VNX

VNX (operating as VNX Commodities AG) is a real-world asset tokenization company headquartered in the Principality of Liechtenstein. Founded in 2018 and publicly launched in 2022, VNX issues blockchain tokens backed by physical gold and by major fiat currencies — the euro, Swiss franc, and British pound — across multiple networks including Solana. The company operates under the supervision of Liechtenstein's Financial Market Authority (FMA), registered as a TT Services Provider under the TVTG, commonly known as the Blockchain Act, which has been in force since January 2020.

Regulatory Framework

Liechtenstein's Blockchain Act was among the first comprehensive legal frameworks for token-based securities in Europe. Under it, VNX holds multiple FMA licences covering the issuance, custody, and transfer of digital asset tokens. Customers must pass KYC and AML checks before minting or redeeming any VNX token, and the company is subject to regular FMA audits. The Principality carries a S&P AAA sovereign rating and is a member of the European Economic Area, giving VNX's regulated status meaningful credibility within European financial markets. VNX has also designed its stablecoins to be compatible with the EU's Markets in Crypto-Assets (MiCA) regulation.

VNX Gold (VNXAU)

[[TOKEN:9TPL8droGJ7jThsq4momaoz6uhTcvX2SeMqipoPmNa8R]] is VNX's flagship product. Each token represents exactly one gram of physical gold. The gold meets LBMA (London Bullion Market Association) purity standards — a fineness of at least 995 parts per thousand — and is purchased on behalf of the client from professional precious metals dealers. It is then stored in a high-security, insured vault in Liechtenstein under a segregated custody arrangement, meaning the gold is legally separate from VNX Commodities AG's own assets and cannot form part of the company's bankruptcy estate if it becomes insolvent.

Token holders are the only lawful owners of their underlying gold, provided they have completed identity verification and registered on the VNX Platform. There is no cap on total VNXAU supply; new tokens are minted on demand as clients purchase gold. VNX maintains a Gold Entitlements Register that maps each token to specific physical gold bars, accessible to holders via their account dashboard or by querying a wallet address on the VNX website.

VNX Gold is tradeable on Solana via Orca and Raydium (paired with USDC), and on Ethereum via Uniswap V3. Holders with sufficient verified holdings can request physical delivery of gold bars in minimum tranches of one kilogram or sell their holdings through the VNX Platform for fiat or crypto proceeds including EUR, BTC, ETH, and USDC.

Fiat-Referenced Stablecoins

VNX issues three fiat-referenced tokens, each pegged 1:1 to a real-world currency and backed by reserves held in regulated bank accounts in Switzerland and Liechtenstein.

VNX Euro ([[TOKEN:C4Kkr9NZU3VbyedcgutU6LKmi6MKz81sx6gRmk5pX519]]) is a euro-pegged token first issued in 2022. VNX has described it as the first licensed euro stablecoin issued in Europe. Originally backed by VNXAU gold as collateral, the reserve structure was later converted to direct 1:1 fiat backing, with EUR reserves attested by an independent auditor. On Solana, VEUR trades on Orca and has institutional custody support through Sygnum Bank.

VNX Swiss Franc ([[TOKEN:AhhdRu5YZdjVkKR3wbnUDaymVQL2ucjMQ63sZ3LFHsch]]) is pegged 1:1 to the Swiss franc, backed by CHF held in Swiss and Liechtenstein bank accounts. It is the only CHF stablecoin available on Solana. VCHF has seen consistent on-chain trading activity since its Solana launch, with liquidity pools on Orca paired with liquid staking tokens including mSOL, bSOL, and JitoSOL.

VNX British Pound ([[TOKEN:5H4voZhzySsVvwVYDAKku8MZGuYBC7cXaBKDPW4YHWW1]]) launched in 2025 as the first GBP-referenced token on Solana. Like VEUR and VCHF, it is backed 1:1 by fiat reserves and was subsequently deployed on Base and Celo.

For all three stablecoins, only verified (KYC'd) users can mint or redeem directly through VNX; secondary market transfers on-chain are unrestricted.

Solana Presence

VNX launched all four of its core Solana tokens — VNXAU, VEUR, VCHF, and VGBP — in successive phases. The Solana deployment was supported at launch by Sygnum Bank, a Swiss-regulated digital-asset bank that offers institutional-grade deposit, withdrawal, and custody services for VEUR and VCHF on the network. The integration gives institutional clients a compliant on-ramp and off-ramp into VNX stablecoins without relying on unregulated intermediaries.

On the DeFi side, VNXAU, VEUR, and VCHF are accessible through Orca and Raydium, enabling non-custodial trading within Solana's liquidity ecosystem.

Multi-Chain Deployment

Beyond Solana, VNX has deployed its token suite across more than eight blockchains, including Ethereum, Polygon, Base, Arbitrum, Tezos, Stellar, Celo, and Concordium. The Concordium deployment, announced in September 2025, introduced VEUR, VCHF, VGBP, and VNXAU as Protocol Level Tokens (PLTs) — a format that integrates identity verification and zero-knowledge proof compliance at the protocol layer.

VNX operates a bridge that allows holders to move assets between 15 or more supported networks, optimized for low fees and full on-chain transparency.

Integrations and Distribution

In December 2024, fintech platform Wirex integrated VEUR and VCHF, enabling their use for card spending and savings products with up to 15% APY on the platform's X-Accounts. Bitstamp has also listed VEUR and VCHF and published educational guides to both tokens. SwissBorg carries both tokens in its Alpha section, describing VCHF as the first regulated CHF stablecoin and VEUR as the leading euro stablecoin on Solana by market cap.

Institutional and Payments Arm

VNX also operates a separate institutional-facing platform under VNX Global Ltd., a Bermuda exempted company holding a Class M digital-asset business licence from the Bermuda Monetary Authority. This arm focuses on global payments, cross-currency settlement, and institutional FX using VNX stablecoin rails. It supports atomic FX conversions across CHF, GBP, EUR, USD, JPY, and AUD, and reports more than one billion dollars in cumulative transaction volume processed through VNX assets. Fiat reserves for VCHF and VGBP on this platform are attested monthly by an independent auditor.

Current Status

VNX is an active platform with live on-chain trading activity across Solana and multiple other networks. The main vnx.li website is currently undergoing a rebuild and most content pages are temporarily unavailable; the VNX GitBook documentation and the vnx.io institutional platform remain accessible. The underlying token contracts on Solana continue to trade on Orca and Raydium, and partner integrations with Sygnum Bank, Wirex, and Bitstamp remain active.