Helvetia pilot

As part of the Helvetia pilot, the SNB is providing wholesale central bank digital currency (wholesale CBDC) on the regulated SIX Digital Exchange (SDX). SDX operates a regulated financial market infrastructure (FMI) using distributed ledger technology. Financial institutions can settle transactions involving digital (token-based) assets directly on the platform with wholesale CBDC.

The Helvetia pilot will continue at least until June 2026. An extension is possible and would be communicated in a timely manner to facilitate planning.

As the pilot proceeds, its scope is to be gradually expanded. In a first phase, additional financial institutions will be able to join. In a second phase, wholesale CBDC is to be provided for a broader range of financial transactions.

With the Helvetia pilot, the SNB is supporting private-sector innovation. It does not constitute a commitment on the part of the SNB to introduce wholesale CBDC on a permanent basis. Any such decision is at the sole discretion of the SNB.

Criteria for participation in pilot

To qualify for participation in the Helvetia pilot, financial institutions must have a sight deposit account with the SNB and be admitted to the Swiss Interbank Clearing (SIC) system (cf. Instruction sheet on admission to the SIC system and sight deposit accounts). They must also be SDX members. More information concerning onboarding at SDX is available here or by email.

The SNB sets out the conditions for participating in the Helvetia pilot and the conditions for the availability and use of wholesale CBDC as part of the pilot in a binding document that must be signed by the admitted financial institutions.