CoinVoice has recently learned that according to CoinDesk, the Swiss Financial Market Supervisory Authority (FINMA) stated in guidance issued on Friday that stablecoin issuers operating in Switzerland will bring risks to the banks that cooperate with them.
This is because these issuers take deposits from the public and would have been considered banks, but avoid the requirement for a banking licence by entering into agreements with registered lenders to repay customers in the event of default.
“This creates risks for stablecoin holders and banks providing default guarantees,” FINMA said in its guidance. “If a stablecoin issuer commits a breach of contract, the bank providing the default guarantee could suffer reputational damage due to its contractual relationship with the issuer and could be exposed to legal risks.” [Original link]