Frankencoin
Decentralized Swiss franc stablecoin protocol
Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$2.43KBuyback funds
$0Burn funds
--Buyback ratio
0.0%Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Nov 2026 | $2.43K | $0 | -- | 0.0% |
| Oct 2026 | $30.47K | $0 | -- | 0.0% |
| Sep 2026 | $5.37K | $0 | -- | 0.0% |
| Aug 2026 | $7.81K | $0 | -- | 0.0% |
| Jul 2026 | $1.76K | $0 | -- | 0.0% |
| Jun 2026 | $16.15K | $0 | -- | 0.0% |
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About Frankencoin
Frankencoin issues ZCHF, a stablecoin pegged to the Swiss franc, through over-collateralised debt positions: users lock approved collateral and mint ZCHF against a liquidation price they set themselves, with the collateral staying in the on-chain position. The system takes no external price. Anyone can challenge a position believed to be under-collateralised, triggering a two-phase auction: the first sells the challenger's posted collateral at the liquidation price, the second sells the position's collateral at a declining price, and the clearing bid becomes the market price. Shortfalls are absorbed by the FPS equity pool and surpluses accrue to equity holders.
It targets European payment use, with a MiCA white paper in ESMA's interim register, a savings module whose interest is funded by the equity pool, and third-party depeg cover. The design needs challengers holding enough of the collateral asset to challenge repeatedly, so acceptable collateral is limited to assets with sufficient circulating supply, and ZCHF depth sits in a handful of Ethereum stablecoin pools.
Frankencoin (ZCHF) is a decentralized, on-chain collateralized Swiss franc stablecoin launched in 2023 and deployed on eight blockchains, becoming the largest Swiss franc stablecoin while maintaining its 1:1 peg. Its design originates from a PhD thesis at the University of Zurich, introducing the concept of a "Continuous Capital Corporation" with automated liquidation mechanisms and veto-based governance to maintain stability. An independent audit was completed in February 2023.
In June 2026, the Association published a MiCA whitepaper in the EU register and appeared in ESMA's interim register, providing a compliance basis for regulated exchanges and ensuring EU market access; legal assessments confirmed that its decentralized design exempts it from MiCA issuer obligations. These milestones establish its long-term foundation as a non-dollar stablecoin alternative.
On 8 October 2026 Kraken opened trading in ZCHF, a stablecoin tracking the Swiss franc, with deposits limited to supported networks and app access waiting on sufficient liquidity. Earlier, on 30 June, the Frankencoin Association registered a MiCA white paper in the EU, giving regulated venues a basis to list the token.
Frankencoin's ZCHF holds no fiat reserves. It is over-collateralised by assets such as ETH and WBTC and defended by oracle-free auction liquidations, and holders can park it in an ERC-4626 savings module that pays a variable rate funded by borrower fees and set through governance. On 13 September the site showed roughly 34.9 million ZCHF in circulation against collateral valued near 67.9 million; Pharos scored it A- overall, with A+ for exit liquidity and a weaker reading on economic control. The price of going oracle-free is that liquidations depend on auction depth: collateral is sold at a discount within minutes, and thin bidding forces higher collateral ratios and longer auction windows. A MiCA white paper is not a licence, so each venue still makes its own compliance call, which explains why app access and instant buy wait on liquidity.
Frankencoin uses regulated exchanges to widen European distribution, deepens the savings module and payroll use cases, and keeps expanding the collateral list without adding a price oracle.
Luzius Meisser — Initiator; holds a PhD from the University of Zurich, authored the Continuous Capital Corporation concept and sits on the board of Bitcoin Suisse.
Johannes Kern — Managing Director of the Frankencoin Association, handling ecosystem and external affairs.
Jan Hürlimann — Board member of the association. Development is supported by the non-profit Frankencoin Association in Zug.