VNX has launched its suite of fiat-referenced stablecoins—VNX Euro (VEUR), VNX Swiss Franc (VCHF), and VNX British Pound (VGBP)—on the Base blockchain. This development marks the first time fiat-backed CHF and GBP stablecoins are deployed on Base, a Coinbase-incubated Ethereum Layer-2 (L2) network.
The move signals growing demand for stablecoins not pegged to the U.S. dollar, particularly in Europe and the UK, where regulatory frameworks and local usage demand more relevant, jurisdiction-specific on-chain financial instruments.
Why This Launch Matters: Bridging Global Currencies to On-Chain Finance
The majority of today’s $160 billion stablecoin market is dominated by USD-pegged tokens such as USDT and USDC. However, the global financial system remains fragmented by national currencies, creating a strong case for local-currency stablecoins that align with domestic use cases.
Research from Circle and Chainalysis shows that stablecoins now account for over 70% of on-chain transaction volumes, especially in remittances and cross-border settlements. Introducing fiat-referenced alternatives like VCHF and VGBP into a high-velocity ecosystem like Base could significantly broaden participation by lowering entry barriers for European users and institutions.
According to a 2024 report from Juniper Research, the total value of stablecoin payments is projected to exceed $187 billion by 2028, up from $53 billion in 2023, driven by stablecoins’ growing utility in cross-border commerce and FX trading.
Base Network: A Fast, Secure Launchpad for Real-World Use Cases
Base, an Ethereum L2 scaling solution developed by Coinbase, offers sub-second finality and ultra-low fees—often below $0.01 per transaction. It is designed as a developer-friendly platform that integrates seamlessly with Ethereum while supporting gasless transactions and high-throughput applications.
“Bringing local currencies on-chain creates a global economy that works for everyone, everywhere,” said Xen Baynham-Herd, Head of Global Builders at Base. “VCHF and VGBP are the first CHF and GBP fiat backed stablecoins on Base, representing another step towards our goal bring the world on chain with local-denominated currencies in every country.”
With VNX stablecoins going live, Base further reinforces its position as a critical infrastructure for on-chain FX and payments.
Liquidity Pools on Aerodrome Supercharge Adoption
To support this rollout, VNX has introduced several concentrated liquidity pools on Aerodrome, the leading decentralized exchange (DEX) on Base. The pools, such as VEUR/USDC, VCHF/USDC, and VGBP/USDC, are engineered using capital-efficient automated market maker (AMM) designs.
These liquidity pools will be incentivized with the VNX Token, the governance asset for the VNX Community Hub, aimed at accelerating the adoption of fiat-referenced stablecoins across chains.
Notably, the Aerodrome ecosystem has seen explosive growth since Base’s launch, drawing in over $300 million in total value locked (TVL) within its first year, according to DeFiLlama.
Regulatory Confidence and Multi-Chain Presence
Issued under Liechtenstein’s robust financial regulatory framework and registered with the Financial Market Authority (FMA), VNX’s stablecoins are fully backed by reserves and audited regularly—providing an added layer of transparency and trust.
VEUR, VCHF, and VGBP are already active on leading blockchains including Ethereum, Polygon, Solana, Avalanche, Tezos, Celo, Stellar, and now Base. This interoperability makes them highly versatile for savings, payments, and FX trading applications.
Alexander Tkachenko, CEO of VNX, emphasized the broader mission: “By bringing VEUR, VCHF, and VGBP to Base, we’re contributing to a more resilient stablecoin infrastructure—one that reflects real-world currency needs and supports borderless financial innovation.”
Is Local Currency On-Chain the Next Frontier?
As regulators and institutions increasingly explore the potential of digital currencies, local fiat-backed stablecoins could offer a bridge between traditional finance and DeFi. Projects like VNX are moving beyond the dollar-dominated paradigm to create a pluralistic, interoperable financial system.
With Base emerging as a cost-effective platform for real-world DeFi use cases, and VNX championing stablecoin diversity, the foundation is being laid for a decentralized economy where every user can transact in their native currency.
Read Also: VNX Launches VEUR, VCHF, and VNXAU on Polygon
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