VNX, a European digital asset tokenization platform based in Luxembourg, has launched its Euro (VEUR) and Swiss Franc (VCHF) stablecoins on the Tezos blockchain. This move aims to expand the decentralized finance (DeFi) ecosystem on Tezos by introducing stablecoins backed by traditional fiat currencies.
In their announcement, VNX highlighted: “We’re excited to announce the launch of VNX EUR ($VEUR) and VNX CHF ($VCHF) stablecoins on the @tezos blockchain! With Tezos’ top-tier security and innovative on-chain governance, we’re bringing secure and scalable digital assets to the DeFi ecosystem.”
Alexander Tkachenko, CEO and Founder of VNX, shared further insights on their decision to choose Tezos: “Tezos’ focus on sustainability and upgradability aligns perfectly with our vision for the future of digital finance. By integrating our stablecoins on Tezos, we’re not only enhancing our offering but also contributing to the growing ecosystem of blockchain-powered financial solutions.”
Tezos, known for its secure, self-amending governance mechanism, allows the network to upgrade itself without hard forks. This makes it a suitable platform for deploying smart contracts and decentralized applications, including the new VNX stablecoins.
Cedric Roche, Business Development and Technical Support Director at Nomadic Labs, expressed support for the integration: “We are delighted to welcome VNX and their VNX Euro and VNX Swiss Franc stablecoins into the Tezos ecosystem. This addition will undoubtedly enrich the Tezos DeFi landscape and provide more options for users and developers.”
Tezos Foundation Acknowledges Strategic Expansion
The Tezos Foundation also celebrated the successful integration of VNX stablecoins into the Tezos blockchain. In a recent tweet, the foundation highlighted how this expansion aligns with VNX’s mission: “This expansion strengthens VNX’s mission to deliver secure, scalable digital asset solutions while increasing access to stablecoin options within Tezos’ decentralized finance (DeFi) ecosystem.”
The Tezos Foundation further emphasized the role of Tezos’ infrastructure in the success of this initiative: “By leveraging #Tezos’ powerful capabilities, VNX ensures seamless cross-border payments, efficient transactions, and enhanced liquidity management. Tezos’ cutting-edge infrastructure makes it an ideal home for these stablecoins.”
Regulatory Compliance and Security
The stablecoins VEUR and VCHF are fully backed by corresponding reserves in euros and Swiss francs, respectively, held by VNX in segregated accounts with reputable financial institutions. This backing ensures stability and trustworthiness for users transacting within the Tezos ecosystem. As a regulated entity, VNX complies with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations. The platform is registered with the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, ensuring high levels of compliance and security.
VNX’s mission, as outlined by the Tezos Foundation, is to deliver “secure, scalable digital asset solutions” that enhance both liquidity management and cross-border payment efficiency.
DeFi Adoption and Plenty Integration
VNX’s stablecoins have already been adopted in the Tezos DeFi ecosystem, with a focus on Plenty, a leading decentralized exchange on Tezos. As the Tezos Foundation tweeted, “VEUR and VCHF were swiftly integrated into the Tezos DeFi ecosystem, with @plenty_network leading the charge! VEUR/USDT and VCHF/USDT liquidity pools are now live, opening new doors for users on Plenty’s decentralized exchange.”
The addition of VEUR and VCHF expands the range of stable assets available on Plenty, enhancing liquidity options and offering new opportunities for yield farming and DeFi activities on Tezos. The integration into liquidity pools like VEUR/USDT and VCHF/USDT is expected to attract more users to the Tezos DeFi ecosystem.
VNX’s Broader Mission and Services
VNX aims to bridge traditional finance with the blockchain world, offering tokenized precious metals and other assets through its regulated platform. The company provides secure and compliant solutions for digital asset issuance, management, and custody. Through its partnership with Tezos, VNX continues to expand its offerings, contributing to the maturity and growth of the DeFi sector.
VNX is not only focused on stablecoins; its broader mission includes improving transparency, reducing transaction costs, and providing efficient access to various financial products. As noted by the Tezos Foundation, “VNX ensures seamless cross-border payments, efficient transactions, and enhanced liquidity management,” making it a key player in Europe’s growing digital asset market.
The launch of VNX Euro (VEUR) and Swiss Franc (VCHF) stablecoins on the Tezos blockchain marks a significant milestone for both VNX and the Tezos ecosystem. By leveraging the scalability, security, and governance of Tezos, VNX aims to provide stable and reliable digital assets to users worldwide.
For more information on this development, readers can visit VNX’s official website.
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