> ## Content Index > Fetch the complete content index at: https://stablecoininsider.org/llms.txt > Use this file to discover other available public pages before exploring further. # Safirum CHF-S: Swiss Franc Stablecoin Goes Live on Solana - URL: https://stablecoininsider.org/safirum-chf-s/ - Published: 2026-11-04T07:55:26.000Z - Updated: 2026-11-04T08:52:28.000Z - Description: Zug fintech Safirum launched CHF-S, a Swiss franc stablecoin on Solana, on 3 November 2026. Only verified wallets can hold it, and transfers cost 0.05% up to 0.50 CHF-S. Stablecoin Insider compares it with CHFAU, VCHF and ZCHF and explains the FINMA rules behind it. - Author: Alexandra - Tags: News, Stablecoins, Solana, CHF Safirum CHF-S is a Swiss franc stablecoin that went live on Solana on 3 November 2026, backed 1:1 by francs held in segregated accounts at Berner Kantonalbank (BEKB) and Banque Richelieu ([Safirum launch release via TokenPost](https://www.tokenpost.com/news/business/48113)). The issuer, Safirum AG, is a fintech in Rotkreuz in the Canton of Zug that first announced the coin on 22 June 2026 with a Q3 launch target ([Safirum](https://www.safirum.com/press)). Two design choices set it apart from most stablecoins. Only identity-verified wallets can hold or receive it, and Safirum earns from a small transfer fee rather than from reserve interest. Here's how CHF-S works, what it costs, how it compares with the other franc tokens, and what the launch leaves unanswered. ## Key Takeaways - CHF-S launched on Solana's Token-2022 standard on 3 November 2026, aimed at retail users, banks, crypto exchanges and other institutions ([Fintechnews Switzerland](https://fintechnews.ch/blockchain%5Fbitcoin/swiss-franc-stablecoin-safirum-chf-s-solana/86831/)). - Every holder must pass KYC (individuals) or KYB (companies), and the smart contract blocks transfers to wallets that are not whitelisted ([TokenPost](https://www.tokenpost.com/news/business/48113)). - Each transfer costs 0.05% of the amount, capped at 0.50 CHF-S, plus Solana network fees ([Fintechnews Switzerland](https://fintechnews.ch/blockchain%5Fbitcoin/swiss-franc-stablecoin-safirum-chf-s-solana/86831/)). - Safirum is a member of VQF, a FINMA-recognised self-regulatory organisation, and says CHF-S follows FINMA Guidance 06/2024 ([Safirum](https://www.safirum.com/press)). - Maverix Securities, a strategic partner from the start, was the first company to mint CHF-S ([TokenPost](https://www.tokenpost.com/news/business/48113)). ## What is Safirum CHF-S and what launched? CHF-S is a fiat-backed Swiss franc token: each coin in circulation is matched by an equal amount of francs at BEKB and Banque Richelieu, and Safirum says more custodian banks will follow ([TokenPost](https://www.tokenpost.com/news/business/48113)). The launch landed in the fourth quarter, later than the Q3 2026 target in the June release ([Safirum](https://www.safirum.com/press)). New coins are minted by institutional investors after identification and compliance checks and once their francs arrive. Retail users get CHF-S through integrated partners or decentralised exchanges, but only after whitelisting their wallets ([TokenPost](https://www.tokenpost.com/news/business/48113)). Safirum's site lists four-party multi-signature minting and promises real-time reserve attestation ([Safirum](https://www.safirum.com/)). The compliance stack is outsourced to named partners: Sumsub software for identity checks, JayBee for ongoing compliance and Lawside Rechtsanwälte for legal advice ([Safirum](https://www.safirum.com/press)). Safirum lists cross-border business payments, treasury management, exchange settlement and tokenised asset payments as target uses ([Fintechnews Switzerland](https://fintechnews.ch/blockchain%5Fbitcoin/swiss-franc-stablecoin-safirum-chf-s-solana/86831/)). Status check: CHF-S is live, but the launch release gives no circulating supply, no list of partner apps or exchanges, and no link to a reserve attestation yet. ## How does CHF-S whitelisting work? CHF-S enforces identity checks inside the token itself: a wallet