Project Helvetia explored how digital central bank money and tokenized assets can be integrated into the financial system using blockchain technology. This project was a collaborative effort that initially involved the Bank for International Settlements (BIS), the Swiss National Bank (SNB), and SIX Digital Exchange (SDX) in its first two phases. Afterwards, the collaboration continued with the SNB and SDX in the form of the Helvetia Pilot.
SDX played a crucial role as the platform for testing and implementing these innovations.
Here is a look at the phases of the Helvetia project, which ultimately led to the launch of the Helvetia Pilot.
Goal:
To test two approaches for settling digital assets in central bank money.
Two proofs of concepts were executed:
Results:
Goal:
To further explore the integration of a wCBDC on a DLT-based infrastructure by integrating wCBDC with existing core banking systems of the central banks and commercial banks, building upon the foundational work from Phase I. Transactions were therefore performed end to end. The experiment included five commercial banks; Citi, Credit Suisse, Goldman Sachs, Hypothekarbank Lenzburg, and UBS, extending the scope beyond the central bank.
Results:
Goal:
To explore how well a digital version of central bank money works in productive settings, building on the lessons from the previous phases.
As part of the Helvetia Pilot, the Swiss National Bank (SNB) is providing wCBDC on SDX, enabling financial institutions to settle transactions involving digital (token-based) assets directly on the SDX CSD with wCBDC. The Pilot, running until at least June 2026, may be extended based on future assessments.
Initially, more financial institutions might join, and later, the range of financial transactions supported by wCBDC could broaden. While the Pilot supports private-sector innovation, it does not imply a permanent introduction of wCBDC by the SNB, as any such decision remains at the SNB’s discretion.
Helvetia Pilot is at the forefront of exploring digital money and technology to modernize financial systems. With SDX as a pivotal platform, the project delivers valuable insights into how these innovations can benefit the financial market, guiding the future of digital currencies and their integration worldwide.
To be eligible for the Helvetia Pilot, financial institutions need to hold a sight deposit account with the Swiss National Bank (SNB) and be admitted to the Swiss Interbank Clearing (SIC) system (cf. Instruction sheet on admission to the SIC system and sight deposit accounts). Additionally, financial institutions must be members of SDX. For more details on how to join SDX, click here or use the contact form below.
The SNB offers regular introduction sessions on the Helvetia Pilot. More information can be found here.
The range of financial transactions supported by wCBDC could broaden as part of the pilot. If you would like to execute some specific use cases using wCBDC, contact market-advisory-group @ sdx.com or use the contact form below.
This is a thrilling moment for innovation as we shape the future of financial markets together!
