A tokenised bond is a bond issued in the form of a token and recorded on a distributed electronic ledger. In Switzerland, the Code of Obligations has allowed ledger-based securities recorded on a blockchain since 1 February 2021. The Swiss Financial Market Supervisory Authority (FINMA) treats such a token as a security. Big banks such as UBS have bet on this format, but the offering remains scarce: in the third quarter of 2026, 8% of the institutions surveyed offered tokenised debt instruments.
This detail page complements our overview of asset tokenisation. It answers a single question: how does a digital bond work in Switzerland, and who issues them. It is part of our blockchain and tokenisation dossier.
What is a tokenised bond?
From an economic standpoint, a tokenised bond remains a bond. In its guidelines of 16 February 2018, FINMA classifies tokens according to their function. Asset tokens represent, among other things, an entitlement to interest. In terms of their economic function, they are to be regarded as a share, a bond or a derivative.
The consequence is direct: FINMA treats these tokens as securities. As a general rule, obligations under the Code of Obligations also apply, for example the obligation to publish a prospectus. The token therefore changes the form of the security, not its legal nature.
The word "tokenisation" refers to this representation on a blockchain. The English term DLT (distributed ledger technology) corresponds to what Swiss law calls, in French, la technologie des registres électroniques distribués (TRD).
What legal framework applies to a digital bond in Switzerland?
The Swiss framework was built in two stages. In 2018, FINMA pointed to civil-law uncertainties regarding the transfer of rights linked to tokens. It considered clarity in civil law "decisive" for blockchain to take lasting hold in Switzerland.
In September 2020, Parliament adopted the Federal Act on the Adaptation of Federal Law to Developments in DLT. This single text amends several federal acts. The Federal Council brought into force on 1 February 2021 the changes to the Code of Obligations, the Federal Intermediated Securities Act and the Federal Act on Private International Law.
These provisions allow the introduction of ledger-based securities recorded on a blockchain. The press release of 11 December 2020 does not mention bonds specifically. Our reading: it is this legal form that allows a debt security to exist directly as an entry in a distributed ledger. The other provisions of the act were due to enter into force on 1 August 2021, according to the same press release.
How does a tokenised bond work, from issuance to settlement?
A tokenised bond relies on several links in a chain, each regulated separately. The holder depends on the issuer of the token, the entity that holds it in custody and the network on which it circulates. The table summarises who does what according to the sources consulted.
| Stage | What happens | Framework cited by the sources |
|---|---|---|
| Issuance | The issuer creates the security in the form of a token | Security; prospectus as a general rule (FINMA, 2018) |
| Registration | The security becomes a ledger-based security recorded on a distributed ledger | Code of Obligations, in force since 1 February 2021 |
| Trading | Exchange of offers between several participants according to non-discretionary rules | DLT trading facility (art. 73a et seq. FMIA) |
| Custody | Safekeeping of securities according to common rules and procedures | Same licence, if the facility provides it |
| Clearing and settlement | Settlement of transactions in DLT-based securities | Same licence, if the facility provides it |
The DLT trading facility is a FINMA licence in its own right. It is governed by the Financial Market Infrastructure Act (FMIA). Just one of the three functions is enough to make it necessary: multilateral trading open to retail clients, custody, or clearing and settlement.
The requirements are those of a market infrastructure. The operator must be a legal entity under Swiss law, with its registered office and effective management in Switzerland. FINMA requires an audit firm to review every application. It publishes guidelines, last amended on 2 August 2021.
Blockchain settlement interests the industry beyond bonds. In the third quarter of 2026, 40% of the 25 institutions surveyed by the University of St. Gallen saw it as a major trend over three to five years, replacing existing systems. This is an expectation, not an observation.
Who issues tokenised bonds in Switzerland?
The sources consulted mainly cite the big universal banks. According to work by Blockstories cited by Fintechnews Switzerland, which reported on the Swiss Blockchain Survey 2026, banks such as UBS prioritised tokenisation over access to cryptocurrencies. They bet on tokenised bonds, structured products and money market funds.
