Stablecoins are where Swiss and European financial regulation is moving fastest. Switzerland is preparing a new licence for stablecoin issuers, the EU is enforcing MiCA, and the market is sorting the coins that can stay from the ones that must go.
Over the past weeks, we have published a series on stablecoin regulation in Switzerland and the EU: the rules, the licences, the economics and the traps. This page puts the whole series in one place, in the order we suggest you read it. We update it as new posts are published.
1. The Swiss rules: today and tomorrow
- Issuing a Stablecoin in Switzerland: The Rules Today, and the Licence Coming Next
Banking law, bank default guarantees, FINMA Guidance 06/2024 and anti-money laundering: how a stablecoin can be issued in Switzerland now. - Stablecoin Licence Switzerland: What the New Payment Instrument Institution Will Allow
What a Swiss stablecoin is under the draft reform, who could issue one, and the reserve and redemption rules. - Switzerland Is Replacing Its FinTech Licence. Is the New Licence Actually Better?
From a Banking Act licence to a payment instrument institution: what changes for holders, customers and buyers. - Switzerland’s Two New Licences: What Goes Where, and What Is Left for the SRO
The split between the payment instrument institution and the crypto institution, and what a crypto business can still do under an SRO. - Stablecoins: When Even a Bank Needs a Separately Licensed Subsidiary
Why the draft would force a Swiss bank to issue stablecoins through a separate company, and whether that makes sense.
2. Switzerland and the EU side by side
- EMI, MiCA and Stablecoin Licences in Europe: Three Regimes, and What PSD3 Changes
Payments, crypto services and stablecoins each have their own European rulebook. - Switzerland vs the EU: Which Swiss Licence Matches Which European Licence?
The new Swiss licences next to the EU ones: what matches, and what has no equivalent. - Stablecoins Across the Swiss–EU Border: USDT and USDC Coming In, Swiss Coins Going Out
Why USDT stays legal in Switzerland while it leaves EU platforms, and why a Swiss franc coin cannot simply be sold into the EU.
3. The business of stablecoins
- Why a Swiss Franc Stablecoin Is a Hard Business: The Zero-Rate Problem
The demand is real. With the Swiss National Bank at 0%, the economics are not. - Your Stablecoin Is Global. Its Reserves Are Not: The USDT Case
Where Tether’s backing really sits, whose law reaches it, and what a holder can actually redeem. - Issuer or Distributor? Why Most Fintechs Should Not Issue Their Own Stablecoin
The burden is in issuing. The money is usually in using the coin.
4. Related reading
- Crypto Custody and Staking in Switzerland: Is SRO Enough, and When You Need a FINMA Licence
Individual custody, omnibus wallets, staking and lending under Swiss rules. - Swiss Crypto Licence 2026: What You Need, What It Costs, and What Changes in 2027
The map of crypto activities in Switzerland, from SRO to FINMA. - Token Classification: The Key to Swiss Crypto Regulation
Payment, utility, asset or stablecoin: the classification decides which law applies.
Planning a stablecoin, or the licence behind it?
We help clients choose the right structure on both sides of the border: the licence, the country, the banking partners and, when it is faster, an existing licensed company to buy. Write to insight@fintechlex.com.
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General information, not legal advice. Each post states the law and practice at its date of publication.
