From operationalisation to selective scaling in 2026
The Swiss financial sector has entered a phase of differentiation in blockchain technology and digital assets. Cryptocurrency offerings have reached regular operation across a large share of the institutions surveyed. Tokenisation, stablecoins and other blockchain-based applications, by contrast, are developing more selectively and are often not yet treated as immediate priorities.
The 2026 Blockchain Pulse Survey reveals a market positioned between an established cryptocurrency base and selective scaling. Institutions continue to believe in blockchain’s long-term potential, but expectations of its near-term impact have become more cautious. At the same time, commercial objectives are replacing innovation leadership as the primary motivation for blockchain initiatives.
The Blockchain Pulse Survey 2026
The study surveyed 25 Swiss financial institutions in 2026, spanning retail banks, private banks, global banks and B2B/infrastructure providers, building on prior editions conducted in 2024 and 2025. The purpose of the survey is to track, on an annual basis, how Swiss financial institutions are adopting and integrating blockchain technology across cryptocurrencies, tokenization, and other blockchain products and services.
Key take-aways:
- Long-term conviction remains strong
64% of institutions see high long-term potential for blockchain, unchanged from 2025. In the short term, expectations are more cautious: only 20% see high potential within the next two years, while 52% rate it as low.
- Commercial value replaces innovation as the main driver
Growth, expansion of offerings and client retention now account for 87% of the main motivations for blockchain initiatives, up from around 56% in 2025. Innovation leadership, by contrast, has fallen to just 5%.
- Cryptocurrencies are firmly established
68% of institutions have already launched cryptocurrency offerings, making crypto the most mature blockchain use case. Custody and trading lead the market, each currently offered by 64% of institutions.
- Tokenisation remains selective
Only 12% of institutions currently offer tokenised assets, while another 24% have offerings planned. Activity is concentrated mainly on equity and fund instruments, and 64% currently have no tokenisation offering planned.
- Digital money is the next strategic frontier
80% identify stablecoins and CBDCs as a key market trend for the next three to five years, more than any other development surveyed. Yet stablecoin and settlement services remain at an early stage, with 20% currently offering them and another 20% planning to do so.
- Scaling depends on priorities, demand and integration
The biggest barriers are lack of strategic prioritisation (63%), low client interest (58%) and compliance or regulatory requirements (46%). Funding is much less of a constraint, cited by only 13%, pointing to a shift from technical feasibility towards viable business cases and operational execution.
Gap between long-term conviction and short-term expectation is widening
In a time when blockchain initiatives compete for the same limited transformation budget as artificial intelligence, the excitement for which is undeniable, as well as modest benefits from blockchain adoption observed in the recent past and continuous regulatory uncertainty may contribute to the shift in perception. The widening gap between long-term conviction and short-term expectation is the defining pattern of the 2026 survey, and it may explain much of the relative hesitancy observed in the study.