Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin. At least this much: 8 of 9 chains read
Share of total stablecoin supply
#43 of 99 issuers by supply
Share of non-USD stablecoin supply
of 74 non-USD stablecoins on the map
Stablecoins minted
median issuer: 1
Chains
read onchain, #10 of 99 issuers; 9 with material supply
Share of supply in lending
lower bound; below the median issuer (3.2%)
Founded
Frankencoin is a decentralised protocol that mints ZCHF, an over-collateralised Swiss franc stablecoin, against collateral locked in onchain positions, with oracle-free, auction-based liquidation. It has no issuer. The Frankencoin Association, a Swiss non-profit in Zug, is a point of contact and supports the ecosystem but does not control the protocol.
No company issues Frankencoin. ZCHF has no issuer. It is created by smart contracts when users lock approved collateral. The Frankencoin Association is a Swiss non-profit based in Zug. Its site says it serves as a point of contact, furthers the development and supports the ecosystem, and that it "does not control the protocol itself." The Association is not the issuer of ZCHF and does not guarantee redemption.
The stablecoin is ZCHF, which tracks the Swiss franc. Anyone can mint it by locking crypto collateral in a position on the protocol. The Association is not the minter.
What sets it apart
Frankencoin has no issuing company. Price discovery runs through auctions instead of an external price oracle. The project calls itself oracle-free.
FCS, the Frankencoin Share Token, is the governance and equity token. Each FCS wraps one FPS, the underlying equity token. Holders vote with time-weighted voting power and can veto proposals such as new collateral types.
The project announced its public beta on 1 April 2023. Its founding design paper was developed by Luzius Meisser and Basile Maire as a dissertation at the University of Zurich. A separate MiCA white paper for ZCHF was prepared by the MiCA Crypto Alliance and is registered by MiCA Crypto Alliance Opco Limited. The code is open source on GitHub under the Frankencoin-ZCHF organisation.
Sources: Frankencoin home page, Frankencoin FAQ, Frankencoin site guide, full text, Frankencoin documentation, Frankencoin documentation, full text, Introducing Frankencoin (Substack), MiCA Crypto Alliance, ZCHF MiCA White Paper (iXBRL), ESMA interim MiCA register, crypto-assets other than ARTs and EMTs (OTHER.csv), Frankencoin-ZCHF on GitHub
ZCHF is Frankencoin's only stablecoin.
ZCHF's supply, counted once across its chains.
Supply of every coin of the Frankencoin protocol, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
US$42.6M
Read on 8 chains, all in the total
Ethereum88%US$37.5M
Base5%US$2.2M
Gnosis4%US$1.7M
Optimism3%US$1.2M
Arbitrum<1%US$18.3K
Polygon<1%US$1.4K
Avalanche<1%US$20
Sonic<1%US$2In DIA's latest read, ZCHF sits 25 bps below its CHF peg.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
ZCHF is priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That widens the 90-day and largest figures, so they are not comparable with the USD stablecoins' figures.
The largest move leaves out days when most other stablecoins of the same currency moved the same way: that move is the exchange rate, not the stablecoin. Left out: ZCHF 34 days. The same days are left out on each stablecoin's own page.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | Today | 90d | Largest | Attestation |
|---|---|---|---|---|
 ZCHFCHF | −25 bps (−0.25%) | 21 bps | +114 bps (+1.14%) | Onchain collateral |
US$9.0K supplied to 2 lending markets on 1 protocol. That is <0.1% of its onchain supply; the median across 44 issuers in lending markets is 3.2%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every Frankencoin coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins of the Frankencoin protocol, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under US$1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
US$9K
supplied to 2 lending markets on 1 protocol
58%
Borrowed
share of supplied stablecoins now on loan
3.05%
Average supply APY
weighted by the balance in each market
100%US$9KEthereumZCHF / xCVXUS$6K0.74%65%EthereumZCHF / WBTCUS$3K8.50%42%Ethereumin 2 lending markets100%US$9KEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
<0.1%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Below the median issuer (3.2%)
A MiCA crypto-asset white paper registered by a third party, such as an offeror seeking admission to trading, for a crypto-asset with no identifiable issuer. It is not an authorisation of any issuer.
