VNX Swiss Franc (VCHF) is a fiat-backed Swiss franc stablecoin. It has about $3.1M in circulation, ranking #173 among the stablecoins CoinScoop tracks, and runs on 6 blockchains.
What is VCHF?
VNX Swiss Franc (VCHF) is a fiat-backed Swiss franc stablecoin. It has about $3.1M in circulation, ranking #173 among the stablecoins CoinScoop tracks, and runs on 6 blockchains.
In the issuer's words: VNX Swiss Franc (VCHF) is a fully regulated stablecoin referencing the Swiss franc. The token is issued by VNX Global Ltd., which is licensed to conduct digital asset business activities under a Class M digital assets business licence issued by the Bermuda Monetary Authority. Each VCHF token is designed to be fully backed 1:1 by Swiss francs and redeemable against the underlying Swiss franc reserve.
VCHF supply history
VCHF supply fell 0.9% over the past 30 days, to $3.1M. Its peak was $11.1M in December 2024, and supply is 72% below that high.
Is VCHF holding its peg?
VCHF is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where VCHF lives: supply by blockchain
VCHF is spread across several networks. The largest, Solana, holds 63% of supply. Check that the token on your chain is the issuer's official contract, not a bridged copy.
How VCHF is backed
Each VCHF is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: VNX stablecoins (VCHF, VGBP) are minted upon confirmation of fiat funding of the segregated fiduciary account, and redeemed at par at any time per customer instruction. The flow supports two execution paths on the mint side (new issuance against new reserve, or proprietary-trade fill from VNX's liquidity pool) and two paths on the redeem side (direct cancellation against reserves, or buyback into the liquidity pool). An optional crypto-conversion leg is available on either side via VNX's external regulated provider. This page is the institutional-track summary; see Developer Track for sequence-level integration.
Reserve reports and audits: vnx.io
VCHF risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
With $3.1M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
VCHF vs USDT and USDC
VCHF FAQ
What is VCHF?
VNX Swiss Franc (VCHF) is a fiat-backed Swiss franc stablecoin. It has about $3.1M in circulation, ranking #173 among the stablecoins CoinScoop tracks, and runs on 6 blockchains.
Is VCHF pegged 1:1 to the swiss franc?
VCHF targets 1 CHF. At the last update it traded at CHF 1.0025, a deviation of +0.25%, which we classify as "on peg".
What backs VCHF?
VCHF is a fiat-backed stablecoin. Each VCHF is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is VCHF on?
VCHF is live on 6 blockchains. The largest by supply are Solana ($1.2M), Avalanche ($657K), Ethereum ($31K).
How much VCHF is in circulation?
About $3.1M of VCHF was in circulation at the last update, -0.9% over 30 days. That makes it the #173 stablecoin by supply among those we track.
Is VCHF safe?
No stablecoin is risk-free. As a fiat-backed design, VCHF's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.