Petra Tschudin, an SNB Governing Board member, warned that large stablecoins could weaken monetary policy transmission by drawing funds outside Switzerland’s two-tier banking system. Speaking in Zurich on September 30, 2026, she said regulation is crucial to preserve the central bank’s ability to fulfill its mandate, while acknowledging stablecoins’ potential to modernize payments and reduce international transfer costs. The SNB had already highlighted disintermediation and redemption-run risks in its July 2026 financial stability report, although Swiss franc stablecoins had a market capitalization of less than $50 million as of mid-2026. Switzerland is developing a payment instrument institution license for fiat-backed stablecoin issuers and the SNB has extended Project Helvetia III, its wholesale CBDC experiment, until at least 2028.