jonk.eth

Today, I had the pleasure to join the tremendous people of WHVP for their Swiss Money Secrets podcast chatting about @frankencoinzchf and the Swiss franc. Thank you! Great conversations!

I believe there is space for multiple players. But: Centralized Swiss franc stablecoins are not only tricky (say impossible, at least issued in Switzerland) from a regulatory perspective but are also economically challenging with very low yields on the CHF. Frankencoin is somehow in a sweet spot here: It can operate and is fully compliant because it is decentralized and it overcomes the economic challenges through the yield premium that currently exists in DeFi and the substantially more efficient running costs (there is no entity controlling the ZCHF and no overhead costs) cost structure that actually allows it to scale. Re AllUnity: Their Euro stablecoin has not really acheived any PMF so far and I fear (even though I hope the opposite is true, as I'd love to propose to make it a part of the Frankencoin ecosystem) that CHFAU will stay a very niche internal use-case for certain centralized businesses wanting access to a "regulated" CHF stablecoin.

What's going on with CHF stables? There are effectively three that have any usage or activity; ZCHF, VCHF, and CHFAU. @frankencoinzchf's ZCHF is by far the largest at ~29m issued. It is a decentralised CDP stable where positions are backed by collateral such as PAXG, cbBTC, and GNO. In addition to being integrated in DeFi protocols such as Morpho and Curve, Frankencoin's savings module currently pays 3.75% interest to the token holders financed by protocol revenues. @vnx_platform's VCHF is about 10% of ZCHF size at 2.7m circulation and operates under the Liechtenstein Blockchain Act (TVTG). It seems, however, that VNX has shifted its focus onto its tokenised gold product. @AllUnityStable's CHFAU is the newest entrant with its MiCA-compliant BaFIN-authorised stablecoin officially announced a few weeks ago. It sits at ~100k supply with 4 holders. AllUnity's track record with their stablecoins, e.g. its EURAU, is not great. Do you think CHFAU can succeed or does the market still require a Swiss-regulated issuer?

@gnosis_ @gnosischain Which ones are they?

More than 80% of LATAM local stablecoins flow through @gnosischain 📈 Real liquidity. Local rails. Daily use. Fork banks. Bank on Gnosis.

@A_Leutenegger @SeffertFlorian @AllUnityStable @frankencoinzchf How is it Defi compatible then?

@SeffertFlorian @AllUnityStable @frankencoinzchf Sounds like with AllUnity you'll have to KYC every person who wants to hold more than 750chf? Which has killed projects in the past. Wondering how this is different.

📢 AllUnity announces intent to launch CHFAU, the first fully MiCAR-compliant, Swiss franc–denominated stablecoin. Built for global payments, 24/7 settlement, and programmable finance, CHFAU will be: 🇨🇭 Fully backed by Swiss franc reserves 🏛️ Issued as a regulated e-money token under MiCAR 📆 Planned for launch in February 2026 💬 “Banks, corporates, and enterprise clients increasingly demand stable, programmable money that moves instantly, securely, and transparently. CHFAU is designed to meet that demand,” said Alexander Höptner, CEO of AllUnity. With #CHFAU, we extend one of the world’s most trusted currencies into digital markets - continuing our mission to build a multi-currency, compliant, always-on digital money framework for Europe and beyond. 🔗 Learn more: allunity.com/news/allunity-… #AllUnity #SwissFranc #CHFstablecoin #CHF #MiCAR #FutureOfFinance #Stablecoin For marketing purposes only. No regulatory review or approval. EMTs redeemable at par anytime. Full White Paper: allunity.com/whitepaper

@cryptofergani Swiss francs. @frankencoinzchf

ok so: - the dollar is dying - stocks are overvalued - europe is dead - you can't trust chinese assets - gold is already up massive what do we buy rn?

@francis_cgl @frankencoinzchf well, the Frankencoin does

@frankencoinzchf @jonk93 Interesting point, but do stablecoins really match the Swiss Franc’s stability long-term?

Two of the main use cases of stablecoins are transactions, and store of value. In this video, @jonk93 touches on these and especially about the store of value benefits of the Swiss Franc, that Frankencoin brings to users all around the world.

@surfisup1 @0xNairolf @frankencoinzchf There's an issue with that: the USD yield is not enough to make up for the USD devaluation against e.g. the Swiss franc.

@0xNairolf Would be a cool integration with @frankencoinzchf swiss francs.

imagine this: a yield app focused on one currency (non usd) earn yield from defi in usd and make it fx neutral for users focus on distribution only in one region goated

Merci pour le shoutout @Cyrus_Fazel En fait, @frankencoinzchf est le seul stablecoin qui tient et prospère dans un environnement de taux négatifs et une régulation hostile aux stablecoins centralisés. Avec plaisir pour en discuter @GaryBenezat youtu.be/-mIpzH8t6IA

@cyber_amb @DAdvisoor Watch this😉 youtu.be/SKBjuVndCZ8

@DAdvisoor @jonk93 what in your view makes a currency truly reflect a culture beyond economics

