VNX Swiss Franc (VCHF): Uses, Supply and Risks

VNX Swiss Franc (VCHF) is a stablecoin designed to reference the value of the Swiss franc (CHF). Unlike a token whose price is intended to rise or fall with a crypto market, VCHF is designed to maintain a one-to-one relationship with CHF. The issuer says each token is backed one-to-one by Swiss francs and can be redeemed against the underlying reserve.

VCHF is issued by VNX Global Ltd. The project description says the company holds a Class M digital assets business licence from the Bermuda Monetary Authority. That licence describes the issuer’s regulated status; it does not remove the risks of holding a stablecoin or guarantee that every holder can redeem directly on identical terms. VCHF is not the native token of a blockchain. It is a token issued on several networks, so its operation and transfer fees depend on the network and token version you use.

VCHF is intended to provide on-chain exposure to the Swiss franc. A holder may use a CHF-referenced token to move value between compatible wallets or applications without first converting it into another cryptocurrency, where supported. Its stated one-to-one backing and redemption design are intended to connect the token’s value to Swiss francs, but the market price can still move away from that target.

Public sources do not identify specific dApps, payment services, or trading venues that support VCHF, so check support directly before sending or using it. Confirm the network as well as the token address: VCHF issued on one chain is not automatically interchangeable with a version on another. A transfer to an unsupported network or address may be difficult or impossible to recover. VCHF is not a bank deposit, and its intended CHF reference should not be treated as a promise of risk-free value or immediate redemption for every user.

As of 2026-11-05, the reported circulating and total supply was about 4.07 million VCHF, with no maximum supply specified. Supply figures can change as tokens are issued, redeemed, or otherwise removed from circulation. On that date, the reported price was about $1.22, market capitalization about $5.0 million, and 24-hour trading volume about $136,610. These are time-sensitive market figures, not a guarantee that VCHF will trade at that price or remain exactly equal to one Swiss franc. The USD value of a CHF-linked token can also shift as the CHF/USD exchange rate changes.

VCHF has been issued on Ethereum, Internet Computer (ICP), Tezos, Base, Stellar, Solana, and Celo. It is not native to any of these chains. Each network has its own transaction fees, wallet compatibility, and technical risks. Before transferring, verify that the sending and receiving services support the same VCHF version on the same network.

The core backing claim is that each VCHF is covered one-to-one by Swiss francs held in an underlying reserve and redeemable against that reserve. For a stablecoin, the usefulness of this promise depends on the issuer’s ability to maintain the reserve and process redemptions. The information here does not establish the reserve’s custodian, audit frequency, redemption fees, minimum amounts, or whether redemption is available to every holder. Check the issuer’s current terms and reserve disclosures before relying on redemption.

VCHF can trade below or above its intended CHF reference if market liquidity is limited, confidence in the issuer or reserve changes, or access to redemption is constrained. Other risks include issuer or regulatory action, a wallet or smart-contract vulnerability, and outages or congestion on a supported blockchain. A licence does not eliminate these risks, and a stablecoin is not necessarily covered by deposit protection. Consider whether you can tolerate a loss or delay before holding funds in VCHF.

To hold VCHF, use a wallet that supports both the specific blockchain and the VCHF token issued on it. Confirm the token’s official contract or asset details through a reliable source before adding it to a wallet; similarly named tokens may not be the same asset. Keep a small amount of the network’s required fee token available if you need to transfer VCHF, since fees are generally paid in the chain’s own currency rather than in VCHF.

For exchange or custody accounts, check which VCHF network the provider accepts and whether withdrawals and deposits are enabled. Sending a token to a deposit address on a different network can result in a lost or inaccessible balance. Protect wallet recovery phrases offline, never share them with anyone, and beware of messages asking you to connect a wallet or approve an unexpected transaction. Self-custody gives you control of the keys but also makes you responsible for safeguarding them; a custodial provider introduces separate account and counterparty risks.