TVL Capital, a blockchain infrastructure company based in the canton of Zug, is becoming a partner member of the Swiss Structured Products Association (SSPA), in the Partner Broker category. The SSPA announced this on Tuesday, October 27, 2026, according to the financial news portal finews.ch. TVL Capital provides banks with the technology to issue their structured products on a blockchain.
This is a membership in the industry association, not a product launch. None of the sources consulted names a client bank or a product already issued. Yet the move concerns a concrete application of asset tokenization, which we follow in our blockchain and tokenization section.
What TVL Capital offers issuers of structured products
According to finews.ch, the Zug-based company designs technical solutions that let banks and other financial institutions tokenize their structured products. Its offering centres on Chain-Traded Products (CTPs), literally products traded on a blockchain.
In its substance, a CTP remains a conventional structured product. The issuer, the payoff profile and the investor's market exposure do not change. What changes is the register: the product is issued in the form of ledger-based securities, a category provided for by Swiss law on distributed ledger technology (DLT), and it is represented on a blockchain infrastructure.
According to finews.ch, the arrangement is meant to open additional distribution channels for issuers and to pave the way for digital settlement of transactions after they are traded. TVL Capital acts neither as issuer nor as distributor: it only makes the technology available.
"Issuers can bring their existing products onto the blockchain without having to change the products themselves," explains Penny Tunbridge, Chief Operating Officer (COO) of TVL Capital, quoted by finews.ch.
An association that claims more than 95% of the Swiss market
With TVL Capital, the SSPA now has 58 members. According to its own figures, the association represents companies that together cover more than 95% of the volume of the Swiss structured products market. The sources consulted do not put a figure on this volume and do not list the other members.
The legal foundation: the DLT Act and ledger-based securities
CTPs rely on a Swiss framework in place since 2021. In September 2020, Parliament adopted the Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, often called the DLT Act. Rather than creating a separate regime, this text amends several federal laws at once.
The Federal Council brought it into force in two stages, according to its press release of December 11, 2020. The amendments to the Code of Obligations, the Federal Intermediated Securities Act and the Federal Act on Private International Law have applied since February 1, 2021. They are what make it possible to register rights as ledger-based securities on a blockchain, as detailed on our page on how to tokenize the shares of a public limited company (SA).
The Swiss Financial Market Supervisory Authority (FINMA) assesses tokens according to their economic function. In its guidelines on initial coin offerings (ICOs) of February 16, 2018, it treats an asset token, which represents a claim or a right to income, as a security. The sources consulted do not specify how FINMA classifies CTPs in particular.
Trading adds another layer to the framework. A multilateral platform for DLT-based securities may need authorisation as a trading system, provided for by the Financial Market Infrastructure Act (FMIA), in Articles 73a et seq. According to FINMA, any one of these three conditions is sufficient:
- admitting retail clients as participants;
- holding these securities in custody under common rules and procedures;
- clearing and settling transactions under common rules and procedures.
Our guide to choosing a Swiss tokenization platform covers these criteria.
Where tokenization stands at Swiss banks
TVL Capital is entering a market where supply remains thin. The Swiss Blockchain Survey 2026, conducted by the Center for Financial Services Innovation at the University of St. Gallen (HSG), surveyed 25 institutions in Switzerland and Liechtenstein in the third quarter of 2026. A single institution accounts for 4 percentage points, which calls for caution.
| Indicator (25 institutions, third quarter of 2026) | Share |
|---|---|
| Already offer tokenized assets | 12% |
| Plan an offering of tokenized assets | 24% |
| Have no plans for tokenized assets | 64% |
| See blockchain-based securities settlement as a trend over three to five years | 40% |
| Cite a lack of strategic priority or business model as an obstacle | 63% |
| Cite weak client interest as an obstacle | 58% |
| Cite regulatory or compliance requirements as an obstacle | 46% |
Blockchain-based securities settlement, replacing existing systems, matches the stated goal of CTPs: digital settlement after trading. The obstacles identified by the study, however, are mainly commercial before they are regulatory.
Structured products are already among the testing grounds of the large banks. According to research by Blockstories, a research and media company specializing in digital assets, cited by Fintechnews Switzerland, large universal banks such as UBS have favoured tokenization. They have focused on tokenized bonds, structured products and money market funds.
What this changes for an investor in Switzerland
For the buyer of a structured product, the announced change concerns the infrastructure, not the product. The issuer remains the same, according to finews.ch. The token therefore does not remove this dependency: the holder of a tokenized asset depends on its issuer, on the entity that holds the asset in custody and on the network, as our reference page on tokenization points out.
The legal model differs from some foreign offerings. At Coinbase, the US cryptocurrency exchange platform, each stock token represents a certificate issued by a dedicated vehicle, and dividends are reinvested after fees. The CTPs described by finews.ch, by contrast, are issued directly as ledger-based securities under Swiss law.
A provider's status can be checked on the FINMA website, in its "Authorised institutions" and "Warnings" sections. This information describes a development in Swiss blockchain and does not constitute an investment recommendation.
What we do not know yet
- Which banks or issuers will use TVL Capital's technology: no names are given.
- On which blockchain the CTPs are registered, and whether any have already been issued, how many and for what amount.
- What the Partner Broker category within the SSPA actually covers.
- The total volume of the Swiss structured products market, of which the SSPA says it covers more than 95%.
- Whether CTPs will be available to retail clients, and on which platform they could be traded.
Sources
- finews.ch: "SSPA verstärkt sich im Blockchain-Bereich" (October 27, 2026)
- Fintechnews Switzerland: "Swiss Blockchain Survey 2026: Banks on Stablecoins and Tokenized Funds"
- Federal Council: partial entry into force of the DLT bill (December 11, 2020)
- FINMA: ICO guidelines (February 16, 2018) and authorisation as a DLT trading facility
