CryptoFranc operates on the Ethereum platform and has a total supply of 10,036,000 XCHF. XCHF is a fully collateralized Swiss Franc (CHF) stablecoin developed by Swiss Crypto Tokens AG, a subsidiary of Bitcoin Suisse AG.
XCHF is based on the ERC20 Token Standard and pegged to the Swiss Franc in a 1:1 ratio. The token will be issued in the form of a bond (“Anleihensobligation”) in the sense of Art. 1156 of the Swiss code of obligations directly by Swiss Crypto Tokens, backed with liquid assets (bank notes and bank deposits).
How it works?
The XCHF token is issued on the Ethereum blockchain and adheres to the ERC-20 standard. The smart contract is linked to the cryptofranc.eth domain in the Ethereum name system. Its current state including individual balances, total supply and source code can be inspected on Etherscan. The underlying legal implementation is a fixed term bond with automatic renewal/rollover clause.
- The bond is the XCHF token, issued and transferable on the Ethereum Blockchain based on the ERC-20 standard.
- The XCHF token is issued by Swiss Crypto Tokens AG. As long as Swiss Crypto Tokens stays solvent, each token is worth 1 CHF and will be paid out at maturity.
- Swiss Crypto Tokens holds all capital reserves of the XCHF tokens plus company equity, 1:1 in Swiss Francs (CHF). Generally, Swiss Crypto Tokens is free to deploy the capital reserves in any way it deems reasonable, including investing them. The reserves are held in cash or bank accounts. Alternative options are being evaluated. The structure of the reserves and notable changes in that structure are published on the website.
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