Key Takeaways
- • Some 80% of 25 Swiss and Liechtenstein financial institutions surveyed in Q3 2026 named stablecoins and CBDCs as the leading digital asset trend over the next three to five years, per a study by the Center for Financial Services Innovation at the University of St. Gallen.
- • Institutional adoption of tokenized funds ranked second at 52%, yet only 12% of institutions currently offer tokenized assets and 24% are planning them.
- • Just 20% of institutions offer stablecoin or settlement services, with another 20% planning them, while 60% have no plans in this area.
- • Economic rather than technical factors drive the gap: 63% cite lack of strategic prioritization or insufficient business case, 58% cite low customer interest, and 46% cite regulatory or compliance requirements.
- • Crypto services are already widespread, with 68% of institutions offering them, and IFZ Zug data shows 18% of Swiss residents held cryptocurrencies in Q1 2026.
Summary
Financial institutions in Switzerland and Liechtenstein view stablecoins, central bank digital currencies (CBDCs), and tokenized funds as the most significant trends in digital assets and tokenization over the next three to five years, according to a new study by the Center for Financial Services Innovation at the University of St. Gallen. The survey polled 25 institutions in Q3 2026. Eighty percent of respondents identified the spread of stablecoins and CBDCs as the leading trend, well ahead of other factors. Institutional adoption of tokenized funds placed second, cited by 52%. A middle group ranged from 32% to 40%, including blockchain-based securities settlement replacing legacy systems (40%), regulatory harmonization across jurisdictions (36%), convergence of traditional and decentralized finance (36%), and tokenization of illiquid assets (32%). AI and blockchain convergence received the fewest mentions at 20%.
The study finds these expectations diverge from institutions' own plans. Stablecoin and settlement services are offered by 20% of institutions, with a further 20% planning them, while 60% have no plans. Tokenized assets show a similar gap: 12% have introduced an offering and 24% are planning one, leaving 64% with no plans. By category, 8% offer tokenized equity or fund instruments and 12% plan to, while tokenization of real estate, real assets, and debt instruments each show 8% offering them with no further plans noted.
The research attributes the reluctance mainly to economic and organizational factors. Sixty-three percent of institutions cited lack of strategic prioritization or an insufficient business case, 58% cited low customer interest, and 46% pointed to regulatory or compliance requirements, suggesting the limits are more commercial than technical. Growth, new client acquisition, and product expansion were the top drivers (48%), followed by client retention and prevention of asset outflows (39%).
Crypto services are more established. According to the study, 68% of polled institutions offer a crypto-related service, with custody and trading each provided by 64%. Blockstories, a European digital assets research and media company, notes varied strategies: global universal banks such as UBS have prioritized tokenized bonds, structured products, and money-market funds ahead of crypto access, while domestic and retail banks were early adopters of crypto products including buy-and-hold trading and custody within online banking. Swiss private banks have served crypto-wealthy clients, with some offering lending, staking, and banking for crypto firms.
Retail adoption is also rising. An IFZ Zug study of more than 1,700 people in Switzerland in Q1 2026 found 18% held cryptocurrencies, a two-point increase from the prior year and seven points from 2024. Applied to the national population, this implies roughly 140,000 new crypto investors entered the market between 2025 and 2026.
The study finds these expectations diverge from institutions' own plans. Stablecoin and settlement services are offered by 20% of institutions, with a further 20% planning them, while 60% have no plans. Tokenized assets show a similar gap: 12% have introduced an offering and 24% are planning one, leaving 64% with no plans. By category, 8% offer tokenized equity or fund instruments and 12% plan to, while tokenization of real estate, real assets, and debt instruments each show 8% offering them with no further plans noted.
The research attributes the reluctance mainly to economic and organizational factors. Sixty-three percent of institutions cited lack of strategic prioritization or an insufficient business case, 58% cited low customer interest, and 46% pointed to regulatory or compliance requirements, suggesting the limits are more commercial than technical. Growth, new client acquisition, and product expansion were the top drivers (48%), followed by client retention and prevention of asset outflows (39%).
Crypto services are more established. According to the study, 68% of polled institutions offer a crypto-related service, with custody and trading each provided by 64%. Blockstories, a European digital assets research and media company, notes varied strategies: global universal banks such as UBS have prioritized tokenized bonds, structured products, and money-market funds ahead of crypto access, while domestic and retail banks were early adopters of crypto products including buy-and-hold trading and custody within online banking. Swiss private banks have served crypto-wealthy clients, with some offering lending, staking, and banking for crypto firms.
Retail adoption is also rising. An IFZ Zug study of more than 1,700 people in Switzerland in Q1 2026 found 18% held cryptocurrencies, a two-point increase from the prior year and seven points from 2024. Applied to the national population, this implies roughly 140,000 new crypto investors entered the market between 2025 and 2026.
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