can only receive CHF-S after its owner passes KYC or KYB, and the contract on Solana rejects transfers to any wallet that has not been approved ([TokenPost](https://www.tokenpost.com/news/business/48113)). Safirum says verification is digital and takes a few minutes. It is built on Token-2022, also called Token Extensions, a superset of Solana's original token program that lets issuers add features such as transfer controls at the token level ([Solana Program docs](https://www.solana-program.com/docs/token-2022)). Safirum's June release said this made CHF-S architecturally different from coins on Ethereum or older chains, where compliance usually sits with the issuer's off-chain onboarding ([Safirum](https://www.safirum.com/press)). The trade-off is reach. A permissioned token can't flow freely through DeFi pools, bridges or self-custody wallets that haven't been verified. Stablecoin Insider covered that tension in [Do Stablecoins Have a KYC Problem?](https://stablecoininsider.org/do-stablecoins-have-a-kyc-problem/), and Safirum's CEO Bastien Thiébaud argues the opposite: identity checks and whitelisting are prerequisites for banks and insurers to use stablecoins at scale ([TokenPost](https://www.tokenpost.com/news/business/48113)). ## What does it cost to send CHF-S? Sending CHF-S costs 0.05% of the amount, with the fee capped at 0.50 CHF-S per transfer, plus Solana network fees ([TokenPost](https://www.tokenpost.com/news/business/48113)). Safirum says this fee, not reserve interest, is its main revenue source, unlike issuers whose models rely on returns from reserves. The cap kicks in at 1,000 CHF-S, so large transfers get cheaper in percentage terms. Stablecoin Insider's worked example below uses only the published fee rule ([Fintechnews Switzerland](https://fintechnews.ch/blockchain%5Fbitcoin/swiss-franc-stablecoin-safirum-chf-s-solana/86831/)), before network fees: | Transfer size | Safirum fee | Effective rate | | ------------- | ---------------- | -------------- | | 100 CHF-S | 0.05 CHF-S | 0.05% | | 1,000 CHF-S | 0.50 CHF-S | 0.05% | | 10,000 CHF-S | 0.50 CHF-S (cap) | 0.005% | | 100,000 CHF-S | 0.50 CHF-S (cap) | 0.0005% | Fee rule: 0.05% capped at 0.50 CHF-S per transfer ([Safirum via TokenPost](https://www.tokenpost.com/news/business/48113)). Stablecoin Insider calculation. Stablecoin Insider's reading is that the fee model suits Swiss rates. If franc deposits earn little, a reserve-income model like the big dollar issuers' would earn little too, so a per-transfer fee is the more reliable income line. The catch is that frequent small payments pay the full 0.05%, which matters for retail and machine payments more than for treasury moves. ## How does CHF-S compare with other Swiss franc stablecoins? CHF-S is the only franc token in this group that combines bank-held reserves with an on-chain whitelist for every holder. The table compares it with AllUnity's CHFAU, VNX's VCHF, Frankencoin's ZCHF and the Swiss bank sandbox (Stablecoin Insider table from the linked sources): | | CHF-S | CHFAU | VCHF | ZCHF | Bank sandbox coin | | ---------------- | -------------------------------------------------- | ------------------------------------------------------- | ---------------------------------------------------------------- | ---------------------------------------------------- | ----------------------------------------------------------------------- | | Issuer | Safirum AG (Zug) | AllUnity GmbH (Frankfurt; DWS, Flow Traders, Galaxy) | VNX Commodities AG | No issuer; decentralised protocol | Swiss Stablecoin AG with UBS, PostFinance, Sygnum, Raiffeisen, ZKB, BCV | | Regulatory basis | VQF SRO member; designed to FINMA Guidance 06/2024 | BaFin e-money institution; MiCAR e-money token | Liechtenstein FMA licences (per Frankencoin governance proposal) | None stated as issuer | Sandbox, not a public launch | | Backing | 1:1 CHF at BEKB and Banque Richelieu | 1:1 segregated CHF reserves | 1:1 CHF in segregated reserve account | Over-collateralised crypto (ETH, WBTC, other ERC-20) | 1:1 CHF peg | | Chain | Solana (Token-2022) | Ethereum (ERC-20) | Not stated on product page | Ethereum (ERC-20 collateral) | Not disclosed | | Who can mint | Institutions after compliance checks | Fully onboarded institutional clients via AllUnity Mint | Institutions after KYB and UBO checks | Anyone who deposits collateral | Limited participant pool | | Holder rule | Only KYC/KYB-whitelisted wallets | No holder whitelist described | No holder whitelist described | Permissionless | Transaction limits in sandbox | | Status | Live 3 Nov 2026 | Live 26 Feb 2026 | Live | Live | Testing through 2026 | Sources: [Safirum via TokenPost](https://www.tokenpost.com/news/business/48113), [Safirum](https://www.safirum.com/press), [AllUnity](https://allunity.com/news/allunity-launches-the-first-fully-reserved-micar-compliant-swiss-franc-stablecoin-chfau), [VNX](https://vnx.io/swiss-franc), [Frankencoin governance proposal](https://github.com/Frankencoin-ZCHF/Frankencoin/discussions/61), [Frankencoin](https://frankencoin.com/what-is-frankencoin/), [PostFinance](https://www.postfinance.ch/en/about-us/media/newsroom/chf-stablecoin-sandbox.html). The split runs along two lines. CHFAU is the EU-regulated option, an e-money token under MiCAR issued from Germany ([AllUnity](https://allunity.com/news/allunity-launches-the-first-fully-reserved-micar-compliant-swiss-franc-stablecoin-chfau)). ZCHF is the DeFi option, minted by anyone who locks crypto collateral and priced through auctions rather than oracles ([Frankencoin](https://frankencoin.com/what-is-frankencoin/)). CHF-S is the only one in the table that gates every holder on-chain. Stablecoin Insider's [multi-currency stablecoin report](https://stablecoininsider.org/whats-happening-with-multi-currency-stablecoins/) tracks the wider non-dollar field, and [What Actually Backs a Euro Stablecoin?](https://stablecoininsider.org/what-backs-a-euro-stablecoin/) explains reserve models for the closest European peers. The Swiss banks are moving slower. UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank and BCV launched their sandbox with Swiss Stablecoin AG on 8 April 2026, saying no regulated franc stablecoin had broad use in Switzerland yet ([PostFinance](https://www.postfinance.ch/en/about-us/media/newsroom/chf-stablecoin-sandbox.html)). ## Which Swiss rules apply to CHF-S? Today CHF-S runs under Switzerland's anti-money laundering regime, not a dedicated stablecoin licence: Safirum is a financial intermediary under the Anti-Money Laundering Act and a member of VQF, a self-regulatory organisation recognised by FINMA ([Safirum](https://www.safirum.com/press)). FINMA Guidance 06/2024, published on 26 July 2024, notes that some Swiss issuers use bank default guarantees so they don't need a banking licence and only join an SRO ([FINMA Guidance 06/2024](https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf)). For that route, FINMA requires that each holder has its own claim against the guaranteeing Swiss bank if the issuer fails, that the guarantee covers all deposits, and that holders can call it quickly. FINMA adds that holders still don't get banking-law deposit protection ([FINMA](https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/)). Stablecoin Insider's reading: the CHF-S announcements describe segregated accounts at two banks but don't say whether BEKB or Banque Richelieu gives a default guarantee, or what claim a holder has if Safirum fails. For a franc token sold partly on safety, that's the most important document still to see. A new law is coming. The Federal Council opened a consultation on 22 October 2025 to create a payment instrument institution licence and restrict issuance of Swiss-issued stablecoins pegged to a single state currency, called stable crypto-based payment instruments, to those licensees ([SIF fact sheet](https://www.sif.admin.ch/dam/en/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf)). The consultation closed on 6 February 2026 ([Federal Department of Finance](https://www.efd.admin.ch/en/newnsb/x4TMWQ1SWofNoFx7XyHhY)), and the dispatch to Parliament was due in the second half of 2026 