Switzerland's FINMA publishes guidelines on stablecoins to address the risks of default guarantees by banks

The FINMA supervisory guidance, which builds on an initial guidance issued in 2019, sets out a number of requirements to ensure adequate protection. Customers must have a claim of their own against the bank providing the guarantee, and the guarantee must cover the full amount of deposits and interest. In addition, the bank must ensure that the deposits it receives do not exceed the amount covered by the guarantee.