VNX, a company based in Liechtenstein, has issued the first stablecoin anchored to the Swiss Franc on the Stellar network. Moreover, at the launch of the new stablecoin VNX Swiss Franc (VCHF), it joins VNX Euro (VEUR), both accessible on the crypto-exchange BitStamp.
VNX launches stablecoins on the Stellar network anchored to the Euro and the Swiss Franc
VNX, a company based in Liechtenstein, has just launched its stablecoins on the Stellar network, anchored to the Euro (VEUR) and the Swiss Franc (VCHF).
Both stablecoins will be accessible on the crypto-exchange of Bitstamp, allowing anyone to easily buy or sell VNX tokens in exchange for traditional currencies or cryptocurrencies.
The company VNX is registered with the Financial Market Authority (FMA) of Liechtenstein under the law on blockchain.
In this regard, Alexander Tkachenko, CEO and founder of VNX, commented as follows:
“We are excited to launch VNX Euro and VNX Swiss Franc on the Stellar blockchain, which marks a significant milestone in our journey to make our stable assets more accessible. The listing of these assets on Bitstamp will provide global users with unprecedented access to stable assets with confidence and ease. VNX’s European headquarters, strong partnerships in the region, and European licenses make it a pioneer in the European cryptocurrency market. VNX stands out for its commitment to transparency, regulatory compliance, and innovative tokenization solutions.”
The stablecoins of VNX Euro, VNX Swiss Franc, and also VNX Gold are therefore available on Stellar, allowing payments, FX trading, and DeFi opportunities.
VNX: the first stablecoin on the Stellar network anchored to the Swiss Franc
Particular attention is given to the stablecoin VNX Swiss Franc (VCHF), which would be the first ever anchored to the Swiss franc issued on the Stellar network.
On this subject, Denelle Dixon, CEO of the Stellar Development Foundation, commented:
“The VNX Euro and Swiss Franc stablecoins are important additions to the Stellar network and are further proof that Stellar is the ideal platform for asset tokenization because it is decentralized, fast, scalable, and sustainable. The Stellar network is trusted by many important financial institutions and we are proud to add the first stablecoin in Swiss francs from VNX and another stablecoin in euros to the wide variety of real-world assets tokenized on Stellar.”
Even Jean-Baptiste Graftieaux, CEO of Bitstamp, wanted to comment on the listing of stablecoins developed on the Stellar network as follows:
“We are pleased to participate in the launch of the first VNX Swiss Franc stablecoin at a time when the cryptocurrency market is thriving. Stablecoins bridge the gap between traditional fiat currencies and cryptocurrencies, supporting our goal of greater financial inclusion worldwide. By collaborating with industry operators of such broad trust who share our vision of increased regulation, we are proud to advance our mission of mainstream adoption of cryptocurrencies – and we are excited to see how it will develop.”
OKX and the removal of the USDT stablecoin for users in Europe
Recently, news has leaked that the crypto-exchange OKX is removing USDT trading pairs (Tether’s stablecoin) from European users.
Apparently, the problem seems to be only of a legal nature. Basically, there is the new MiCA regulation that is coming into force this year.
From what has emerged, Tether (USDT) collateralized in USD is effectively redeemable on a one-to-one basis with the underlying asset, but does not seem to have all the characteristics to fully fit into the category of e-money tokens under MiCA.