Six Swiss banks to test franc stablecoin uses

April 8, 2026

Summary

Six Swiss banks will launch a 2026 sandbox to test Swiss franc stablecoin applications with Swiss Stablecoin AG.

Why this matters

The project shows how Swiss banks are testing digital-currency infrastructure as stablecoins expand globally. It also highlights competition between banks and existing stablecoin issuers in cross-border and digital payments.

Six Swiss banks have joined Swiss Stablecoin AG to test potential uses for a Swiss franc-pegged stablecoin in Switzerland, UBS said Wednesday, as banks respond to growth in stablecoins and cryptocurrencies.

UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, and Banque Cantonale Vaudoise are launching a secure digital live environment, or sandbox, to explore ways to link blockchain applications with the Swiss franc, UBS said. The initiative is open to other banks.

UBS said there is currently no regulated Swiss franc-pegged stablecoin with broad use in Switzerland. The sandbox will run in 2026 and aims to support Switzerland’s digital money ecosystem.

Stablecoins are cryptocurrencies designed to hold a constant value and are backed by traditional currencies. Some banks view them as potential competitors and are testing blockchain-based products and services.

Last year, 10 European banks, including ING, UniCredit, and BNP Paribas, formed a company to launch a euro-pegged stablecoin in the second half of 2026. In a separate effort last year, another group of 10 banks, including Bank of America, Deutsche Bank, Goldman Sachs, and UBS, said they were jointly exploring issuing a stablecoin.

Stablecoin use has grown sharply in recent years, but the market is dominated by El Salvador-based Tether, and demand for the few bank-issued stablecoins has so far been limited.

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Europe

Hungary vote puts Magyar on course for supermajority

Partial and near-final results showed Peter Magyar’s Tisza party leading Hungary’s election and heading for a two-thirds majority.

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Peter Magyar declared victory in Hungary’s legislative election on April 12 after provisional results showed his Tisza party ahead of Prime Minister Viktor Orban’s Fidesz and on course for a two-thirds parliamentary majority.

According to Hungary’s National Election Office, with more than 95% of votes counted, Tisza was set to win 138 of 199 seats, compared with 55 for Fidesz and six for Mi Hazank Mozgalom. Earlier provisional counts also showed Tisza leading, with 53.74% of the vote to 37.65% for Fidesz with more than 90% counted.

Addressing supporters in Budapest, Magyar said Tisza had won a mandate to govern. “We have done it, Tisza and Hungary have won this election,” he said. “In the history of democratic Hungary, this many people have never voted before, and no single party has ever received such a strong mandate as Tisza.”

He later added: “We did it … Together, we brought down the Orban regime — together. We liberated Hungary; we took back our homeland.”

The result would give Tisza the two-thirds supermajority needed to pursue constitutional changes without a coalition, according to the election office data. Earlier in the count, projections based on 45.7% of votes counted gave Tisza 135 seats and Fidesz 57.
Middle East

Report: Iran executions rose to 1,639 in 2025

Two rights groups said Iran carried out at least 1,639 executions in 2025, its highest reported annual total since 1989.

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Iranian authorities executed at least 1,639 people in 2025, the highest annual total reported since 1989, two nongovernmental groups said Monday.

The total was up 68% from 975 executions in 2024, according to a joint annual report by Norway-based Iran Human Rights and Paris-based Together Against the Death Penalty. The groups said the figure, based on cases confirmed by at least two sources, was an “absolute minimum” because most executions were not reported in Iranian state media.

The report said the total amounted to more than four executions a day and was the highest since Iran Human Rights began tracking executions in 2008.

It warned that if the Islamic Republic “survives the current crisis, there is a serious risk that executions will be used even more extensively as a tool of oppression and repression.”

The groups also said “hundreds of detained protesters remain at risk of death sentences and execution” after being charged with capital offenses tied to January 2026 protests. Those demonstrations were suppressed in a crackdown that rights groups said left thousands dead and tens of thousands arrested.

