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The VNX euro (VEUR) is a stablecoin that tracks the price of the euro and is backed by tokenized gold.
What is VNX euro? (VEUR)

Stablecoins have become ubiquitous in the economy of cryptocurrencies. They provide a critical role for users who want to keep holdings in non-volatile assets (e.g., hedge), gain exposure to fiat currencies, and conveniently trade crypto against fiat pairs. Though some stablecoins are pegged to other cryptocurrencies or commodity prices, the majority track fiat like the US dollar (USD) or the euro (EUR). Increasingly, crypto-focused companies have entered the business of issuing stablecoins. The most popular fiat stablecoins offered by such companies are USDT (Tether), USDC (Circle), PYUSD (Paypal), and USDP (Paxos).

VNX Commodities AG (VNX) is a Liechtenstein-based company that focuses on offering real-world assets (RWAs) as blockchain tokens. Its tokenized products include VCHF (Swiss franc), VEUR (euro), and VNXAU (gold). VEUR, which the company calls a “fiat referencing token,” tracks the price of the euro fiat currency. However, although many fiat stablecoins are backed by reserves in the form of cash, VNX collateralizes all issued VEUR with its own digital gold.

How was VNX euro developed?

VNX was founded by Alexander Tkachenko, a self-described serial entrepreneur and angel investor who earned an MBA from Columbia and the London Business School. He conceived the VNX Exchange in 2017 and has since served as the company’s CEO. VNX’s Board members have experiences ranging from running European stock exchanges to leadership roles in banks, investment firms, and companies like Volvo.

At its inception, VNX was based in Luxembourg and its stated goal was to “democratize the traditional private capital market” through blockchain tokenization. It appealed to venture capital firms and tech incubators that wanted to digitize their fundraising by issuing tokens to potential investors. However, the company turned its attention to stablecoin issuance in 2022 with its launch of VNX Gold (VNXAU), and this change inspired moving its operations to nearby Liechtenstein.

Currently, VNX Commodities AG is a “Trustworthy Technology” (TT) Service Provider registered under Liechtenstein’s Blockchain Act. The Blockchain Act was a formative piece of legislation that took effect on January 1, 2020, and opened the door to companies like VNX to offer real-world assets as tokens on the blockchain. Though VNX’s first stablecoin product was VNXAU, it took less than a year to expand its offerings to VEUR and the Swiss franc-based VCHF.

How does VNX euro work?

VNX calls its VEUR product a “fiat referencing token” (FRT). Although this is functionally equivalent to a stablecoin—as the price is meant to track the euro with minimal fluctuation—the company likely uses this alternate name because of VEUR’s unique design.

VNX’s fiat referencing tokens (VEUR and VCHF) use the company’s digital gold as a base. This differs from many other fiat stablecoins like Tether’s USDT and Circle’s USDC, which are backed 1:1 by cash or cash equivalents (mostly government debt/bonds). Instead, VNX’s FRTs are backed by VNXAU, which is in turn collateralized by bars of gold held in reserve in Liechtenstein.

As gold underlies all assets issued by the company, the process of maintaining and auditing reserves is relatively simple. However, it is worth noting that collateralizing one asset with another requires management because of fluctuations in exchange prices. Furthermore, the company has outlined a path for using other assets as collateral for its FRTs in the future.


VNX puts significant emphasis on offering customers tokenized products while complying wholly with the relevant regulatory bodies. It is registered as a service provider with the Financial Market Authority (FMA) of Liechtenstein. As part of regulatory compliance, VNX ensures all customers who register for its exchange platform complete know your customer (KYC) and anti-money laundering (AML) procedures. Only these customers can redeem VEUR for an equivalent value of assets on VNX’s platform.

How is the VEUR token used?

New VEUR can only be issued through the VNX platform by registered customers. These users instruct the company to create the tokens by depositing an equivalent value of assets, and VEUR can then only be destroyed (through redemption for other assets) by the same users. However, once created and in circulation, VEUR can be traded as freely as other stablecoins.

VEUR is available on multiple blockchains including Ethereum, Q, Polygon, Avalanche, and Solana. It can be traded on multiple platforms including decentralized finance (DeFi) exchanges like Uniswap and Curve. VEUR may be sent from one user to another or used simply as a hedge against more volatile assets in the broader crypto market.


  • VEUR is a stablecoin that tracks the price of the euro.
  • The company that issues VEUR, called VNX, is based in Lichtenstein and is registered under the country’s Blockchain Act, which allows for tokenization of real-world assets like fiat currencies.
  • VEUR is backed by VNX’s digital gold token, which is in turn backed by real gold bars held in reserve.

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