Last updated 8 months ago
Cardano lacks non-USD stablecoins, limiting its reach to European users and institutions. This creates a barrier to broader adoption, especially in the EU - a promising market growing post-MiCA.
We propose launching VEUR, VCHF, VGBP stablecoins on Cardano to expand currency choice, reduce FX friction, and support broader DeFi and institutional adoption across Europe.
This is the total amount allocated to VNX - Licensed European non-usd stablecoins for Cardano.
Please provide your proposal title
VNX - Licensed European non-usd stablecoins for Cardano
Enter the amount of funding you are requesting in ADA
100000
Please specify how many months you expect your project to last
9
Please indicate if your proposal has been auto-translated
No
Original Language
en
What is the problem you want to solve?
Cardano lacks non-USD stablecoins, limiting its reach to European users and institutions. This creates a barrier to broader adoption, especially in the EU - a promising market growing post-MiCA.
Supporting links
Does your project have any dependencies on other organizations, technical or otherwise?
No
Describe any dependencies or write 'No dependencies'
No dependencies
Will your project's outputs be fully open source?
No
License and Additional Information
n/a
Please choose the most relevant theme and tag related to the outcomes of your proposal.
RWA
Describe what makes your idea innovative compared to what has been previously funded (whether by you or others).
VNX brings the first CHF- and GBP-referencing stablecoins - VCHF and VGBP - to Cardano, along with VEUR. While previous Catalyst-funded stablecoin projects focused on USD-pegged or algorithmic models, our solution introduces fiat-referencing tokens issued by a European licensed entity. The innovation lies in combining regulatory compliance, transparent reserve backing, and seamless technical integration with Cardano to unlock new adoption pathways in the underserved European market.
Describe what your prototype or MVP will demonstrate, and where it can be accessed.
Our MVP will deliver the first deployment of VEUR, VCHF, and VGBP stablecoins on Cardano, with on-chain generation and listing on the VNX platform. It will include technical and legal analysis, token integration, and test use within at least one Cardano-based dApp.
Describe realistic measures of success, ideally with on-chain metrics.
Success will be measured by the on-chain deployment of VEUR, VCHF, and VGBP tokens on Cardano mainnet, their listing on the VNX platform, and integration with at least one Cardano-based dApp. These results will demonstrate the technical feasibility, user interest, and readiness for broader adoption.
Please describe your proposed solution and how it addresses the problem
VNX has two operating entities in Europe: VNX Commodities AG, licensed by the Liechtenstein Financial Market Authority (FMA) under the Blockchain Act (TVTG), and VNX SA, registered as a Virtual Asset Service Provider (VASP) with the CSSF in Luxembourg. Thus, becoming one of the few, if not the only player on the EU market, licensed in two jurisdictions working with all major European currencies - EUR, CHF and GBP. In terms of regulated CHF we tend to be the unique player who can actually generate licensed CHF.
Our current products line includes VNX Euro (VEUR), VNX Swiss Franc (VCHF), VNX British Pound (VGBP), and VNX Gold (VNXAU). All tokens are fully backed and fully reserved, reserves are stored on third-party custody accounts in Swiss and Liechtenstein banks, gold bars are stored in custody in a third-party vault in Liechtenstein. Regular independent audit-of-reserves reports can be found on vnx.li website.
We are multichain, currently supporting 15 blockchains. Now we would like to extend our presence and launch our fiat tokens on Cardano.
As per our knowledge, there are certain limitations of Cardano blockchain for issuers to be able to block tokens in the user’s wallet. However, as a licensed generator, we have certain requirements from the regulator, that would enforce us to perform such actions in certain cases, so significant part of this project would be to search for technical and legal ways to match the Cardano approach with the legal requirements and open the path for VNX licensed stablecoins to Cardano network.
Recognizing the complexity of launching stablecoins and the need for a solid foundation, we have adopted a multi-step approach. This approach allows us to ensure that each phase of the project is thoroughly researched, developed, and tested before moving on to the next.
We have a proven experience of developing on different blockchains and collaborate closely with blockchain teams, ecosystems and community, so we’d be happy to work with Cardano community and apps to bring value of our products to Cardano users and developers.
As FX and real-world transactions tend to grow in the crypto space, we will bring more real-world fiat transactions onto the Cardano blockchain. As a non-usd stablecoins generator we will offer diversification for Cardano users looking to hedge against different fiat currencies.
We have a proven track record in developing markets within the DeFi space, creating pools with volatile and stable assets and we have experience in stimulating markets, attracting TVL, and fostering organic trading volumes, so we will be happy to contribute to the growth of the DeFi ecosystem on Cardano.
As cross-border payments, crypto payments and traditional merchants are joining crypto space, we focus on collaborations with traditional financial institutions and real-world use cases (e.g. VCHF was approved for capital contribution when establishing a legal entity in Liechtenstein, VEUR and VCHF stablecoins became available at Sygnum, a global digital asset banking group), and thus we believe we will help bridge the gap between traditional financial systems and DeFi on the Cardano blockchain.