Iran executed seven people in connection with the January protests during the war with Israel and the United States that began Feb. 28: six convicted of membership in the banned opposition group People’s Mujahedin of Iran, and one dual Iranian-Swedish citizen charged with spying for Israel.

Nearly half of those executed were convicted of drug-related offenses. At least 48 women were executed, up 55% from 31 in 2024 and the highest number recorded in more than 20 years. Of those, 21 were executed for killing husbands or fiancés, and rights groups said such cases often involved abusive relationships.

The report said public hangings rose to 11 in 2025, more than triple the previous year. It said nearly all known executions in recent years were carried out by hanging.
Finance & Markets

Gold Falls as Hormuz Blockade Plan Lifts Inflation Risk

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Gold fell Monday as higher energy prices added to inflation concerns after U.S.-Iran talks ended without a deal and Washington said it would begin blockading the Strait of Hormuz.

Bullion dropped as much as 2.2% to below $4,650 an ounce before trimming losses. The U.S. military said the blockade would begin at 10 a.m. Eastern, after weekend talks with Iran failed to turn a ceasefire into a lasting peace following six weeks of war in the Middle East.

Rising oil and natural gas prices since the conflict began have increased concern about inflation, raising the possibility that central banks may delay interest-rate cuts or raise rates. That tends to weigh on non-yielding gold. Stocks fell Monday, while a gauge of the dollar rose 0.3%, also pressuring bullion.
Africa

Airstrikes in northeast Nigeria kill dozens

Witnesses, Amnesty International, and officials gave differing death tolls after airstrikes hit Jilli village in Nigeria’s Yobe state.

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Dozens of people were killed in airstrikes in Nigeria’s northeastern Yobe state on Saturday, according to local residents and Amnesty International, as military aircraft targeted Islamist militants.

The strikes hit Jilli village, with casualty estimates varying by source. Amnesty International said on X that there were “more than 100 dead” and 35 people seriously wounded.

“We have their pictures and they include children,” Isa Sanusi, Amnesty International’s Nigeria director, told The Associated Press. “We are in touch with people that are there, we spoke with the hospital. We spoke with the person in charge of casualties, and we spoke with the victims.”

Local chief Lawan Zanna Nur said “the total casualties, dead and injured, is around 200.” He said many victims were taken to hospitals in nearby Geidam and Maiduguri, where at least eight more of the wounded died Sunday.

“We are talking of dozens dead but it is difficult to give a specific toll,” he said.

A market committee member, Bulama Mulima Abbas, told AFP that “36 bodies have been counted” after the airstrike “on the traders.”

Nigeria’s military said it struck a location in Jilli “long identified as a major terrorist movement corridor and convergence point for Islamic State West Africa Province terrorists and their collaborators.” It described the attack as “a carefully, well coordinated planned and intelligence-driven operation” and said it “successfully conducted a precision air strike on a known terrorist enclave and logistics hub located near the abandoned village of Jilli.”

The military said “scores of terrorists” were killed, but did not mention civilian casualties. The Nigerian Air Force later said it had activated its Civilian Harm Accident and Investigation Cell “to immediately proceed to the location on a fact-finding mission on the allegation.”

An intelligence source told AFP that Jilli market “is wholly controlled by Boko Haram who provides security and collect tax from traders.”

Nigeria has fought a jihadist insurgency since Boko Haram’s 2009 uprising. The conflict, which later included the Islamic State West Africa Province, has killed more than 40,000 people and displaced about 2 million, according to the United Nations.
Africa

Pope Leo XIV to make first papal visit to Algeria

Pope Leo XIV will become the first pope to visit Algeria, with stops in Algiers and Annaba tied to interfaith ties and St. Augustine.

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Pope Leo XIV will visit Algeria from April 13 to 15, becoming the first pope to travel to the country.

His itinerary includes the Great Mosque of Algiers, a meeting with Algeria’s small Christian community at the Basilica of Our Lady of Africa, and a trip to Annaba, the ancient city of Hippo Regius, where St. Augustine served as bishop in the fifth century.

