Stablecoins: The BIS Flags Risks, The U.S. Seize Opportunity By Passing The GENIUS Act – Where Does Switzerland Stand?

As lawmakers, regulatory bodies and monetary institutions increasingly weigh in on the rise of stablecoins, their approaches differ across jurisdictions. In its latest reports, the Bank for International Settlements (BIS) reiterates its sceptical stance on crypto-assets, concluding that stablecoins lack the fundamental characteristics of money. Meanwhile, the United States has taken a significant step in the opposite direction with the bipartisan passage of the GENIUS Act, establishing a regulatory framework aimed at supporting U.S. dollar-backed stablecoins. Against this backdrop, and amid the growing recognition of the strategic importance of stablecoin regulation – including implications for monetary sovereignty and financial stability – Switzerland is being called upon to define its position.