What is disclosed
ZCHF has no reserve attestation because there is no fiat reserve. It is backed by collateral held in onchain positions, and positions, reserves and system parameters are publicly verifiable. Collateral detail is published on the protocol's monitoring dashboard, which shows collateral by position and token and the system health ratios. The project's compliance page says the MiCA white paper for ZCHF describes it as overcollateralised.
On 2 October 2026 the dashboard's data feed gave a collateral ratio of 159% of total supply and 240% of free-float supply. Free-float supply is total supply minus equity and minter reserves. The same day the protocol listed 70 positions and 17 accepted collateral tokens, including bitcoin and ether tokens, tokenised equities and gold tokens. Each position's collateral secures only that position, and the documentation notes that aggregate collateral above total supply does not rule out a shortfall.
When a position mints ZCHF, the protocol deducts an up-front fee and keeps a minter reserve. The documentation says this reserve can absorb losses. A minter cannot count on getting it back. On 2 October 2026 reserves totalled CHF 11.6 million, of which CHF 8.0 million was minter reserves and CHF 3.6 million equity.
How collateral is priced
Anyone can challenge a position by posting collateral for sale. The auction has a fixed-price phase at the position's liquidation price, then a declining-price phase. The challenger's reward is 2% of the accepted bid.
Monitoring and audits
Collateral, positions and challenges are published onchain and on the monitoring dashboard at app.frankencoin.com/monitoring. The documentation states that ChainSecurity completed an assessment of the FPS2 and FCS design on 14 July 2026.
Sources: Frankencoin monitoring, system health, Frankencoin monitoring, collateral overview, Frankencoin API, collateral ratio history, Frankencoin MCP server, positions, Frankencoin MCP server, accepted collateral, Frankencoin MCP server, protocol snapshot, Frankencoin compliance page, Frankencoin documentation, risks, Frankencoin documentation, auctions, Frankencoin documentation, full text
Frankencoin's compliance page cites two legal assessments. LEXR Law Switzerland AG classifies ZCHF as a payment token under FINMA guidelines. LEXR Germany Rechtsanwalts GmbH classifies it as a crypto-asset under MiCA, other than an asset-referenced token or e-money token.
The ESMA interim MiCA register lists a ZCHF white paper under crypto-assets other than asset-referenced and e-money tokens. The entry was filed by MiCA Crypto Alliance Opco Limited, names the Malta Financial Services Authority as competent authority and was last updated on 16 June 2026. The MiCA Crypto Alliance's listing says the paper was prepared to support the admission of ZCHF to trading on the Kraken platform.
The project's legal opinion says MiCA issuer duties do not apply because ZCHF has no identifiable issuer, and that no white paper is legally required for ZCHF. It also says service providers keep their own MiCA obligations.
Sources: Frankencoin compliance page, ESMA interim MiCA register, crypto-assets other than ARTs and EMTs (OTHER.csv), MiCA Crypto Alliance, ZCHF MiCA White Paper (iXBRL), LEXR Germany, ZCHF MiCA legal assessment, public summary (9 February 2026)
ZCHF is the only Frankencoin stablecoin on the map. The Association does not issue it. It tracks the Swiss franc (CHF) and is backed by crypto collateral.
Its token page lists ZCHF on Ethereum, Polygon, Arbitrum, Optimism, Base, Avalanche, Gnosis and Sonic. The Ethereum contract is the primary one. The other chains share a second address. On 2 October 2026 total supply was 34.5 million ZCHF, about 91% of it on Ethereum. Holders can also deposit ZCHF in ERC-4626 savings vaults, and the savings rate is set through FCS governance.
ZCHF launched as a public beta in April 2023. FCS is a separate governance and equity token and is not a stablecoin. It is not on the map.
Sources: Frankencoin token page, Frankencoin MCP server, protocol snapshot, Frankencoin documentation, full text, Introducing Frankencoin (Substack)
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
