Swiss National Bank Rejects Bitcoin Reserve Proposal
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Bitcoin is unlikely to become a reserve asset in Switzerland anytime soon, Martin Schlegel, chairman of the country's National Bank, has hinted. He said at a shareholders' meeting in Bern that ”cryptocurrencies do not currently meet the requirements of foreign exchange reserves.”
However, many local cryptocurrency companies expect that digital assets will still receive the necessary recognition from officials.
Bitcoin as a reserve asset in Switzerland
This is not the first time Schlegel has spoken out against the radical adoption of crypto. In March, he said he did not want to make Bitcoin a Swiss reserve asset, citing lack of stability, liquidity issues and security risks.
The Swiss Federal Chancellery has initiated a proposal to constitutionally enshrine the National Bank's obligation to hold Bitcoin at the end of 2024. To launch the referendum, the initiators need to collect 100,000 signatures.
The proposal is to change the third paragraph of Article 99 of the constitution. It currently reads as follows
“The Swiss National Bank shall create sufficient currency reserves from its revenues; part of these reserves shall be held in gold.”
If successful, the phrase ”and in Bitcoin” will be added to the text. The Swiss non-profit project 2B4CH participated in the development of the initiative and prepared and filed the necessary documents.
2B4CH is backed by some big names in the industry. In particular, we are talking about Jeev Zangana, vice president of Tether, which is the issuer of the largest stablecoin USDT.
2B4CH founder and chairman Yves Bennaim commented on the initiative. Here is the relevant comment on the matter.
“We are not saying — go all in with bitcoin, but if you have nearly 1 trillion francs in reserves, like the SNB does, then it makes sense to have 1–2% of that in an asset that is increasing in value, becoming more secure, and that everyone wants to own.”
If successful, the phrase ”and in Bitcoin” will be added to the text. The Swiss non-profit project 2B4CH participated in the development of the initiative and prepared and filed the necessary documents.
Bitcoin Suisse board member Lusius Meisser noted that ”holding bitcoins makes more and more sense as the world transitions to a multipolar arrangement.” He added that the need is especially great now that ”the dollar and euro are weakening.”
Maser argues that holding Bitcoin would spare the central bank from political influence from foreign currencies, most of whose reserves are denominated in dollars and euros. The rejoinder was as follows.
Politicians are eventually tempted to print money to fund their agendas, and Bitcoin is a currency that cannot be diluted because of its scarcity nature.
Switzerland remains one of the world centers of the crypto industry. For example, it was in the Swiss city of Zug that the history of Ethereum, the second largest cryptocurrency in terms of capitalization, began. And the country continues to generate crypto initiatives even now.
In particular, international chain Spar started accepting bitcoin payments in a city in Switzerland this month, as we reported earlier.
How real assets are tokenized
According to RWA.xyz, a platform that tracks tokenized real assets, just six institutions control 88 percent of all tokenized U.S. Treasuries. This information points to the concentration of the sphere in the hands of a few funds as it evolves.
BlackRock remains the largest issuer of tokenized bonds. The company's tokenized Treasury bond fund called BUIDL has a market capitalization of $2.5 billion, 360 percent more than its nearest competitor. Meanwhile, BlackRock reported $11.6 trillion in assets under management in the first quarter of 2025.
The top six also includes Franklin Templeton's BENJI with a capitalization of $707 million, Superstate's USTB with $661 million, Ondo's USDY with $586 million, Circle's USYC with $487 million and Ondo's OUSG fund with $424 million in assets. Together, these six funds account for 88 percent of all tokenized bonds issued.
The largest tokenized funds have been undergoing consolidation since the start of 2025. According to analyst data, of the six leading funds, only Circle's USYC has shown a decline in market capitalization in recent months.
Most notably, BUIDL's capitalization rose 291 percent from Jan. 1 to April 24. It now occupies 41.1 percent of the total capitalization of the tokenized U.S. Treasury bond industry.
MEXC Chief Operating Officer Tracey Jin noted that centralizing the tokenized asset sphere carries notable risks:
Most tokenized assets will be issued on semi-centralized blockchains. This gives authorities the ability to impose restrictions or confiscate assets. Tokenization of real estate or bonds is still closely tied to the national legal system.
The market for tokenized real assets is expected to experience rapid growth in 2025. The trend is supported by regulatory clarity, increased interoperability, liquidity solutions, identity transition from physical to digital, and development of fractional ownership.
On April 21, the total capitalization of the sector reached a record $21.3 billion.
The bottom line
Although Switzerland is not yet ready to add Bitcoin to its reserves, the very fact that this idea is being discussed at the state level shows that the crypto industry is maturing.
Against the backdrop of the development of tokenization of real assets, it is clear: digital technologies are penetrating deeper and deeper into the traditional financial system.
And even cautious countries will sooner or later have to recognize this seriously.
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