VEUR, issued by VNX Commodities AG, is a fiat-referenced token marketed as a Euro-pegged stablecoin that references the Euro (EUR) on a minimum one-to-one parity basis and represents the information that a backing reserve exists. [S1]

VEUR references the Euro (EUR), with minimum one-to-one parity maintained against the referenced legal tender. The reserve is gold-collateralized rather than cash-backed, initially comprised of VNX Gold (VNXAU) and maintained using gold's intraday daily LBMA exchange rate to the Euro. [S1] VEUR generates no interest or return and does not accrue financial benefit to the holder. [S1] Holders bear a tiered exchange fee of 0.3% below 100,000 EUR, 0.2% above, and 0.1% above 1,000,000 EUR. [S1]

VNX Commodities AG is incorporated in the Principality of Liechtenstein and registered as a TT Service Provider with the Financial Market Authority (FMA) under the Token and Trusted Technology Service Provider Act. [S2][S3] A fiat-referenced token does not represent a right but represents information, conferring no direct contractual claim and no right to exchange into VNX Gold. [S1] Users must be at least 18 years old, register a VNX Account with AML and KYC, and reside in supported jurisdictions; Restricted Persons subject to sanctions are excluded. [S1] Holders cannot redeem directly for gold; the sole rail is a platform TT exchange service into fiat or another token. [S1]

VEUR is multichain, issued on Ethereum and other VNX Supported Blockchains, with withdrawal schedules referencing Ethereum and Base. [S4][S1] VEUR is generated against VNX Gold, with its reserve formed at generation and technologically maintained at equivalent value; balances are supported to two decimal places, rounded down. Settlement occurs through the platform exchange service after KYC. [S1]

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# Outstanding supply Methodology

## Overview

Outstanding supply measures the circulating supply of stablecoins issued by a project. It excludes stablecoins that have been authorized but not issued, or that are held in the issuer’s treasury. It tends to serve as a proxy for the issuer’s revenue-generation capacity, as the collateral backing the outstanding supply is often invested in yield-bearing assets, such as U.S. Treasuries.

## Data sources

- Smart contract events capturing token issuance and redemption
- Token account balances and program instructions for non-EVM chains
- Token metadata for decimal precision and asset identification
- Token price feeds for USD conversion

## Common calculation approaches

### Event-based issuance tracking
For many stablecoin issuers, cumulative supply is determined by monitoring token issuance and redemption events. `Mint` and `Burn` events are extracted from the smart contracts of issuers such as Circle and Ethena to maintain a running total of net supply. Similar logic is applied to `Transfer` events involving the zero address for issuers like World Liberty Financial to identify changes in the circulating supply.

### Balance-based snapshot aggregation
Outstanding supply is also derived from daily snapshots of token holdings across various blockchains. On Solana, the total supply is aggregated from program instructions for issuers like Tether and Circle by summing the balances of all active token accounts. This method allows for the identification of circulating tokens while ensuring that assets held in known treasury or non-circulating addresses are excluded.

### Debt-based calculation with exclusions
For issuers with debt-based models, outstanding supply is calculated by identifying total minted debt and subtracting idle balances. For example, total debt is obtained from the `debt` function in `VAT` contracts for Sky, with assets held in bridge contracts or lending modules subsequently excluded to arrive at the net circulating amount.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Circulating supply of stablecoins issued by the project.

Outstanding supply

Stablecoins

The platform operates across multiple blockchains including Ethereum, Polygon, Solana, Base, and others, allowing users to buy, sell, and transfer tokens 24/7. VNX maintains regulatory compliance through its TVTG registration as a Token Generator and Service Provider, ensures transparency through asset allocation lookups and regular reporting, and generates revenue through token issuance and platform services.

VNX creates blockchain-based tokens that represent physical assets, offering VEUR, VCHF, VGBP (fiat-referenced tokens) and VNXAU (gold-backed tokens). These multichain digital assets enable users to trade, transfer, and utilize real-world assets in DeFi protocols while maintaining regulatory compliance and full transparency through allocated physical backing.

VNX is a Liechtenstein-licensed blockchain company regulated by the Financial Market Authority (FMA) that specializes in tokenizing real-world assets including fiat currencies and precious metals.

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Stablecoin issuers

VNX Euro (VEUR) is a euro stablecoin issued by VNX through VNX Commodities AG.

Reserves are held in bank deposits and other assets, attested annually by AREVA General Auditing and Trust Company Limited.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with VNX after completing KYC.

VNX Commodities AG is incorporated in Liechtenstein and is supervised in Liechtenstein.

VEUR has been issued on public blockchains since July 2023 and is native to 9 networks, including Avalanche, Polygon, Solana, Stellar, XRP Ledger, and Arbitrum One.

VNX EuroVEUR