Safirum's Swiss franc stablecoin, CHF-S, is live on Solana. The Swiss fintech completed its first official mint on 3 November 2026 at a launch event at the top of Zurich's Prime Tower, Safirum said in its launch post, and each CHF-S is backed one to one by francs held at Berner Kantonalbank (BEKB) and Banque Richelieu.
The securities house Maverix Securities was the first company to mint CHF-S, and the first 10,000 francs' worth of tokens were issued at launch, finews.ch reported. Only wallets that have passed identity checks can hold CHF-S, a rule enforced by the token's own code on Solana, so it applies in every app that touches the coin.
When we covered Safirum's CHF-S announcement in June, the company was targeting the third quarter of 2026. It went live on Tuesday 3 November, with guests at the Zurich event receiving CHF-S straight to their own whitelisted wallets, according to Safirum's post.
How the KYC whitelist works on Solana's Token-2022 standard
CHF-S is built on Token-2022, Solana's newer token program, which lets an issuer attach rules that every transfer must pass. Safirum uses it to whitelist wallets: the smart contract automatically blocks transfers to any wallet that has not been approved, fintechnews.ch reported.
Getting on the list means passing a KYC (know-your-customer) check as an individual or a KYB (know-your-business) check as a company. The check is digital and "takes only a few minutes", according to the launch announcement published by Startupticker. Sumsub handles identity verification, Safirum said in its June announcement.
The design is built around Swiss rules. Safirum says CHF-S complies with FINMA Guidance 06/2024, the Swiss financial regulator's guidance on stablecoins, and the company is a member of VQF, a self-regulatory organisation that supervises financial intermediaries under Switzerland's anti-money-laundering law. Bastien Thiébaud, Safirum's co-founder and CEO, called identity verification and whitelisting "important prerequisites for the widespread use of stablecoins" in the launch announcement, as quoted by fintechnews.ch.
Because the whitelist sits inside the token itself, a wallet, exchange or payment app that adds CHF-S gets the compliance check without building one, and a CHF-S transfer to an unverified address fails wherever it is attempted.
Transfer fees, minting rules and Safirum's business model
Safirum charges 0.05% of each CHF-S transfer, capped at 0.50 CHF-S, plus Solana network fees, according to Startupticker and cash.ch. The cap is reached at a 1,000 CHF-S transfer, so a 100-franc payment costs 0.05 CHF-S while a 100,000-franc settlement costs the same 0.50 CHF-S as a 1,000-franc one (our arithmetic from the published fee).
Minting is reserved for institutions. Only firms whose treasury takes up at least one full-time position can mint, finews.ch reported. Giuliano Glocker, co-founder and co-CEO of Maverix, told finews.ch the coin opens "new applications, particularly for our customers and the management of digital assets in our AMCs" (translated from German). Everyone else reaches CHF-S through a whitelisted wallet: cash.ch lists private individuals, banks, crypto exchanges and other institutional users as the intended market.
The transfer fee is how Safirum pays for the network. In a July interview with finews.ch, Thiébaud said the fee "lets us finance the costs of our network" (translated) and that Safirum wants to process 1% of all Swiss transactions through CHF-S within five years. He said reserves would first be held as sight deposits at a custodian bank and would probably later go partly into high-quality Swiss franc bonds, where he called a return of 0.5% to 1% realistic. Startupticker and fintechnews.ch both report that Safirum plans to add more custodian banks beyond BEKB and Banque Richelieu.
Swiss franc stablecoins on Solana: VCHF, CHFAU and now CHF-S
Solana already carried Swiss franc stablecoins before CHF-S. VNX VEUR$0.189+38.4%'s VCHF, issued from Liechtenstein, and AllUnity's CHFAU, a MiCAR e-money token issued under EU rules that went live on Solana on 5 August 2026, both got there first. CHF-S stands out as a coin issued in Switzerland under Swiss supervision, with reserves at Swiss banks and a whitelist on every holder.
The franc market on Solana is still small. VCHF had about 1.1 million tokens in supply across more than 1,100 holder accounts and a market value of about $1.35 million on 4 November 2026, according to Solana Compass token data.
Safirum is pitching CHF-S against the dollar's lead. At the launch, Thiébaud said the franc is the world's fifth-largest currency by trading volume while the stablecoin market is 99% dominated by the dollar, finews.ch reported. Swiss banks are working on the same problem separately: Swiss Stablecoin AG's CHFD, backed by a consortium that includes UBS and PostFinance, is still in testing, cash.ch reported. CHF-S also lands four days after Standard Chartered-backed Anchorpoint said it plans to mint its Hong Kong dollar stablecoin HKDAP on Solana, another non-dollar coin choosing the network.
What to watch as Safirum's franc stablecoin grows
The next figures to check are CHF-S's circulating supply and its on-chain mint address. Once the mint address is published, supply and holder growth can be tracked directly on Solana. Also worth watching: which wallets, exchanges and payment apps integrate CHF-S, which additional custodian banks join BEKB and Banque Richelieu, and whether minters beyond Maverix start issuing.
