VEURStablecoin
VNX Euro (VEUR)
- Circulating supply
- $21.1K
- 29D change
- -1.3%
- Yield
- None
- NAV
- 1.0000
- Management fees
- 0.00%
- Minimum
- $100
- Redemption
- Daily
- Launched
- 01 Dec 2022
Field coverage 96%Primary-source or on-chain verified 50% of tracked metrics1/1 source documents analyst-verifiedLast reconciled 13 Nov 2026
Overview
What this product is
FMA-registered Euro electronic money token issued by VNX Commodities AG under the Liechtenstein Blockchain Act, 100% backed by cash in European bank custody.
- Underlying asset
- Euro fiat bank deposits held in segregated institutional bank accounts in Liechtenstein and Switzerland
- Asset class
- Stablecoin
- Product structure
- E-Money Token
- Legal structure
- EU MiCA E-Money Token
- Issuer jurisdiction
Liechtenstein- Fund domicile
- Liechtenstein
- Base currency
- EUR
- Launched
- 01 Dec 2022
Peer set
Comparable products
Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.
Issuer
Who runs it
VNX Commodities AGVaduz, Liechtenstein
Vaduz, LiechtensteinLiechtenstein-regulated tokenization platform registered under the Blockchain Act (TVTG), issuing physically backed gold tokens (VNXAU) and fiat-referenced stablecoins.
Portfolio
Composition
- Segregated Institutional Bank Euro Deposits100.0%
Reserves
Attestation
Reserve composition
What actually backs the float, from the most recent independent attestation.
- Segregated Institutional Bank Euro DepositsCash & equivalents100.0%
Attestation
Verification history
- Attesting firm
- Grant Thornton
- Frequency
- monthly
- Last attestation
- 31 Aug 2024
- Reserve WAM
- 1 days
An attestation confirms the reserve existed on a reporting date. It is not an audit, and it says nothing about what a holder legally owns if the issuer fails, that question is answered by the legal structure, not the reserve report.
Risk
Reserve profile
Who holds the reserves, and whether the yield they earn reaches you or stays with the issuer.
Held as bank deposits100.0%
Deposits are unsecured claims on a bank; government securities are not. A higher share means more bank credit exposure inside a product marketed as cash.
- Backing type
- fiat backed
- Yield to holders
- Retained by the issuer
- Peg currency
- EUR
Par redemption access
Direct redemption in EUR fiat via VNX Platform.
On-chain history begins 16 Oct 2026 and covers 29 days of readings.
AUM
$21.1K
Assets under management
-1.3% over 29 days held
Yield
0.00%
Yield history. No yield
+0.0% over 29 days held
NAV
1.0000
NAV per token (stable $1.00)
This fund maintains a constant NAV of EUR 1.00 and distributes yield through token supply rather than price. NAV history is therefore flat by construction; monitor supply and yield instead.
-1.3% over 29 days held
Movement
Recent daily movement
Net movement -$282Over 29 daysChange -1.3%
| Direction | ||||
|---|---|---|---|---|
| 13 Nov 2026 | $21.1K | -$88 | -0.4% | |
| 12 Nov 2026 | $21.2K | -$148 | -0.7% | |
| 11 Nov 2026 | $21.3K | $23 | +0.1% | |
| 10 Nov 2026 | $21.3K | $56 | +0.3% | |
| 09 Nov 2026 | $21.2K | $8 | +0.0% | |
| 08 Nov 2026 | $21.2K | -$11 | -0.1% | |
| 07 Nov 2026 | $21.2K | -$112 | -0.5% | |
| 06 Nov 2026 | $21.3K | $2 | +0.0% | |
| 05 Nov 2026 | $21.3K | $54 | +0.3% | |
| 04 Nov 2026 | $21.3K | $13 | +0.1% |
Redemption
Terms
Contractual terms
- Redemption frequency
- Daily
- Dealing cut-off
- 16:00 CET daily
- Settlement
- T+1 via SEPA transfer
- Redemption fee
- None
- Secondary venues
- Uniswap v3 Protocol, Curve Finance
- Transfer restrictions
- Transfers freely permitted between non-sanctioned Ethereum wallet addresses.
These are contractual terms from the offering documents. Observed settlement performance and any discretionary accommodation by the manager are explicitly out of scope.
Assessment
Liquidity profile
Primary redemption
Daily · T+1 via SEPA transfer
Off-hours exit
Constrained to 16:00 CET daily
Secondary market
Uniswap v3 Protocol, Curve Finance
Transferability
Freely transferable after compliance period
Exit fee
No redemption fee
Relationship graph
Operational dependency network
Every firm and system this product relies on. Select any of them to open its profile.
Every counterparty and system this product depends on to function. Each card links to that entity's own profile: the question worth asking of each is what happens to your position if it stops working.
