Banks are the primary lenders, who conjure almost all currency.
The 12 Member Banks of the Federal Reserve System only make loans in special circumstances.
The Swiss Bank is outside of the Federal Reserve System, in what is called the EuroDollar market. EuroDollars are USD's (they are not Euros) held by other non-US banks, as reserves or for currency exchange purposes.
I don't know the Swiss Bank, but I suspect they use these EuroDollars as reserves on their balance sheet, which they in turn use for currency creation in their own currency.
EuroDollar bank loans are also offered in USD's, but a Swiss Bank cannot conjure USDs directly. They would need to conjure Swiss Francs and exchange these francs for USDs.
Only US Chartered Banks who are part of the Federal Reserve System can conjure currency - and the Fed in certain circumstances.
"Fractional reserve banking is the banking system used throughout the world today. Banks use fractional reserves to create loans for businesses and consumers."
12 Member banks of the Federal Reserve System only make loans (conjure currency) in a liquidity crisis. Otherwise, chartered banks are the primary place currency is conjured. Obviously, the 12 Member Banks and Federal Reserve Board set policy for targeting the currency supply size.
"The Federal Reserve lends to banks and other depository institutions--so-called discount window lending--to address temporary problems they may have in obtaining funding." This is the repo market and QE.
"This article explains how the majority of money in the modern economy is created by commercial banks making loans.
- Money creation in practice differs from some popular misconceptions — banks do not act simply as intermediaries, lending out deposits that savers place with them, and nor do they ‘multiply up’ central bank money to create new loans and deposits.
- The amount of money created in the economy ultimately depends on the monetary policy of the central bank. In normal times, this is carried out by setting interest rates. The central bank can also affect the amount of money directly through purchasing assets or ‘quantitative easing’."
A Swiss bank operates as part of the Eurodollar market. This market is outside of the control of the federal reserve system.(https://corporatefinanceinstitute.com/resources/foreign-exchange/eurodollar/)