We released the new Blockchain Pulse Survey 2026, available in English and German. This year was a reality check: Swiss banks still believe in blockchain, but very few are in a hurry, and the majority have no plans on the timeline to complete their blockchain offering with tokenization and stablecoins.
Our sample includes 25 financial institutions in Switzerland and Liechtenstein. 64% of the participants still see high long-term potential in blockchain, unchanged from 2025, but only 20% expect it to materialize within the next two years.
I find the following points significant, it feels like the trough of disillusionment in the hype cycle:
- Demand is missing: 87% now pursue blockchain for growth and new clients, yet 58% name low client interest as a hurdle.
- Settlement rails are incomplete: 80% see stablecoins and CBDCs as the leading market trend, yet 60% have no plans to offer them. A year after 75% of decision-makers said Switzerland was too cautious on stablecoins, there is still no solid Swiss franc stablecoin and no broadly available digital franc to settle tokenized assets in.
- Priorities lie elsewhere: 63% name a lack of strategic prioritization as their biggest hurdle, up from 22% last year.
I don’t blame banks for waiting: demand is weak, the rails are incomplete, and AI competes for the same budget with a much clearer payback. For any bank that isn’t innovation-driven or serving specific client needs, putting digital assets further down the list is the rational decision in 2026.
When will the trough end? Hard to say in general, and every bank is different. The banks that use this phase to prepare will be ready when demand returns. I partner with bank leaders to launch and scale digital asset products, including deciding when the timing is right. Reach out for a first consultation.
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.