Other institutions are holding back. In the third quarter of 2026, 8% of the 25 institutions in Switzerland and Liechtenstein surveyed offered the tokenisation of debt instruments. No other project was reported in this category. With such a sample, a single institution accounts for 4 percentage points: the real gap is therefore hard to measure.
The obstacles are mainly commercial. 63% of respondents cite a lack of strategic priority or of a business model, 58% low client interest. Regulatory or compliance requirements come next, cited by 46%.
What role does SIX play in tokenised bonds?
SIX operates the infrastructure of the Swiss and Spanish financial centres. The group is owned by around 120 banks, Moneycab pointed out in an interview published on 14 October 2026. Its CEO, Bjørn Sibbern, describes tokenisation there as a long-term change.
In his view, tokenisation can link issuance, trading, settlement and custody more closely, and partly automate them. He considers it decisive to use it within a safe, regulated and scalable framework, connecting traditional and digital markets. He gives no details on products or timing.
The traditional bond market remains dynamic at SIX. Bjørn Sibbern reports record issuance in Switzerland in the first half of 2026, without a precise figure in the interview. Neither the interview nor the SIX home page, consulted on 25 October 2026, mentions a group platform dedicated to tokenised bonds.
What changes for an investor compared with a traditional bond?
For the investor, the nature of the investment does not change: they lend money to an issuer in return for an entitlement to interest. The issuer's credit risk remains. What changes is the medium and the chain of players.
- The ledger: the security exists as an entry on a distributed ledger, with the rules specific to that network.
- The platform: a DLT trading facility may admit retail clients as participants, under the FMIA.
- The intermediaries: you need to know who holds the token in custody and what rights it actually confers.
- Liquidity: since the offering is scarce, real demand and profitability have yet to be demonstrated, according to the Swiss Blockchain Survey 2026.
A provider's status can be checked on the FINMA website. The authority publishes the list of authorised institutions and a warning list. This information does not constitute an investment recommendation.
An SME considering issuing a digital bond must first clarify whether it is subject to supervision. FINMA provides information to project owners at fintech@finma.ch. For equity rather than debt, our guide on how to tokenise the shares of a public limited company (SA) details the steps.
Other markets show tokenised claims outside Switzerland. J.P. Morgan has made its deposit token available on Ethereum, as explained in our article on JPM Coin on Ethereum. This token remains a claim on the bank. The amounts of tokenised assets by network are set out in our analysis of tokenisation on Solana.
Key figures
- 16 February 2018: FINMA guidelines, which distinguish three types of tokens (payment, utility, asset).
- September 2020: Parliament adopts the DLT Act.
- 1 February 2021: entry into force of ledger-based securities recorded on a blockchain.
- 3 possible functions of a DLT trading facility: trading, custody, clearing and settlement; just one is enough to require the licence.
- 8% of the 25 institutions surveyed offer tokenised debt instruments (third quarter of 2026).
- 40% see securities settlement on blockchain as a major trend over three to five years (same period).
- Around 120 banks are shareholders of SIX (interview of 14 October 2026).
What we don't know yet
Several points remain open in the sources consulted for this page. They give neither the list of Swiss issuers of tokenised bonds nor the amounts issued. Nor do they specify a SIX platform dedicated to tokenised bonds, its participants or its settlement method.
The list of DLT trading facilities licensed by FINMA is not included either. Finally, the means of payment used to settle a tokenised bond, central bank money or otherwise, is not specified. These points require additional primary sources before any conclusion can be drawn.
Sources
- FINMA: ICO guidelines (16 February 2018)
- Federal Council: partial entry into force of the DLT Act (11 December 2020)
- FINMA: licence as a DLT trading facility
- FINMA: home page, authorised institutions and warning list
- Moneycab: interview with Bjørn Sibbern, CEO of SIX (14 October 2026, in German)
- SIX: group home page
