6 Swiss Franc (CHF) Stablecoins Currently in Existence

CHF stablecoins are blockchain-based tokens designed to track the value of the Swiss franc. They give users a digital representation of CHF while using different structures for reserves, collateral, issuance and redemption.

As of September 2026, six CHF stablecoins are tracked in CoinGecko's CHF Stablecoin category: AllUnity CHF (CHFAU), Frankencoin (ZCHF), VNX Swiss Franc (VCHF), Hedera Swiss Franc (HCHF), Mento Swiss Franc (CHFM), and Fiat24 CHF (CHF24). 

The category had a combined market capitalisation of about $48.4 million when the data was captured.

Key Takeaways

• Six CHF stablecoins currently tracked include CHFAU, ZCHF, VCHF, HCHF, CHFM and CHF24, with substantially different issuance and collateral models.
• CHFAU and ZCHF currently account for most of the tracked CHF stablecoin market capitalisation, while VCHF, HCHF and CHFM are considerably smaller.
• CHF stablecoin regulation depends on the token's structure and jurisdiction, with FINMA applying existing Swiss financial-market rules to relevant stablecoin projects.

What Is a CHF Stablecoin?

A CHF stablecoin is a crypto asset designed to maintain a value linked to the Swiss franc. In a straightforward model, one token aims to represent approximately one Swiss franc, although the mechanism used to achieve that target can differ significantly.

Some CHF stablecoins are backed by fiat currency or high-quality liquid assets. Others use over-collateralised crypto assets and smart contracts to create and maintain the token.

This distinction matters because the backing model determines how a stablecoin handles issuance, redemption, collateral volatility and potential deviations from its CHF reference.

CHF stablecoins can also serve different purposes. Some are designed around institutional payments and settlement, while others are built for on-chain borrowing, decentralised finance or programmable financial applications.

6 CHF Stablecoins Currently in Existence

CoinGecko currently tracks six assets under its CHF Stablecoin category. The market data below is a snapshot rather than a permanent ranking because stablecoin supply and market capitalisation can change as tokens are issued, redeemed or become inactive.

*Market data captured from CoinGecko's CHF Stablecoin category and may change over time.

1. AllUnity CHF (CHFAU)

AllUnity CHF, or CHFAU, is a Swiss franc stablecoin launched by AllUnity in February 2026. AllUnity describes it as a fully reserved, CHF-denominated e-money token issued under the EU's Markets in Crypto-Assets Regulation, or MiCA.

CHFAU is designed to maintain a 1:1 relationship with the Swiss franc. According to AllUnity, the token is backed by segregated CHF reserves and is redeemable at par value.

The project has also expanded its blockchain availability. In August 2026, AllUnity announced that CHFAU had gone live on Solana and reported TVL approaching CHF50 million.

CoinGecko's latest CHF stablecoin category data places CHFAU at approximately $50.4 million in market capitalisation, making it the largest asset in the category at the time of the snapshot.

2. Frankencoin (ZCHF)

Frankencoin is a decentralised CHF stablecoin designed to track the Swiss franc without relying on a central issuer holding equivalent fiat reserves.

Instead, ZCHF is created through an over-collateralised system. Users deposit approved crypto assets as collateral and can mint ZCHF against those positions. 

The system uses liquidation mechanisms and a reserve structure to maintain economic support for the token.

Frankencoin also uses an oracle-free design. Rather than depending on an external price oracle to determine collateral values, its system uses auction-based mechanisms and economic incentives.

The project has been operating since 2023 and is available across multiple blockchain networks. Its official documentation states that ZCHF is intended to track CHF rather than maintain an absolute hard peg at every moment.

CoinGecko currently reports a market capitalisation of about $43.1 million for ZCHF, placing it close to CHFAU in the CHF stablecoin market.

3. VNX Swiss Franc (VCHF)

VNX Swiss Franc, or VCHF, is a fiat-backed stablecoin issued by VNX. The project describes VCHF as a fully backed and regulated digital representation of the Swiss franc.

VNX's current infrastructure focuses on stablecoin-based payments, settlement and cross-currency transactions. 

Its website identifies VCHF as one of its stablecoins and states that the token is backed by fiat assets.

