Swiss stablecoin sandbox enters testing, adds SIX and TWINT

This move signals that Swiss financial infrastructure is treating regulated stablecoins as a serious settlement layer, not just a retail experiment. The involvement of SIX and TWINT, core to market operations and everyday payments, suggests the focus is on integrating the digital franc into existing rails rather than displacing them. It affects banks, payment providers, and institutional users who rely on Swiss franc liquidity and finality. The key question is whether the sandbox produces interoperability standards that can scale beyond a pilot, and how the digital franc will coexist with central bank money and commercial bank deposits.