SIX, the Swiss National Bank (SNB), and six commercial banks have embarked on a pilot project with a focus on tokenized central bank money for financial institutions, commonly referred to as wholesale central bank digital currency (wCBDC).

Helvetia Phase III: Swiss Franc wCBDC Settlements
This initiative, known as Helvetia Phase III marks the first instance of orchestrating real Swiss Franc wCBDC for settling digital securities transactions. The pilot will be hosted on the digital asset platform of SIX Digital Exchange (SDX), a pioneering fully regulated financial market infrastructure for digital assets based on Distributed Ledger Technology (DLT).

Helvetia Phase III builds upon the insights and progress achieved during earlier phases of Project Helvetia, led by the BIS Innovation Hub, the Swiss National Bank, and the financial infrastructure operator SIX.

This collaborative endeavor involves several financial institutions, including Banque Cantonale Vaudoise, Basler Kantonalbank, Commerzbank, Hypothekarbank Lenzburg, UBS, and Zürcher Kantonalbank, which are all existing SDX member banks.

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