Vnx Its suite launched Fiat-Referenced Stablecoins-VNX Euro (VEUR), VNX Swiss Franc (VCHF), and VNX British Pound (VGBP) -a base blockchain. This development marked the first time Fiat-Back CHF and GBP Stablecoins were deployed to the base, a network incubated Ethereum Layer-2 (L2).
Moving signals growing demand for stablecoins that are not peged into the US dollars, especially in Europe and the UK, where regulatory frameworks and local uses demand more relevant, financial instruments specific to jurisdiction.
Why this launch is important: Bridging Global Currencies on On-chain Finance
The majority of the $ 160 billion Stablecoin market is dominated by USD-Pegged tokens such as the USDT and USDC. However, the global financial system remains a fragment of national currencies, creating a strong case for local currency stablecoins in line with domestic use cases.
Research from Circle and Chainaalysis shows that Stablecoins now cost more than 70% of on-chain transactions, especially in remittances and cross-border repairs. The introduction of fiat-referenced alternatives such as VCHF and VGBP to a high-velocity ecosystem such as the base can expand participation by lowering entry barriers for European users and institutions.
According to a 2024 report from Juniper Research, the total amount of Stablecoin payments is expected to exceed $ 187 billion by 2028, from $ 53 billion in 2023, driven by the growing utility of Stablecoins to cross-border commerce and FX trading.
Base Network: a fast, secure launchpad for real-world use cases
The base, a Ethereum L2-developed Coinbase scale solution, offers a sub-second end and ultra-low fees-often below $ 0.01 per transaction. It is designed as a friendly developer platform that includes seamlessly in Ethereum while supporting gasless transactions and high-throughput applications.
“Bringing local money on-chain creates a global economy that works for everyone, anywhere,” said Xen Baynham-herd, head of global builders at the base. “The VCHF and VGBP are the first CHF and GBP Fiat backed stablecoins to the base, which represents another step toward our goal to bring the world to the chain with local money denominations in every country.”
With vnx stablecoins live, base will further strengthen its position as a critical infrastructure for on-chain FX and payment.
The pools of liquidity in adopting aerodrome supercharge
To support this rollout, VNX introduced some concentrated pools of liquidity in the aerodrome, the leading decentralized exchange (Dex) at the base. Pools, such as the VEUR/USDC, VCHF/USDC, and VGBP/USDC, are engineered using automated automated market designs (AMM).
These pools are incentive to the VNX token, asset management for the VNX community hub, which aims to speed up the adoption of fiat-referenced stablecoins throughout the chains.
Noteworthy, the Aerodrome ecosystem has seen explosion growth from the launch of the base, drawing more than $ 300 million to the total amount locked (TVL) within its first year, according to Defillma.
The confidence in regulation and the presence of multi-chain
Issued under the stable framework of Liechtenstein financial regulation and registered with the Financial Market Authority (FMA), VNX’s Stablecoins is fully supported by reserves and regular -AWDIT – providing an added layer of transparency and trust.
Veur, VCHF, and VGBP are already active in top blockchains including Ethereum, Polygon, Solana, Avalanche, Tezos, Celo, Stellar, and now base. This interoperability is made greatly versatile for the savings, payments, and applications of FX trading.
Alexander Tkachenko, CEO of VNX, emphasized the broader mission: “By bringing veur, VCHF, and VGBP to the base, we contribute to a more elastic Stablecoin infrastructure-one that reflects real money needs and supports eternal financial change.
Is the local currency in the chain the next border?
While regulators and institutions further explore the potential of digital currencies, local fiat-back stablecoins can offer a bridge between traditional finances and defi. Projects like VNX are moving beyond the dollar -managed paradigma to create a pluralistic, interoperable financial system.
With the base emerging as a cost-effective platform for real-world defi use cases, and the variation of VNX stablecoin, the foundation is placed for a decentralized economy in which each user can transact their native currency.
Also Read: VNX launches Veur, VCHF, and VNXAU in Polygon
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Image credits: Silicon Luxembourg