Essentially, our goal is to bring a set of fundamental instruments for Cardano users to help them build a wider variety of services and dramatically increase the value that Cardano users will benefit from Cardano blockchain and Cardano ecosystem.
Please define the positive impact your project will have on the wider Cardano community
Our project will introduce Euro, Swiss Franc, and British Pound stablecoins (VEUR, VCHF, VGBP) to the Cardano ecosystem, addressing a well-known gap in available assets. Currently, nearly all stablecoin liquidity on Cardano is USD-pegged. By expanding the currency base with trusted, fiat-referencing assets issued by a licensed European entity, we aim to enable new use cases across DeFi, payments, and financial applications for both institutional and retail users.
The impact will be both infrastructural and adoption-driven.
We will open Cardano to users and partners who require regulated instruments and European fiat currencies to operate. These include payment platforms, crypto-fintech companies, and liquidity providers already working with VNX on other blockchains. In parallel, we will collaborate with Cardano-based DEXs and dApps to provide the first pools and integrations with non-USD stablecoins.
We will measure impact using a combination of on-chain and off-chain KPIs, including:
In terms of broader ecosystem value, our tokens will provide more realistic and localized options for DeFi protocols, forex trading, payments, and savings. Developers will benefit from a stable, regulated asset base in EUR, CHF, and GBP — a rare offer on any blockchain, and unique on Cardano.
We will also act as an on/off-ramp layer for Cardano.
VNX platform already supports fiat and crypto deposits and will offer Cardano users the ability to easily move between fiat and stablecoins via the VNX platform. This will directly reduce friction for users and expand real-world usability.
We will share outputs and opportunities in several ways:
Ultimately, our project aims to make Cardano a viable multi-currency blockchain for both compliant financial applications and grassroots DeFi. This strengthens Cardano's positioning as a globally relevant ecosystem in the MiCA era.
What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?
VNX is a licensed European platform with a proven track record in deploying stablecoins on 15+ blockchain networks, including Stellar, Ethereum, Polygon, Avalanche, and Solana. We have successfully delivered integrations under various grant programs, meeting all agreed milestones and reporting requirements on time.
Our capabilities go beyond IT delivery — we manage full-cycle development, from legal and technical design to user-facing infrastructure and DeFi integration. We have a multidisciplinary team covering blockchain development, compliance, business development, and integrations with DeFi protocols, wallets, and CEXs.
To validate feasibility, we will follow a staged delivery approach:
This approach ensures risk mitigation, transparency, and trust throughout project execution.
Milestone Title
Technical requirements and design
Milestone Outputs
Requirements and Specifications Collection
Study different token types on Cardano
Explore Cardano integration with the platform requirements
Gather user requirements and create functional requirements specifications
Design the module architecture and system components
Validate the business logic requirements
Acceptance Criteria
All functional and system requirements are collected, reviewed, and formally approved by internal stakeholders. Architecture and component designs are validated by the development team. Business logic is documented and verified.
Evidence of Completion
Signed-off requirements specification document.
System architecture diagrams and technical design files.
Internal approval records or meeting notes confirming validation.
Summary slide deck outlining key design decisions and rationale.
Delivery Month
3
Cost
50000
Progress
50 %
Milestone Title
Legal and technical research to match regulatory requirements with Cardano blockchain specifics
Milestone Outputs
Research the principles, legal and technical limitations of Cardano network to block tokens on users wallets
Identify potential ways to design smart contracts in compliance with regulatory requirements applicable to VNX
Gain legal confirmation of applicability of potential solutions
Decide on the solution that will be eventually developed and integrated
Acceptance Criteria
Legal and technical research is completed to assess the feasibility of compliant token issuance on Cardano. Regulatory requirements are mapped to Cardano-specific limitations. Legal confirmation is obtained and internally reviewed. A recommended technical solution is selected for implementation.
Evidence of Completion
Final legal opinion signed by legal counsel
Technical feasibility memo outlining options and limitations
Internal validation document confirming decision
Slides summarizing research outcomes and selected approach
Delivery Month
2
Cost
20000
Progress
20 %
Milestone Title
Launch and Business-wise research and design
Milestone Outputs
Deploy stablecoin smart contracts on Cardano mainnet
List VEUR, VCHF, and VGBP on the VNX platform
Explore Cardano ecosystem
Identify potentially most suitable apps and services to go live at after launch on Cardano
Establish connections with apps and confirm validity of use cases
Arrange a set of preliminary soft commitments with 2-3 dApps
Develop liquidity map and launch plan
Acceptance Criteria
Stablecoin smart contracts are successfully deployed on Cardano mainnet. Tokens are visible and usable through the VNX platform interface. At least two Cardano-based dApps confirm initial integration discussions. Liquidity strategy and launch plan are developed and approved internally.
