Cross-border B2B stablecoin · CHF → EUR

A CHF stablecoin payment from UBS to Raiffeisen Austria, with and without the SNB

The same corporate invoice paid with a tokenised CHF instrument, settled two ways: once with Swiss National Bank reserves backing the coin and an interbank leg in central bank money, and once as a pure commercial-issuer claim that never touches an SNB account. Below, both flows step by step and where they actually diverge.

Payer

Swiss industrial corporate, CHF account and wallet at UBS Switzerland AG

Payee

Austrian supplier, EUR account at Raiffeisen Bank International, Vienna

Amount

CHF 2,500,000 supplier invoice, delivered to the payee in EUR

Instrument

FINMA-perimeter CHF stablecoin (or UBS deposit token) moving on a permissioned ledger with whitelisted bank wallets

Path A — stablecoin with the SNB behind it

Reserves in SNB sight deposits, interbank leg in SIC or wholesale CHF CBDC.

Step 1
Instruction and mint against SNB-backed reserves
The corporate instructs the payment in UBS e-banking. UBS debits the CHF account and mints stablecoin units. The issuance is fully backed by UBS sight deposits at the Swiss National Bank, segregated and reported — so each token is a direct pass-through claim on central bank money.
Step 2
Interbank leg settles in SNB money
Because the token leaves the issuer's perimeter, the corresponding CHF value is squared between UBS and the settlement agent across SIC, the RTGS system operated by SIX for the SNB. Under a Helvetia-style design the same leg settles as wholesale CHF CBDC on SIX Digital Exchange, delivery-versus-payment with the token.
Step 3
Transfer to the receiving bank's wallet
The stablecoin moves wallet-to-wallet to Raiffeisen's whitelisted address in seconds, with travel-rule data attached. RBI accepts it knowing the redemption leg terminates in SNB reserves rather than in commercial paper or bank deposits.
Step 4
FX CHF → EUR against central bank money
RBI converts the CHF stablecoin into EUR. The euro leg cannot use SNB money: it settles in ECB central bank money over T2, or as a PvP swap against a MiCAR-authorised EUR e-money token whose reserves sit with the Eurosystem.
Step 5
Redemption and credit
The CHF tokens are burned against the SNB-backed reserve pool; the supplier's EUR account is credited. Value date certainty is high, redemption at par is effectively risk-free, but hours and cut-offs of SIC and T2 still bind the interbank legs.

Path B — stablecoin without the SNB

Commercially backed token; the transfer itself is the settlement.

Step 1
Instruction and mint against commercial reserves
UBS debits the corporate and mints CHF stablecoin backed by a commercially managed reserve — bank deposits, short-dated Confederation bills, repo. No SNB account sits behind the token; the holder's claim is on the issuer's balance sheet and its reserve contract.
Step 2
No interbank settlement event
Nothing crosses SIC. The token itself is the settlement asset: transferring it discharges the obligation on the ledger, so the payment never generates a central bank money movement between UBS and any counterparty.
Step 3
Transfer across the ledger
Units move wallet-to-wallet 24/7, including outside SIC and T2 hours, with atomic on-ledger settlement. Finality is technical and contractual — the ledger is final, but legal settlement finality across two jurisdictions rests on the issuer's terms, not on FMIA-protected RTGS.
Step 4
FX via market makers, not central bank rails
RBI or an Austrian VASP/EMI swaps the CHF token for a EUR stablecoin or e-money token through an on-ledger liquidity provider. The spread reflects a thinner market; the counterparty is a market maker carrying inventory, not a central bank participant.
Step 5
Redemption depends on the issuer
The supplier is credited in EUR within minutes. Whether the chain holds at par depends on reserve quality, redemption gating, and the issuer's liquidity in stress. MiCAR governs the euro-side token and the Austrian service provider; FINMA rules govern the CHF side.

Where the two paths diverge

Dimension	Stablecoin with SNB backing	Stablecoin without the SNB
Backing of the stablecoin	SNB sight deposits, segregated; token is a pass-through on central bank money	Commercial reserve: bank deposits, bills, repo — issuer credit claim
Settlement event	Token transfer plus an interbank leg in SIC / wholesale CHF CBDC	Token transfer is the settlement; no central bank leg at all
Finality	FMIA-protected finality on the CHF leg, T2 finality on the euro leg	Ledger finality plus a contractual redemption promise
Credit and depeg risk	Effectively none on the settlement asset	Issuer, reserve and depeg risk; redemption can be gated
Speed and hours	Token leg instant, interbank leg bound by SIC / T2 windows	24/7/365, seconds to minutes end to end
FX execution	PvP against ECB money or a reserve-backed EUR token	On-ledger market maker; wider spread, inventory risk
Cost drivers	Mint/burn fees, RTGS and nostro funding, FX spread	Mint/burn and on-chain fees, wider FX spread, liquidity provision
Regulatory perimeter	FINMA plus SNB oversight of SIC; ECB oversight of T2; MiCAR on the euro token	FINMA stablecoin/banking rules, MiCAR in Austria, travel rule per hop
Scalability at CHF 2.5m	Comfortable — wholesale-grade, no concentration limit on reserves	Constrained by issuer float and redemption depth at the receiving end

What to take from the comparison

The SNB is a backing question, not a messaging question

Both paths use the same wallets, the same tokens and roughly the same UX. What differs is what stands behind the coin — SNB reserves or a commercial portfolio — and that determines the risk the two banks carry.

The euro leg still decides the outcome

A perfectly backed CHF stablecoin does not remove the need for a MiCAR-compliant EUR instrument or T2 access at the Austrian end. Hybrid designs are the realistic near-term answer.

Speed is bought with issuer risk

Removing the SNB removes the RTGS window and delivers true 24/7 settlement — at the price of turning a central bank claim into a commercial one for the duration of the transfer.