Financial institutions in Switzerland and Liechtenstein see stablecoins, central bank digital currencies (CBDCs) and tokenized funds as the main trends in digital assets and tokenization over the next three to five years. That is the finding of the Swiss Blockchain Survey 2026, conducted by the Center for Financial Services Innovation at the University of St. Gallen (HSG) and reported on October 20, 2026 by Fintechnews Switzerland. But between what institutions anticipate and what they actually offer, the gap remains wide.

A survey of 25 institutions

The survey questioned 25 financial institutions in Switzerland and Liechtenstein in the third quarter of 2026. All the figures below refer to that period, unless otherwise stated. The sample is small: one institution represents 4 percentage points, which calls for caution when reading differences of a few points.

For 80% of respondents, the spread of stablecoins and CBDCs is the main market trend over three to five years, far ahead of the others. Institutional adoption of tokenized funds comes second, cited by 52%. Next come blockchain-based securities settlement replacing existing systems (40%), regulatory harmonization across jurisdictions (36%), convergence between traditional finance and decentralized finance (36%) and the tokenization of illiquid assets (32%). The convergence of artificial intelligence and blockchain brings up the rear, with 20% of mentions.

Tokenization: offerings still scarce

These expectations contrast with the institutions' own plans. On stablecoins and settlement services, 20% of institutions already offer such services and 20% plan to do so. The remaining 60% have no plans in this area.

The picture is similar for tokenized assets. Only 12% of institutions have launched an offering and 24% are in the planning phase, or 36% in total. A large majority, 64%, say they have no plans for now. In detail:

  • tokenization of shares or fund units: 8% offer it, 12% are planning it, 80% have no plans;
  • tokenization of other assets or rights: 4% offer it, 8% are planning it;
  • tokenization of real estate or real-world assets, and of debt instruments: 8% each, with no other plans reported.

Other players outside Switzerland are moving ahead in these areas, as shown in our article on the tokenization of real-world assets on Solana or the one devoted to stablecoins in payments.

Mainly commercial obstacles

According to the study, the institutions' restraint stems above all from economic and organizational reasons. 63% cite a lack of strategic priority or an insufficient business model as an obstacle to developing their blockchain offerings, 58% low client interest and 46% regulatory or compliance requirements. These results suggest, according to the article, that the limits are less technical than commercial.

Yet the drivers cited point toward expansion: 87% of responses on the main drivers relate to growth, broadening the offering or client retention. Growth, acquiring new clients and broadening the product range are cited by 48% of respondents, client retention or preventing asset outflows by 39%. The article sees an ambivalence here: economic motivations guide ambitions, while real demand and profitability have yet to be demonstrated.

Swiss banks and blockchain: different strategies

So far, Swiss financial institutions have focused mainly on cryptocurrency-related services. In the third quarter of 2026, 68% of the institutions surveyed offered such a service, with custody and trading each offered by 64% of them.

Approaches vary, however, by type of bank, according to work by Blockstories, a European research and media company specializing in digital assets, cited by Fintechnews Switzerland. Large universal banks such as UBS prioritized tokenization over access to cryptocurrencies, betting on tokenized bonds, structured products and money market funds. Domestic and retail banks, by contrast, were among the first to offer crypto products: buy-and-hold trading, custody integrated into e-banking, transfers. Swiss private banks also adopted these services early, for clients who had built up wealth in cryptocurrencies. Some accepted cryptocurrency transfers from the outset, offered lending, staking and banking services for crypto companies. Others limited themselves to execution-only trading or cryptocurrency-linked products.

As for the Swiss regulatory framework, the source article does not detail its role beyond the fact that 46% of respondents cite regulatory or compliance requirements among the obstacles.

Rising demand from retail investors

This landscape is developing as cryptocurrency investment grows in Switzerland. A study by the IFZ, a research institute of the Lucerne University of Applied Sciences and Arts based in Zug, surveyed more than 1,700 people in Switzerland in the first quarter of 2026: 18% of respondents held cryptocurrencies. That is 2 points more than the previous year and 7 points more than in 2024. Extrapolated to the Swiss population, this would represent around 140,000 new crypto investors between 2025 and 2026, an extrapolation from a survey, and therefore to be taken as an order of magnitude.

These figures describe intentions and offerings reported by the institutions. They do not constitute an investment recommendation.

Sources