Open in Ecosystem Graph →Issuance & legal
Who is legally on the hook for this product.Custody
Where the backing assets actually sit.Platform & data
The software and price sources the product runs on.Markets & settlement
Where it trades and how value moves between venues and chains.
Edges marked derived are inferred from a structured field on this product that carries its own source; they are not independent confirmation of it. Edges without that mark were sourced separately from a disclosure naming both parties.
Deployments
Registry
Networks and contracts
| Contract / asset id | |||
|---|---|---|---|
| EthereumPrimary | public l1 | 0x6ba75d640b…7789b5d3 | 100.0% |
Counterparties
Service providers
If any of these has a problem, this product is affected.
- Custodian
- InCore Bank·
Switzerland - Administrator
- VNX· Vaduz, Liechtenstein
- Transfer agent
- Not disclosed
- Tokenization platform
- VNX· Vaduz, Liechtenstein
- Oracle / attestation
- Chainlink
Access
Classification
Who may hold this
RetailEligible
AccreditedEligible
ProfessionalNot eligible
InstitutionalEligible
- Minimum investment
- $100
- Allow-list required
- No
- Transfer restrictions
- Transfers freely permitted between non-sanctioned Ethereum wallet addresses.
Geography
Where it is available
United StatesNot available
European UnionNot available
SingaporeNot available
United KingdomNot availableSwitzerlandAvailable
Hong Kong SARNot available
United Arab EmiratesNot availableExplicit prohibitions
- −North Korea
- −Iran
- −Cuba
- −Syria
- −United States
Availability is limited to the jurisdictions in the coverage boundary. Absence here means not covered, not necessarily prohibited. This is a classification of the offering documents, not legal advice.
Structure
Legal and regulatory
- Legal structure
- EU MiCA E-Money Token
- Product structure
- E-Money Token
- Fund domicile
- Liechtenstein
- Issuer jurisdiction
- Liechtenstein
- Transfer agent
- Not disclosed
The domicile of the fund and the jurisdiction of its manager are frequently different. Both are recorded separately because they drive different questions: tax and insolvency follow the domicile, supervision follows the manager.
Source documents
Offering documentation
The documents behind the figures on this page. Anything marked verified has been checked by an analyst.
On-chain activity
Daily value outstanding
Value outstanding as read from the token contracts each day, and the movement between readings. Mints and redemptions are not separable on-chain, so this is the net of both, not gross issuance.
Net movement -$282Over 29 daysChange -1.3%
| Direction | ||||
|---|---|---|---|---|
| 13 Nov 2026 | $21.1K | -$88 | -0.4% | |
| 12 Nov 2026 | $21.2K | -$148 | -0.7% | |
| 11 Nov 2026 | $21.3K | $23 | +0.1% | |
| 10 Nov 2026 | $21.3K | $56 | +0.3% | |
| 09 Nov 2026 | $21.2K | $8 | +0.0% | |
| 08 Nov 2026 | $21.2K | -$11 | -0.1% | |
| 07 Nov 2026 | $21.2K | -$112 | -0.5% | |
| 06 Nov 2026 | $21.3K | $2 | +0.0% | |
| 05 Nov 2026 | $21.3K | $54 | +0.3% | |
| 04 Nov 2026 | $21.3K | $13 | +0.1% | |
| 03 Nov 2026 | $21.3K | $41 | +0.2% | |
| 02 Nov 2026 | $21.2K | -$11 | -0.1% | |
| 01 Nov 2026 | $21.2K | $11 | +0.1% | |
| 31 Oct 2026 | $21.2K | $40 | +0.2% | |
| 30 Oct 2026 | $21.2K | $6 | +0.0% | |
| 29 Oct 2026 | $21.2K | -$14 | -0.1% | |
| 28 Oct 2026 | $21.2K | -$72 | -0.3% | |
| 27 Oct 2026 | $21.3K | -$36 | -0.2% | |
| 26 Oct 2026 | $21.3K | $12 | +0.1% | |
| 25 Oct 2026 | $21.3K | -$4 | -0.0% | |
| 24 Oct 2026 | $21.3K | -$4 | -0.0% | |
| 23 Oct 2026 | $21.3K | -$27 | -0.1% | |
| 22 Oct 2026 | $21.3K | -$14 | -0.1% | |
| 21 Oct 2026 | $21.3K | $3 | +0.0% | |
| 20 Oct 2026 | $21.3K | -$0 | -0.0% | |
| 19 Oct 2026 | $21.3K | -$32 | -0.2% | |
| 18 Oct 2026 | $21.4K | $25 | +0.1% | |
| 17 Oct 2026 | $21.3K | $0 | 0.0% | |
| 16 Oct 2026 | $21.3K | - | - |
Related intelligence
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