Fiat-referenced tokens (VEUR and VCHF) are generated based on the VNX Gold Token (VNXAU) which then may be replaced with an equivalent amount of assets.

The gold that underlies VNX Gold, is physically stored in a segregated storage in a high-security vault in Liechtenstein – a country known for its stable economy, the highest S&P AAA rating, and a member of the EEA. When FRTs are issued, the reserve is created and managed. This means that for every FRT issued by VNX and remaining in circulation, VNX will hold an equivalent amount of reserve.

The reserve is managed and kept in the banks of Liechtenstein and Switzerland (Bank Frick, Sygnum Bank and Maekri Baumann).

You can read more about the location of the assets and fiat-referenced tokens in the FRT Terms and FRT white paper at www.vnx.li; about VNX Gold in the VNX Gold white paper at https://vnx.gitbook.io/vnx-platform/documents/white-papers.