Archbishop Jean-Paul Vesco, the French-born cardinal of Algiers, said he invited Leo on May 8, the day of his election and the feast day commemorating Algeria’s 19 martyrs, priests and nuns killed during the civil war.

Algeria welcomed the visit when it was announced in February, calling it a chance to strengthen ties with the Vatican and expand cooperation. President Abdelmadjid Tebboune had already met Leo in a private audience in 2025, three months after his election.

Analysts said the trip marked a shift in relations. Algeria had never hosted a pope, while Morocco hosted John Paul II in 1985 and Francis in 2019, and Tunisia hosted John Paul II in 1996.

The visit comes as rights groups continue to raise concerns about religious freedom in Algeria. Open Doors ranks Algeria 20th on its World Watch List. A 2006 law requires non-Muslim religious groups to obtain state approval and allows prison terms of up to five years for attempting to convert a Muslim. François Mabille of the French Institute for International and Strategic Affairs said Catholic authorities are viewed differently by the state because they do not pursue conversion.
Virginia

Virginia cannabis market nears, THC tests remain limited

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As Virginia moves toward a retail cannabis market, questions remain about whether roadside tests can reliably detect marijuana impairment.

There is no standardized, widely approved THC breathalyzer on the market. Researchers have worked to develop one. Former Virginia Commonwealth University professor Emanuele Alves, who received a National Institute of Justice grant to develop a prototype, recently stated that a patent had been filed for a future prototype for roadside cannabis testing.

Michelle Peace, a VCU forensic science professor with toxicology experience, said alcohol standards do not translate to THC.

“For alcohol, we have legislated that 0.08% blood alcohol concentration is the threshold that defines if someone is impaired to drive,” Peace said. “We cannot set a cutoff like that for THC. If we do, we don’t know what that number means for impairment.”

A THC level also would not show when cannabis was consumed, Peace said.

Research by RTI International found field sobriety tests and THC levels were unreliable in determining marijuana intoxication. Toxicology tests could show the presence of cannabis, but not cognitive or psychomotor impairment, according to one study.

Peace said impaired-driving cases often involved multiple substances. A 2024 Virginia Department of Motor Vehicles analysis found that 30% of drivers with a blood alcohol concentration of 0.08% or higher also tested positive for cannabis.
North Carolina

Wilmington man charged in fatal Marine stabbing

Wilmington police charged a 47-year-old man after a downtown stabbing killed a Camp Lejeune Marine and injured another man.

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A Wilmington man was charged after a stabbing in downtown Wilmington left a Camp Lejeune Marine dead and another man injured.

The Wilmington Police Department said it arrested Davy Spencer, 47, of Wilmington, on charges of second-degree murder and two counts of assault with a deadly weapon with intent to kill.

Police said the charges stemmed from a stabbing reported about 2 a.m. April 5 in the 100 block of North Front Street. Officers responding to reports of multiple fights found that two adult men had been stabbed.

One of the victims, Lance Cpl. Daniel Montano, 21, died from his injuries April 6, according to police.

Officials with the 2nd Marine Division said Montano was assigned to Camp Lejeune and served as an inventory management specialist with 1st Battalion, 2nd Marine Regiment. He enlisted in October 2024 and was promoted to lance corporal in December 2025. His home of record was San Bernardino, California.
Hawaii

Hawaii lawmakers press to reduce Arizona inmate transfers

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Hawaii lawmakers are advancing a bill to reduce the number of state inmates held at a private prison in Arizona, where about 800 Hawaii prisoners are housed.

House Bill 1769 began as a proposal requiring the state Department of Corrections and Rehabilitation to cut its out-of-state prison population by 25% by July 1, 2029, and by another 50% by July 1, 2031. After House and Senate revisions, the measure now calls for reductions of 5% by July 1, 2027, 10% a year later, and 15% the following year.