Evidence of Completion
On-chain links to smart contract deployments and token explorer pages
Screenshots or video of tokens available via VNX platform
Emails or letters from dApps confirming discussions
Finalized liquidity plan document (PDF or slide deck)
Delivery Month
3
Cost
25000
Progress
20 %
Milestone Title
Project close-out and reporting
Milestone Outputs
Prepare and submit final Catalyst Project Close-out Report, including a clear summary of all completed milestones and outcomes.
Record and publish public-facing summary video to showcase project impact.
Ensure all deliverables are documented and accessible in a shared location for reference.
Acceptance Criteria
Final project report is submitted through the Catalyst platform and includes all deliverables from previous milestones. A short, publicly available summary video is published. All relevant documentation is organized and accessible to Catalyst community members.
Evidence of Completion
PDF report outlining milestones, outcomes, and lessons learned.
Submission of all supporting documentation (GitHub/Drive/archive).
Publicly accessible video (e.g. YouTube) summarizing project goals and results.
Delivery Month
1
Cost
5000
Progress
10 %
Please provide a cost breakdown of the proposed work and resources
Technical requirements and design (₳50k total):
Legal and technical research to match regulatory requirements with Cardano blockchain specifics (₳20k total):
Launch and business-wise research and design (₳25k total):
Final milestone – Project close-out (₳5k total):
How does the cost of the project represent value for the Cardano ecosystem?
This project delivers strong value for the Cardano ecosystem by introducing Euro, Swiss Franc, and British Pound stablecoins, helping Cardano evolve into a truly multi-currency blockchain. These assets are issued by a licensed European provider and fill a long-standing gap: the lack of non-USD fiat-pegged tokens.
They enable:
This investment will unlock meaningful adoption pathways for Cardano — not just in DeFi, but across payments, money transfers, Forex markets, and merchant apps, supporting the ecosystem's long-term relevance in regulated environments.
Given the technical scope, regulatory work, and deployment across wallet and dApp interfaces, the project provides an excellent return on value for the requested ₳100k.
Terms and Conditions:
Yes
We have a fully packed team of BD, IT and marketing, that have proven their competence and skills already.
The core team members can be found on our web-site: https://vnx.li/team/
Total team is 18 FTE, over half of them are IT team.
Applicants and core IT team members are:
Alexander Tkachenko, CEO
Founder of Luxembourg VC fund 2be.lu. Co-chair of VC club at Luxembourg’s PE/VC association and Executive Council member at Digital Banking and Fintech Cluster in Luxembourg Banking Association. Serial entrepreneur, business angel. MBA from London Business School and Columbia University.
https://www.linkedin.com/in/alexander-tkachenko-2117434/
Mikhail Epishkin, head of BD
A decade of experience as Chief Sales Officer of Private Banking at Eastern European major banks, including six years of experience in entrepreneurship.
https://www.linkedin.com/in/mikhail-epishkin-15a43b2a/
Eugene Gavrilov, CTO
Eugene is an accomplished technology leader with over two decades of experience in the IT industry. He is the Chief Technology Officer (CTO) of VNX, a blockchain-based company that aims to democratize access to private markets through asset tokenization and has been working with different blockchains since 2019.
Prior to his role at VNX, Eugene held several leadership technology roles at some of the world's leading financial institutions, including the Moscow Stock Exchange, Sberbank CIB, and Deutsche Bank. His experience in these roles provided him with a deep understanding of the IT, finance and investment industries, in particular IT architecture of exchanges and investment banks, as well as the technical expertise necessary to build innovative and scalable solutions.
Eugene holds a degree from the prestigious Moscow Institute of Physics and Technology, and an MBA from the Higher School of Economics. His education and experience have provided him with a unique perspective on the intersection of finance and technology, and he is committed to leveraging the power of blockchain technology to transform the industry.
As the CTO of VNX, Eugene is responsible for driving the technical strategy of the company and development of secure and scalable IT solutions to suit the needs of the company. His leadership and expertise have been instrumental in the success of VNX.
https://www.linkedin.com/in/eugenegavrilov/
Viktoria Zasorina, PM
Viktoria has more than 2 decades experience in IT project/product management with core expertise in the finance industry. Her key areas are commodities, securities, and derivatives trading, risk management, and front-to-back processing.
Viktoria holds a degree in Computer Science from Moscow State University. She also completed the Sberbank 2020 Program in partnership with INSEAD Business School.
https://www.linkedin.com/in/victoria-zasorina-2761ba26/
Wazen Shbair - Blockchain Architect
Wazen is a Senior Blockchain Architect at VNX. Armed with a Ph.D. in Computer Science from the University of Lorraine, France, Wazen brings a wealth of expertise in blockchain technology.
Previously, Wazen served as a Research Associate at SnT, focusing on DeFi and Stellar blockchain technologies. Before that, Wazen held positions as a Research Engineer at CNRS and as a Lecturer at the Islamic University in Gaza.
With a solid background in blockchain architecture and a talent for bridging academia and industry, Wazen plays a pivotal role in driving innovation and excellence in the digital asset industry.