In the cryptocurrency space, ZCHF (Frankencoin) is a unique decentralized stablecoin, whose issuance and circulation mechanisms differ significantly from traditional centralized stablecoins. This article will introduce its current issuance and circulation status, along with the underlying mechanisms.
What is ZCHF (Frankencoin)?
ZCHF, or Frankencoin, is a decentralized stablecoin pegged to the Swiss Franc (CHF). Launched in April 2023, its core feature is that it does not require a centralized entity for issuance. Instead, it is minted by users depositing crypto assets as overcollateralized collateral through a smart contract called the Frankencoin protocol. The protocol employs an oracle-free design, using a market auction mechanism to price collateral, aiming to enhance the system's resilience against attacks.
Issuance and Circulation Status
Unlike tokens with a fixed total supply, ZCHF's issuance is dynamic, depending on user demand to collateralize assets and mint new ZCHF through the protocol. There is no preset upper limit to its maximum supply.
As of the end of October 2026, the circulating supply of ZCHF (the number of tokens actually existing in the market) is approximately 35 million. According to snapshots from multiple data sources (such as DefiLlama, Bitget, etc.) at similar time points, the specific figure fluctuates between 34.95 million and 35.04 million, reflecting real-time changes in on-chain minting and burning activities.
At an approximate price of $1.21 at the time, its circulating market capitalization was between $42 million and $42.4 million.
Multi-chain Circulation Distribution
ZCHF has been deployed on multiple blockchain networks to expand its usability. According to data from October 30, 2026, the vast majority (approximately 87.4%) of ZCHF circulates on the Ethereum mainnet. The remaining portion is distributed across other chains such as Base, Gnosis, Optimism, Arbitrum, and Polygon.
Governance and Ecosystem
The Frankencoin protocol has its own governance token, the Frankencoin Share Token (FCS). FCS holders can vote on key protocol parameters, such as adding supported collateral types, adjusting minting modules, and setting protocol fees, thereby enabling decentralized governance.
How to Trade ZCHF
ZCHF can be traded on centralized exchanges (CEX) and decentralized exchanges (DEX) that support the token. Investors should verify the latest trading pairs and liquidity on mainstream market data platforms before trading.
