As Credit Suisse spiraled toward insolvency early last year, a group of Swiss bankers, technocrats and regional officials were already busy laying the groundwork for a new type of financial infrastructure. Nine months after the Swiss bank was rescued by crosstown rival UBS Group AG in March 2023, the Zurich and Basel cantons issued the first so-called tokenized bonds settled in Switzerland’s experimental digital currency. The Lugano city government followed suit shortly after....