Stablecoin Business Models
Five viable archetypes for a Swiss-franc stablecoin — compared across revenue mechanics, value proposition and total cost of ownership.
BankG + esisuisse depositor protection (CHF 100k); SBA white paper on DT-CHF
- Programmable CHF that remains on-balance-sheet money — keeps credit creation and monetary transmission intact
- Net settlement across banks, native DvP/PvP on-chain, 24/7 corporate treasury
- Trusted brand: same legal nature as a sight deposit, covered by depositor protection
- Net interest margin on backing deposits (largest revenue lever)
- Transaction & FX fees on programmable payments, payroll, supplier flows
- Corporate cash-management add-ons (escrow, conditional payments, treasury APIs)
- High: full bank licence, capital & liquidity (Basel III), AML/KYC, audited core-banking integration
- Shared-ledger consortium cost (e.g. SIX / SDX or common rail) amortised across banks
- Lower marginal cost per token once core-banking + ledger are integrated
Higher = stronger revenue upside · heavier TCO · broader interop · more complex architecture · higher risk
FINMA Guidance 06/2024 — most stablecoins treated as public deposits; bank guarantee or licence required
- Open-network CHF for crypto exchanges, DeFi, on/off-ramps and remittances
- Composable, permissionless transfers — strong developer ecosystem
- Faster time-to-market than a deposit token; lighter regulatory perimeter
- Float yield on HQLA reserves (T-bills, SNB sight deposits) — primary P&L
- Mint/redeem fees on primary market, B2B distribution fees
- Premium APIs, custody and merchant-acceptance services
- Medium: FINMA-approved bank guarantee, monthly attestations, segregated reserves
- Smart-contract audits, multi-chain deployment, oracle and bridge security
- Distribution & liquidity costs (market-maker incentives, exchange listings)
Higher = stronger revenue upside · heavier TCO · broader interop · more complex architecture · higher risk
FinIA + DLT Act (collective investment carve-out) — modelled on USDY / BUIDL structure
- Yield-bearing CHF token for institutional treasuries (qualified investors)
- Bankruptcy-remote: holders have direct claim on segregated CHF MMF assets
- Bridges TradFi MMFs and on-chain collateral pools
- Management fee on AUM (typ. 15–40 bps) instead of full float capture
- Subscription / redemption fees from authorised participants
- Repo and securities-lending revenue on backing portfolio
- Medium-high: portfolio manager, fund admin, transfer agent, custodian, auditor
- Whitelisting / transfer-restriction smart contracts (ERC-3643 or similar)
- Continuous NAV publication and on-chain proof-of-reserves
Higher = stronger revenue upside · heavier TCO · broader interop · more complex architecture · higher risk
Conceptual (IMF FinTech Note 19/01); no formal Swiss sCBDC regime — SNB Project Helvetia explores wholesale CBDC instead
- Credit-risk-free CHF on-chain — closest substitute to central-bank money for the public
- Ideal for high-value settlement, tokenised securities DvP and cross-border PvP
- Preserves SNB monetary control without SNB running retail accounts
- Very thin: SNB reserves earn the policy rate minus the tier — pass-through model
- Fee-for-service on payments, settlement, programmability layer
- Differentiation via SLAs, compliance tooling and integration revenue
- High: SNB account access, strict reserve segregation, central-bank-grade operations
- Regulatory uncertainty — bespoke arrangement with SNB required
- Lowest credit & liquidity risk → lowest capital charge of all models
Higher = stronger revenue upside · heavier TCO · broader interop · more complex architecture · higher risk
Swiss DLT Act + FMIA; SNB wholesale CBDC pilot (Helvetia) as alternative cash leg
- Atomic DvP for tokenised bonds, equities, funds — eliminates settlement risk
- T+0 settlement, freed-up collateral, lower CCP margin requirements
- Drop-in cash leg for issuance platforms and exchanges
- Settlement fees per transaction / per CHF settled
- Collateral-mobility and intraday-liquidity services