at the earliest. For the global picture, see Stablecoin Insider's [stablecoin rules tracker](https://stablecoininsider.org/stablecoin-regulations-in-2026/). ## What doesn't the launch announcement say? The launch release leaves five practical questions open for anyone considering CHF-S: - Circulating supply on launch day and who besides Maverix has minted. - Redemption terms: who can redeem directly, minimum size and timing. - Which partner apps and decentralised exchanges support whitelisted wallets. - Whether a bank default guarantee backs holder claims, and on what terms. - When the promised real-time reserve attestation goes live, and who runs it. Stablecoin Insider's take: CHF-S is the clearest test yet of whether a fully permissioned stablecoin can win users on an open chain. Its whitelist makes it attractive to banks and treasurers who need every counterparty identified, and the fee model fits a low-rate currency. The cost is DeFi reach, since unverified wallets and most pools are locked out. Watch reserve disclosure and holder protection terms before treating it as a cash equivalent. [See stablecoins on Solana](https://stablecoininsider.org/stablecoins-and-pegged-assets-on-solana-in-2026/) ****Compare franc and euro tokens.** Stablecoin Insider's multi-currency report tracks every major non-dollar stablecoin. [Read the multi-currency report ](https://stablecoininsider.org/whats-happening-with-multi-currency-stablecoins/) [Top Stablecoins and Pegged Assets on Solana in 2026The dollar, euro and other pegged tokens live on Solana, and how they differ.![](https://stablecoininsider.org/favicon.ico)Stablecoin Insider](https://stablecoininsider.org/stablecoins-and-pegged-assets-on-solana-in-2026/) --- ## FAQ #### What is CHF-S? CHF-S is a Swiss franc stablecoin issued by Safirum AG on Solana, backed 1:1 by francs at Berner Kantonalbank and Banque Richelieu ([TokenPost](https://www.tokenpost.com/news/business/48113)). #### When did CHF-S launch? CHF-S went live on Tuesday 3 November 2026, after an announcement on 22 June 2026 ([Fintechnews Switzerland](https://fintechnews.ch/blockchain%5Fbitcoin/swiss-franc-stablecoin-safirum-chf-s-solana/86831/)). #### Who can hold CHF-S? Only wallets whose owners pass KYC or KYB checks. The smart contract blocks transfers to wallets that are not whitelisted ([TokenPost](https://www.tokenpost.com/news/business/48113)). #### How much does a CHF-S transfer cost? 0.05% of the amount, capped at 0.50 CHF-S, plus Solana network fees ([Fintechnews Switzerland](https://fintechnews.ch/blockchain%5Fbitcoin/swiss-franc-stablecoin-safirum-chf-s-solana/86831/)). #### Is CHF-S regulated by FINMA? Safirum describes itself as a financial intermediary under the Swiss Anti-Money Laundering Act and a member of VQF, an SRO recognised by FINMA, and says CHF-S follows FINMA Guidance 06/2024 ([Safirum](https://www.safirum.com/press)). #### How is CHF-S different from Frankencoin? Frankencoin's ZCHF is backed by over-collateralised crypto and anyone can mint it, while CHF-S is backed by bank-held francs and restricted to verified wallets ([Frankencoin](https://frankencoin.com/what-is-frankencoin/)). ## What should you watch next? Watch for the first reserve attestation, more custodian banks and the partner list, and for the Federal Council's dispatch on payment instrument institutions, which would decide which licence a Swiss franc issuer needs ([SIF fact sheet](https://www.sif.admin.ch/dam/en/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf)). Until then, read CHF-S as a compliance-first franc token for verified businesses and users, not as a DeFi dollar substitute. This content is provided for informational and educational purposes only and does not constitute financial, investment, legal or tax advice. Sources linked above were read on 4 November 2026, the day after CHF-S went live; regulatory readings labeled as Stablecoin Insider's view are analysis, not legal opinion. It is not a recommendation to buy or sell any token, and no material herein should be interpreted as an endorsement or solicitation.