CHF / lending deposit

VCHF · issued by Vault curated by Apostro on Morpho; underlying asset VCHF issued by VNX. verified

The terms

Issuer

Vault curated by Apostro on Morpho; underlying asset VCHF issued by VNX

Jurisdiction

VNX Commodities licensed under the Blockchain Act by the FMA Liechtenstein; DefiLlama additionally records VNX Global Ltd holding a Class M digital assets licence from the Bermuda Monetary Authority. Morpho and Apostro are decentralised/unlicensed protocol actors.

Chains

Base

Contracts

Base 0x6e6fcac197ee06d0164c0fBA218c7BcB878f9B5C explorer

Yield basis

Variable supply APY set by utilisation of the underlying Morpho markets. I could not read it: app.morpho.org is JavaScript-rendered and returned only page metadata, VNX's own announcement URL returns HTTP 404, and vaults.fyi's vault list contains no CHF-denominated vaults. source

Size

Not disclosed on any source we could read. source

Minimum

None (permissionless protocol)

Who may hold it

Permissionless, any wallet may supply to a Morpho vault. VCHF itself is mint/redeem gated by VNX KYC, but secondary acquisition is open. source

Redemption

Withdraw from the vault subject to available liquidity, standard Morpho vault mechanics. VCHF itself is redeemable at par for Swiss francs on customer request via VNX. source

Cost to enter

Gas plus any Morpho vault performance fee, which I did not read

Transferability

Freely transferable. No allowlist at the token level.

Secondary liquidity

VCHF total circulating supply is only ~2.32m tokens / $2.84m market cap across all chains, of which Base holds 593,160. The vault is therefore necessarily very small. VNX also runs VCHF liquidity pools on Arbitrum and Fraxtal.

What we think you should know

Sources

• https://morpho.org/blog/morpho-effect-november-2025/
• https://app.morpho.org/base/vault/0x6e6fcac197ee06d0164c0fBA218c7BcB878f9B5C/apostro-vnx-swiss-franc-vchf
• https://defillama.com/stablecoin/vnx-swiss-franc
• https://vnx.li/vchf/

Other CHF instruments