Frankencoin

Frankencoin is the largest decentralized Swiss franc stablecoin, and one of the few franc tokens with no company behind it at all. Anyone can mint ZCHF by over-collateralizing crypto, mainly wrapped Bitcoin and Ether, at roughly 200 percent through an auction-based system rather than an issuer's mint desk. Its peg is defended not by an oracle but by holders of Frankencoin Pool Shares, who stake capital into an equity reserve via a bonding curve, earn fees, and backstop the system. ZCHF is a collateral claim redeemed through the protocol's smart contracts, permissionless and immutable, and it has held its peg since launching in 2023 without a notable break. Swiss rules treat it as a payment token, and it operates without a central issuer under EU MiCA. It runs across eight chains, including Ethereum, Base, Arbitrum, Polygon and Gnosis, stewarded but not controlled by the Frankencoin Association.