- Connectivity & membership fees from banks and brokers
- Very high upfront: FMI-grade infrastructure, 24/7 ops, FINMA + SNB oversight
- Lower marginal cost per trade at scale; classic infrastructure economics
- Closed user group reduces AML/KYC perimeter vs. open stablecoins
Higher = stronger revenue upside · heavier TCO · broader interop · more complex architecture · higher risk
Side-by-side comparison
| Dimension | Deposit token | EMT stablecoin | Trust-backed | Synthetic CBDC | DvP settlement |
|---|---|---|---|---|---|
| Primary revenue | Net interest margin | Reserve float yield | AUM management fee | Service fees (thin) | Per-trade settlement fee |
| Target user | Retail + corporates | Crypto / DeFi / SMEs | Institutional treasuries | Wholesale + retail | Banks / brokers / FMIs |
| Credit risk to holder | Bank (covered ≤100k) | Issuer + reserve bank | SPV assets (remote) | None (central bank) | Issuer / FMI |
| Yield to holder | No (deposit) | No (FINMA / MiCA) | Yes (MMF yield) | No | No |
| Regulatory burden | Highest (full bank) | Medium (FINMA / guarantee) | Medium-high (FinIA) | Highest (SNB bespoke) | Highest (FMI) |
| TCO ranking | High | Low–Medium | Medium | High | Very High |
| Time-to-market | 24–36 months | 9–15 months | 12–18 months | 36+ months | 36+ months |
| Scalability ceiling | Limited by bank balance sheet | Very high (open network) | High (institutional) | Very high (CB-backed) | High within FMI |
Sources: FINMA Guidance 06/2024 on stablecoins, Swiss Bankers Association DT-CHF white paper (2023), Swiss DLT Act, FinIA, BankG, IMF FinTech Note 19/01 (synthetic CBDC), SNB Project Helvetia I–III. TCO and time-to-market are indicative ranges for a greenfield Swiss issuer.
Top 3 most feasible models — executive summary
For a Swiss market entry, three archetypes stand out as the most realistic near-term paths: the bank deposit token, the EMT-style stablecoin, and the trust-/SPV-backed CHF token. Each optimises a different trade-off between trust, speed, and revenue.
Builds on existing Swiss bank licences, esisuisse protection, and the SBA white-paper blueprint. Regulators already understand the construct.
Net interest margin on deposits is the largest and most durable revenue lever.
Programmable CHF that stays on-balance-sheet and keeps credit creation intact.
Highest: full bank capital and liquidity requirements, core-banking integration, AML/KYC.
Lightest bank-regulatory perimeter under FINMA Guidance 06/2024; can launch with a bank guarantee or fintech licence.
Reserve float yield plus mint/redeem and distribution fees.
Composable, open-network CHF for crypto, DeFi, remittances and merchant rails.
Medium: smart-contract audits, multi-chain deployment, distribution and liquidity spend.
Modelled on proven USD instruments (BUIDL, BENJI, USDY). Bankruptcy-remote SPV and FinIA framework fit Swiss fund infrastructure.
Management fee on AUM (15–40 bps) plus subscription/redemption and repo revenue.
Yield-bearing CHF for qualified treasuries, bridging TradFi MMFs and on-chain collateral.
Medium-high: fund manager, admin, custodian, auditor, and whitelisting smart contracts.
| Lens | DT-CHF | EMT-style | Trust-/SPV-backed |
|---|---|---|---|
| Best for | Banks seeking programmable deposits | Fintechs scaling open-network CHF | Asset managers offering yield-bearing CHF |
| Revenue profile | Thick margin, balance-sheet constrained | Float yield, volume-sensitive | AUM fee, recurring & sticky |
| Value proposition | Trust, bank money, net settlement | Composability, reach, speed | Yield, bankruptcy-remote assets |
| TCO | High | Low–Medium | Medium–High |
| Time-to-market | 24–36 months | 9–15 months | 12–18 months |
| Regulatory certainty | High | Medium | Medium–High |
| Main risk | Capital & liquidity burden | Distribution & reserve transparency | Qualified-investor limitation |
Bottom line: choose the deposit token if trust and bank integration are strategic priorities; choose the EMT-style model for fastest adoption and ecosystem reach; choose the trust-/SPV-backed model if the target buyers are institutional treasuries seeking yield on CHF.