VCHF was launched in December 2022 and has subsequently expanded across multiple blockchain networks. Current project documentation describes the token as maintaining a 1:1 relationship with CHF.

CoinGecko's CHF stablecoin category reports approximately $5.1 million in market capitalisation for VCHF in its latest snapshot.

4. Hedera Swiss Franc (HCHF)

Hedera Swiss Franc, or HCHF, is a crypto-collateralised CHF stablecoin associated with the HLiquity protocol on Hedera.

Instead of being backed by Swiss franc deposits, HCHF is created through over-collateralised borrowing. 

Users lock HBAR as collateral and borrow HCHF, while the protocol uses liquidation mechanisms to manage positions that fall below required collateral levels.

This makes HCHF structurally different from fiat-backed CHF stablecoins. Its stability depends on collateralisation, protocol mechanics and liquidity rather than a direct claim on a reserve of Swiss francs.

CoinGecko's current category data puts HCHF at approximately $185,000 in market capitalisation.

5. Mento Swiss Franc (CHFM)

Mento Swiss Franc, known as CHFM, is part of Mento's multi-currency stablecoin infrastructure.

Mento uses an over-collateralised reserve model for its stablecoin ecosystem. Its documentation describes a 3:1 collateralisation ratio and an on-chain reserve designed to provide transparency around the assets supporting the system.

CHFM was previously known as Celo Swiss Franc, or CCHF, before being rebranded to Mento Swiss Franc. 

It is designed to represent the Swiss franc on-chain while operating within Mento's broader multi-currency framework.

The asset is much smaller than the leading CHF stablecoins by market capitalisation. CoinGecko's current category snapshot shows CHFM at roughly $86,000.

6. Fiat24 CHF (CHF24)

Fiat24 CHF, or CHF24, is a digital CHF token issued within the Fiat24 financial infrastructure.

Fiat24's developer documentation states that CHF24 is an ERC-20 cash token backed 1:1 by cash deposits. 

The documentation identifies SR Saphirstein AG, a Swiss licensed deposit-taking institution, as the issuer of Fiat24 cash tokens.

CHF24 is designed to function as a digital representation of CHF within Fiat24's account infrastructure. 

Unlike some of the other assets in this list, CoinGecko currently reports no market capitalisation, volume or active price data for CHF24.

That means CHF24 should not automatically be treated as comparable in market size to the other five tokens simply because it appears in the same CHF stablecoin category.

Read Also: Best Stablecoin to Hold in 2026

How Do CHF Stablecoins Maintain Their Value?

There is no single mechanism used by all CHF stablecoins.

Fiat-backed models hold cash or other qualifying reserves against issued tokens. The objective is to give holders a claim that can be redeemed around the token's CHF reference value.

Crypto-backed models use collateral deposited into smart contracts. The value of the collateral is intended to exceed the amount of stablecoins issued, creating a buffer against market movements.

Protocol-based models can combine collateralisation, liquidation mechanisms, reserves and market incentives to keep the token close to its target.

As a result, two tokens can both be called CHF stablecoins while presenting very different risks. The relevant questions include what backs the token, who can issue or redeem it, how reserves are managed, and what happens if collateral prices fall.

Which CHF Stablecoin Has the Largest Market Capitalisation?

Based on CoinGecko's latest CHF Stablecoin category snapshot, AllUnity CHF (CHFAU) has the largest market capitalisation at approximately $50.4 million, followed by Frankencoin (ZCHF) at about $43.1 million. VCHF follows at approximately $5.1 million, while HCHF and CHFM are below $1 million.

Market capitalisation should be treated as a changing metric rather than a permanent ranking. 

Stablecoin supply can increase or decrease through issuance and redemption, while market data coverage can also change.

The category itself was valued at approximately $48.4 million in CoinGecko's category summary when captured, showing why individual asset figures should be checked against the same timestamp and methodology.

CHF Stablecoin Regulation

CHF stablecoin regulation depends heavily on how a token is structured and where its issuer operates.

Switzerland does not currently rely on a single dedicated stablecoin law. Instead, FINMA applies existing financial-market rules to stablecoin projects based on their characteristics and economic function.

FINMA's Guidance 06/2024 addresses stablecoin issuance, including bank default guarantees, holder protection and anti-money-laundering considerations. 

