We released the new Blockchain Pulse Survey 2025, it is available in English and German. Starting with the good news: blockchain is no longer an experiment for Swiss banks, but has become part of the day-to-day strategy.

We polled 28 banks and financial service providers in Switzerland who took part in the survey. 64% of the participants now see high long-term potential in blockchain, up from 37% in 2024.

Our main findings:

• Having a blockchain strategy is now standard: 86% have a formal blockchain strategy, and more than 60% already offer live crypto services to clients.
• Infrastructure first: Banks now follow the same sequence: crypto buy, sell and hold first, tokenization of real-world assets second. They are building the infrastructure before the business can grow.
• Stablecoins are the sore spot: 75% of decision-makers believe Switzerland is acting too cautiously on stablecoins.

These findings strongly resonate with me. The EU has had a clear stablecoin regime under MiCA since 2024, and the US passed the GENIUS Act this summer. In Switzerland, anyone who wants to issue a Swiss franc stablecoin still faces demanding requirements, essentially making it impossible to issue a fiat backed stablecoin out of Switzerland. That is how we might end up watching dollar and euro stablecoins set the standard. Digital asset settlement needs a digital franc, and without a regulatory push it won’t be built here.

The Blockchain Pulse Survey report is a joint initiative by the Center for Financial Services Innovation at the University of St. Gallen, ACK, mintminds, PwC and vision&. Download the report at blockchainpulsesurvey.ch.