What is VNX Franc (VCHF)?

Quick Facts

  • Issuer: VNX Commodities, registered in Liechtenstein
  • Regulator: Liechtenstein Financial Market Authority (FMA)
  • Peg: 1:1 to the Swiss Franc (CHF)
  • Backing: CHF reserves and VNX tokenized gold (VNXAU)
  • Launched: December 2022
  • Networks: Ethereum, Arbitrum, Polygon, Solana, Avalanche, Stellar, and more
  • Token type: Fiat Referencing Token (FRT)

Introduction

VNX Franc (VCHF) is a regulated digital stablecoin that tracks the value of the Swiss Franc. It is designed to bring the stability and reputation of one of the world's most trusted currencies into the blockchain ecosystem.

Issued by VNX Commodities, a company licensed under Liechtenstein's Tokens and TT Services Providers Law (TVTG), VCHF offers users a compliant, transparent, and multi-chain way to hold and transfer Swiss Franc value on-chain.

History & Background

VNX began its journey in April 2022 by launching the first European multichain token backed by physical gold — VNX Gold (VNXAU). Building on that foundation, the company expanded its product suite in December 2022, introducing both VNX Euro (VEUR) and VNX Swiss Franc (VCHF).

The project is backed by significant public sector support, including grants from the Luxembourg government, and operates under a robust regulatory framework in Liechtenstein, a jurisdiction recognized for its progressive blockchain legislation.

How VNX Franc Works

VCHF is classified as a Fiat Referencing Token (FRT) — a model in which the token's value references a fiat currency (CHF), while its on-chain backing is provided by VNX's tokenized gold asset (VNXAU), which is itself fully backed by physical gold held in reserve.

New VCHF tokens can only be issued through the VNX platform by registered users who deposit an equivalent value of assets. This controlled minting process helps maintain the peg and ensures reserve integrity.

Tokenomics

VCHF follows a collateralized issuance model — tokens are minted only when sufficient backing assets are deposited on the VNX platform. This means the token supply expands and contracts in line with user demand and deposited reserves.

The economic design prioritizes stability and transparency, with all reserves and token balances fully disclosed to users.

Circulating Supply ? 4.07 million VCHF
Total supply ? 4.07 million VCHF
Max supply ? -- VCHF
Updated 2mo ago

Ecosystem & Use Cases

VCHF operates across multiple blockchains, making it accessible to a wide range of DeFi protocols and applications. Key use cases include:

  • Hedging against crypto market volatility
  • Cross-border payments and peer-to-peer transfers
  • Portfolio management using a non-USD stablecoin
  • DeFi participation — trading, lending, and liquidity provision

Team, Governance & Community

VNX is a Liechtenstein-based company registered with the FMA and operating under the TVTG framework. The company is fully compliant with the European Blockchain Act and is positioned as a MiCA-ready issuer.

Governance follows a centralized, regulated model in keeping with its compliance-first approach. VNX maintains community channels via Telegram, Twitter, Discord, LinkedIn, and Medium.

Advantages

  • Regulatory compliance: Licensed under Liechtenstein FMA with full TVTG registration
  • Multi-chain availability: Deployed across Ethereum, Arbitrum, Polygon, Solana, Avalanche, Stellar, and more
  • Non-USD exposure: Offers a rare Swiss Franc-denominated stablecoin option in crypto
  • Transparent reserves: All token reserves are publicly disclosed
  • Gold-backed collateral: Reserves are anchored to physical gold via VNXAU

Risks & Challenges

  • Centralized issuance: Token minting and redemption rely on the VNX platform and its continued licensing
  • Regulatory dependency: Changes to Liechtenstein or EU regulations could affect operations
  • Liquidity: As a non-USD stablecoin, trading depth may be lower than major dollar-pegged alternatives
  • Collateral complexity: The gold-backed FRT model adds an extra layer of asset risk compared to direct fiat reserves

Long-Term Vision

VNX aims to expand VCHF's reach by listing on additional exchanges and deploying the token across more blockchain networks. The broader VNX mission is to bridge traditional finance and DeFi through regulated, multi-chain real-world asset tokens — with VCHF serving as a core piece of a non-USD stablecoin payment infrastructure for European markets and beyond.

Frequently Asked Questions

VNX Franc (VCHF) is a regulated stablecoin that tracks the value of the Swiss Franc. It is issued by VNX Commodities, a company licensed by the Liechtenstein Financial Market Authority (FMA).

VCHF is classified as a Fiat Referencing Token (FRT), meaning its value references the Swiss Franc while its on-chain collateral is provided by VNXAU, VNX's tokenized gold asset backed by physical gold in reserve.

VCHF is issued by VNX Commodities, registered under the Tokens and TT Services Providers Law (TVTG) in Liechtenstein and overseen by the Liechtenstein Financial Market Authority (FMA).

VCHF was launched in December 2022, following the earlier April 2022 launch of VNX's flagship gold token, VNXAU.

VCHF is available on multiple blockchains including Ethereum, Arbitrum, Polygon, Solana, Avalanche, Stellar, the XRP Ledger, and Internet Computer (ICP).

New VCHF tokens can only be issued through the VNX platform by registered users who deposit an equivalent value of backing assets, ensuring the peg is maintained.

VCHF can be used for hedging against crypto volatility, cross-border payments, peer-to-peer transfers, and participation in DeFi protocols as a Swiss Franc-denominated stable asset.

Yes. VNX operates under a compliance-first model, with VCHF fully aligned with the European Blockchain Act and positioned as a MiCA-ready stablecoin for European markets.