FINMA also highlighted risks involving money laundering, terrorist financing and sanctions circumvention.

For stablecoins with redemption claims, the underlying structure can have implications under Swiss banking regulation. 

Some issuers use bank guarantees to satisfy the relevant regulatory framework instead of obtaining a banking licence themselves.

CHFAU illustrates a different regulatory approach. AllUnity states that CHFAU is structured as a MiCA-compliant e-money token and is issued by a BaFin-regulated e-money institution.

Decentralised tokens can also have a different regulatory treatment. Frankencoin's published legal analysis states that ZCHF is treated as a payment token under Swiss law and as a crypto asset under MiCA, with the project's decentralised structure affecting the application of issuer obligations.

Read Also: Are Stablecoins Still Profitable? How to Earn Passive Income

What Are CHF Stablecoins Used For?

CHF stablecoins can provide blockchain-based access to Swiss franc-denominated value without requiring every transaction to occur through conventional banking infrastructure.

Potential use cases include:

• Digital CHF payments
• On-chain settlement
• Cross-border transactions
• Treasury management
• Borrowing against crypto collateral
• DeFi applications
• Tokenised financial products
• Programmable payments

The actual functionality depends on the individual token. A regulated fiat-backed stablecoin may be designed primarily for payments and institutional settlement, while a crypto-collateralised token may be more focused on on-chain borrowing and decentralised applications.

What Are the Risks of CHF Stablecoins?

A CHF stablecoin is not automatically risk-free simply because it references the Swiss franc.

For fiat-backed tokens, users may need to consider issuer, reserve, custody, redemption and regulatory risks. A token can also experience temporary price deviations if liquidity becomes limited.

Crypto-backed stablecoins introduce additional collateral and liquidation risks. A sharp decline in collateral value can place pressure on the system and its ability to maintain the intended CHF value.

Protocol design is another consideration. Smart-contract vulnerabilities, governance decisions, insufficient liquidity and operational failures can affect a token even when its underlying concept is sound.

For these reasons, users should assess the specific backing model and redemption mechanism rather than treating all CHF stablecoins as interchangeable.

Read Also: What Is Stablecoin Staking?

Conclusion

CHF stablecoins have developed into a small but increasingly diverse segment of the digital-asset market. 

The six assets currently tracked by CoinGecko show several different approaches, ranging from regulated fiat-backed tokens to decentralised, crypto-collateralised systems.

CHFAU and ZCHF currently represent the largest reported market capitalisations in the category, while VCHF, HCHF and CHFM operate at smaller scales and CHF24 currently has limited reported market data. 

The key distinction between these assets is not simply their shared CHF reference, but how each token is issued, backed, redeemed and regulated.

FAQ

What is a CHF stablecoin?

A CHF stablecoin is a blockchain-based token designed to track the value of the Swiss franc. Different tokens can use fiat reserves, crypto collateral, over-collateralised reserves or other mechanisms to maintain their CHF reference.

What are the six CHF stablecoins currently in existence?

The six CHF stablecoins currently tracked by CoinGecko's CHF Stablecoin category are AllUnity CHF (CHFAU), Frankencoin (ZCHF), VNX Swiss Franc (VCHF), Hedera Swiss Franc (HCHF), Mento Swiss Franc (CHFM) and Fiat24 CHF (CHF24).

Which CHF stablecoin has the largest market cap?

At the time of the latest CoinGecko category snapshot, AllUnity CHF (CHFAU) had the largest reported market capitalisation at approximately $50.4 million, followed by Frankencoin (ZCHF) at approximately $43.1 million.

Is CHF stablecoin issuance regulated?

CHF stablecoin regulation depends on the issuer, token structure and jurisdiction. In Switzerland, FINMA applies existing financial-market rules and has issued specific guidance covering stablecoin projects, bank guarantees and anti-money-laundering requirements.

Are CHF stablecoins backed by Swiss francs?

Not all of them. Some, such as CHFAU and VCHF, are designed around fiat or CHF reserves, while ZCHF, HCHF and CHFM use crypto-collateralised or over-collateralised mechanisms. CHF24 is described by Fiat24 as a cash-backed token.

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