Stablecoin adoption is accelerating on two fronts as Swiss institutions formally expand testing of the franc-pegged CHFD token and Visa discloses sharply higher activity across its stablecoin-linked card programs.
On Sept. 8, Swiss financial market operator SIX and payments provider TWINT joined seven existing participants in the CHFD stablecoin testing initiative, bringing the total to nine institutions. The group includes UBS, PostFinance, Sygnum, Raiffeisen, Zurich Cantonal Bank, Banque Cantonale Vaudoise and Swiss Stablecoin AG. CHFD has operated inside a controlled sandbox since late June with transaction limits in place, and the new phase focuses on institutional automation, tokenized asset settlement and programmable payments. The token is designed to equal one Swiss franc inside the experimental environment, but partners stressed that testing does not represent a decision to issue CHFD commercially or make it available to the public.
The Swiss sandbox originally launched in April 2026 with six banks and Swiss Stablecoin AG. SIX brings experience in digital securities infrastructure, having already seen more than CHF2 billion in digital securities issued through SIX Digital Exchange. TWINT adds reach in consumer and merchant payments, although no confirmed plan exists to offer CHFD through its application. Testing will run through the end of 2026, with an overview of findings expected afterward. The participants will explore whether programmable rules can reduce fraud in e-commerce, support fairer ticketing and make public-sector disbursements more efficient.
Meanwhile, Visa reported that more than 160 stablecoin-linked card programs were live globally during its fiscal second quarter of 2026. Payment volume across those programs rose nearly 200% year over year, while stablecoin settlement volume surpassed a $20 billion annualized run rate, an increase of more than fifteenfold from a year earlier. The company also expanded work with Credit Coop, which uses stablecoin-denominated revolving credit facilities to help card programs finance daily settlement obligations. Credit Coop said its platform has financed more than $2.5 billion cumulatively since 2023, with zero defaults reported and borrowing costs reduced by up to 30% for some participants.
Visa highlighted Rain, a principal member that has used a Credit Coop facility since August 2023 and settles Visa obligations in USDC seven days a week. Karta, a U.S.-issued premium Visa card, used similar financing before announcing $140 million in funding in June 2026. Visa and Credit Coop are now working toward just-in-time settlement funding, which could shorten borrowing periods from days to hours. Neither announcement triggered a notable cryptocurrency market reaction, but the developments highlight growing institutional interest in stablecoin-based payments and settlement.
