Stablecoins have moved from a niche topic to centre stage in financial policy. As regulatory frameworks are being put in place internationally, Switzerland faces a simple question: do we help shape the next generation of payment infrastructure or leave the field to others? Martin Hess, Chief Economist and overall project lead for Digital Currencies at Swiss Banking, explains what the new in-depth study shows for banks and the economy. Natalie Graf, Senior Legal Counsel, outlines the regulatory course that now needs to be set.