In 1995 then-Gov. Ben Cayetano began transferring inmates to mainland prisons to ease overcrowding at Halawa Correctional Facility, Hawaii’s only medium-security prison. Halawa was designed for 496 inmates and recently housed 818.

Department Director Tommy Johnson told lawmakers the state wants to bring inmates back, but said the bill’s original timeline was not feasible without more prison capacity.
Hawaii

Senate stalls bid to restore Hawaii tourism funding

HB 1950 advanced as several bills to repeal or further restructure HTA failed to move this session.

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A bill to restore dedicated funding for the Hawaii Tourism Authority (HTA) advanced further this session than similar efforts in recent years, but stalled in the Senate.

House Bill 1950, introduced by Rep. Adrian Tam, D-Waikiki, would have directed part of the state’s transient accommodations tax to tourism marketing and destination management. The bill passed the House and the Senate Committee on Economic Development and Tourism, but Senate Ways and Means Chair Donovan Dela Cruz, D-Mililani-Wahiawa-Whitmore Village, did not schedule a hearing.

Dela Cruz said HTA already receives recurring support through the general fund, which preserves legislative oversight and flexibility during emergencies, including COVID-19, wildfires, floods, and volcanic activity. He also said lawmakers were still assessing HTA’s direction and performance as it operates under governance changes approved last year.

HTA was created in 1998 and long received a share of transient accommodations tax revenue. It now relies on general fund appropriations. The agency received $63 million for fiscal 2026 and is seeking $66 million for 2027, including funding for sports tourism.

As introduced, HB 1950 would have allocated 15% of transient accommodations tax revenue to HTA, though that provision was later removed. HTA has recommended a 10% to 12% allocation, which the agency said would bring funding closer to past levels. At 10%, funding would be about $81 million annually.

Interim HTA President and CEO Caroline Anderson said dedicated funding would improve long-range planning and staffing. Supporters, including Sen. Lynn DeCoite, D-East Maui-Upcountry-Molokai-Lanai-Kahoolawe, and industry representatives, said the bill’s progress suggested support could continue next year or through a broader finance bill.
Military & National Security

U.S. seeks Philippine fuel storage site in Mindanao

The contract would cover 24-hour receiving, storing, protecting, testing, and shipping of U.S. government-owned fuel, according to the notice.

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The U.S. Defense Logistics Agency plans to store millions of gallons of ship and aircraft fuel in the southern Philippines, according to U.S. and Philippine officials.

A March 31 solicitation from the agency outlined plans for a fuel storage facility in or near Davao on Mindanao. Starting in April 2028, the contractor would provide 41 million gallons of storage capacity, including 23 million gallons of naval fuel and 18 million gallons of aviation fuel.

The contract would cover 24-hour receiving, storing, protecting, testing, and shipping of U.S. government-owned fuel, according to the notice.

Commercial fuel is already stored at Subic Bay, the former U.S. naval base on Luzon. A Mindanao facility would give U.S. forces another refueling point in the region in addition to Subic Bay and Manila.

Rear Adm. George Bresnihan, commander of the Defense Logistics Agency’s energy division, visited fuel storage sites in Australia and Papua New Guinea in September, according to a Nov. 24 agency news release.

“DLA Energy exists to provide America’s warfighters with timely and reliable access to fuel,” he said in the release. “Maintaining a decentralized network of fuel support points enables our team to deliver global energy solutions for sustained operational readiness.”

Rear Adm. Roy Vincent Trinidad, a Philippine military spokesman, told reporters Friday at Camp Aguinaldo in Quezon City that the proposed Mindanao site would remain under Manila’s ownership and control.

The project is covered by existing agreements, including the 2014 Enhanced Defense Cooperation Agreement, which grants U.S. forces access to nine sites in the Philippines, he said, according to a report published Friday in the Manila Bulletin.

“These will still be Philippine facilities, Philippine-controlled facilities,” he said. “They are designed to support our response capability for [humanitarian assistance and disaster response], maritime security and support, and sustain our forces deployed, not only in the West Philippine Sea, but even in the southern border.”