Been an absolute honor and a privilege for me to interview @jonk93 back in January, the only interview I've done while I was healing from the assault, injury and surgery actually at my parents house. Was fascinated since basically the beginning - quickly into the interview I realized it's not a coincidence that some currencies are strong and stable and others are not - currencies are reflections of cultures, societies and situations. The market is indeed right. As the interview went on, I realized I didn't know almost anything about Switzerland, the Swiss people, their culture, society and mindset. They are not just "neutral" like I've always been told in a reductive and shallow way. They are sovereign, responsible, and independent. They've created their ability to be in their position and to have a thriving society, and they did it exactly because of owning their issues and challenges, not by running away from them. It has been incredible for me and a huge opportunity to start working with @frankencoinzchf on the comms and content side of things in August, and as we are about to enter 2026, I'm happy to now share this interview I've recorded with him earlier this month in his office in Zug, Switzerland, after his kind and generous invitation and hospitality, allowing me to visit Switzerland for the first time. God works in mysterious ways I feel and believe, and I am blessed to have my own journey and the people around me, and am fortunate and grateful for that. Thank you Johannes, @Luzius, and other members of the Frankencoin Association for the opportunity to work with you guys, and Frankencoin community, for a chance to participate and affect taking the Swiss Franc stablecoin, and myself, to be the best versions we can be. And thank you @leviathan_news and its contributors and community, for being the catalyst that enabled this opportunity. Happy New Year everyone, Onwards!

@sytaylor @tempo You know what is the best asset for corporate treasuries? The Swiss franc. And @frankencoinzchf is bringing it on chain

Corporate Treasury is a killer app for stablecoins. Real-time cross-border payments unlock cash that would be stuck over the weekend. But all of this must integrate with the existing ERP and TMS. Making this work seamlessly is a goal for @tempo tempo.xyz/blog/corporate…

We've come a long way with Frankencoin since I joined the association at the beginning of this year. As we're nearing the holidays I've taken the time and written a little "State of the Union" about Frankencoin. Enjoy, and I'm looking forward to many comments and suggestions!

@Securitize Do you already have any CHF denominated assets tokenized? Kinda need that.

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@nremond Let's figure this out.

@jonk93 This is a legal opinion which w have reviewed and don’t agree with.

Would you rather have Earn strategies on USDC or in a local currency stablecoin to avoid any FX risk?

@nremond Now good ser. github.com/Frankencoin-ZC…

@jonk93 When $ZCHF Mica compliant?

@DarrenCamas I have a clear favourite in terms of stability/size/ease of use here.

Ok I believe in Swiss neutrality

@AMINABankGlobal @solana @tenity_global And you didn't invite the largest CHF stablecoin?🫣

We have officially kicked off StableHacks in collaboration with @Solana and @tenity_global with our invite-only Global Stablecoin Roundtable🚀 As a precursor to our Global Stablecoin Hackathon happening in March, this week's roundtable brought together leaders across finance, blockchain, and digital assets for a candid discussion on the future of stablecoins. One message was clear: we’re entering a new phase of stablecoin adoption that's shaped by real institutional needs, real-world use cases, and real global impact. Some of the key themes that emerged: 🔹 Solving real institutional workflows From payments to payroll to treasury operations, institutions are demanding stablecoin solutions that are secure, compliant, and drastically more efficient than legacy rails. 🔹 How AMINA evaluates stablecoin providers Transparency, reserve quality, regulatory strength, operational resilience, and interoperability remain the pillars of our due diligence before onboarding any stablecoin. 🔹 Yield as a defining feature Providers increasingly recognise that yield generation is essential for long-term adoption, especially for corporate treasuries. We’re witnessing the early stages of a major shift. 🔹 The challenge of “stickiness” We explored why stablecoins often lack long-term retention, and how product design, utility, and incentives need to evolve. 🔹 Financial enablement and accessibility Low or near-zero fees, instant transfers, and global accessibility can unlock real benefits for users in underserved and lower-income regions. This remains one of the strongest use cases globally. 🔹 The need for stablecoin standards Participants unanimously emphasised the importance of clear standards for consumer protection, interoperability, and preserving the peer-to-peer promise of digital money. Immense gratitude to our partners @Keyrock, @FireblocksHQ, @SteakhouseFi, and @Solsticefi, as well as our speakers, contributors, and guests for making this event not just successful, but truly meaningful. #Stablecoins #DigitalAssets #AMINAEvents #InstitutionalCrypto #FintechInnovation #Web3 #Blockchain

@Uniswap @Revolut Wanted to try this out as I'm always looking for cheap & efficient native CHF onramps. Then the list of available tokens hit me. Much sad. And WTF is Blast and why is it in that list?

We're teaming up with Europe’s largest finance app to make it easier to buy crypto @Revolut is now live on Uniswap Apps Buy crypto with a debit card, bank transfer, or directly from your Revolut balance

There's a growing awareness to onchain FX and the importance of non USD stablecoins. The current state of about 99% of the stablecoin market being in USD pegged stablecoins, is a phase, and as the industry grows, we believe this will change. Many users around the world have different needs for stablecoin usage, and with the global access crypto enables - more currencies are becoming available to onchain users. For those who want an asset tracking the value of the Swiss Franc, the best store of value amongst national currencies for the past 200 years - $ZCHF is accessible for you.

@TokenBrice @Rozengarden_eth @frankencoinzchf And under the 06/2024 Finma guidance centralised issuers need a bank license and also have to treat any holders as their clients with kyc/aml checks etc that comes with that. In reality that makes centralized CHF stables non-transferable and not really useful.

@TokenBrice @Rozengarden_eth @frankencoinzchf Fully understood your question 😉 The reasons are what I said above: it's very hard to finance the overhead of a centralised model in a negative yield environment (what Frankencoin does is to dip into the defi premiums that currently exist to be able to scale). (1/2)

The EURC 1Y marketcap chart is a beautiful up only: ok, it started from ~90M last year which is quite low, but still at 335M today, that's more than a 3x My spidey senses are telling me the non-$ stables time to shine is fast approaching