Transitioning from strategy to execution in 2025
The Swiss financial sector is embracing a pivotal change, driven by blockchain technology. The 2025 Blockchain Pulse Survey reveals a significant shift: what was once a speculative future is now a necessary operational reality. Swiss banks and financial institutions have decisively moved from asking "why blockchain?" to exploring "how to implement it" effectively and responsibly.
The study monitors the development of key elements within the digital asset ecosystem, focusing on cryptocurrencies, tokenized assets, and the growing significance of stablecoins and digital currencies. By surveying 28 institutions from August to October 2025, it provides a data-driven view of an industry moving from exploration to practical execution.
Pulse Survey 2025
The 2025 Blockchain Pulse Survey, conducted by the University of St. Gallen in partnership with PwC Switzerland, ACK Consulting Knowledge, mintminds AG, and vision&, delves into how blockchain is transforming the Swiss financial services landscape. It explores strategic priorities, adoption trends, and implementation hurdles faced by banks and financial service providers.
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Key takeaways
- Strategic commitment is mature:
An impressive 86% of surveyed institutions now have formal blockchain strategies, a significant increase from 58% in 2024. This shift highlights how blockchain has become a standard practice among Swiss financial service providers. - Conviction in blockchain’s potential grows:
Blockchain is gaining momentum, with 64% of participants recognising its high long-term potential—up from 37% last year. This highlights blockchain's growing importance as a key component in shaping the future of financial market infrastructure. - Cryptocurrencies become mainstream offerings:
More than 60% of banks are now offering live cryptocurrency services, effectively doubling the assets managed under crypto, particularly in retail banking where around 3% of customer assets are invested in cryptocurrencies. Custody and trading continue to be essential services, while staking is rapidly gaining traction.
- Advanced blockchain applications face consolidation:
Interest in more speculative, complex blockchain use cases—like trade finance automation and AI-integrated corporate actions—has declined, with over 60% of institutions having no active projects. The focus narrows toward foundational activities with clearer regulatory paths, like tokenization and settlement.
- Tokenization is advancing but more complex:
A quarter of banks have already introduced tokenized asset offerings, and another third are gearing up to follow suit. But tokenization isn't without its challenges. It poses bigger hurdles than crypto services, especially when it comes to regulatory compliance and establishing a solid business case. While the industry is making strides towards operational maturity, the pace of adoption varies significantly.
- Stablecoins and digital Swiss franc are strategic priorities:
Stablecoins and bank-issued deposit tokens are viewed as critical for the development of digital settlement layers. Yet, 75% of respondents think Switzerland is “acting too cautiously”, risking competitive disadvantage versus the EU’s MiCA framework, which offers EU-wide passporting and regulatory clarity.
Shift in challenges from strategy to operations
Unlike in 2024 when lack of business priority was the main obstacle, in 2025 compliance and IT integration are the top challenges. This reflects the sector’s maturation and the complex realities of embedding blockchain within regulated frameworks and legacy systems.
What does this mean for industry leaders and policymakers?
For banks, the priority is operational excellence: addressing regulatory compliance, risk management, and IT system integration to deliver secure, scalable blockchain-based asset services.
For regulators, the urgency is strategic: crafting a forward-looking, harmonized regulatory environment for digital currencies and assets that maintains Switzerland’s competitiveness globally, especially in light of innovative frameworks like MiCA in the European Union.
Conclusion
The Swiss financial industry stands at a crucial inflection point. Blockchain technology is no longer a speculative frontier but a defining dimension of modern finance. Success will depend on practical execution—scaling secure, compliant products and integrating blockchain into mainstream financial infrastructure—while ensuring that regulatory and strategic frameworks empower innovation and protect market integrity.
Switzerland’s ecosystem, with its robust legal foundations and financial expertise, is well positioned to lead the global transition to digital finance. The coming years will be defined by who can operationalize blockchain technology fastest and most effectively turning early conviction into sustainable competitive advantage.
Pulse Survey 2025
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Bastian Stolzenberg