Swiss francs that
earn 3.50% a year.
ZCHF is a Swiss franc on public blockchains. Deposit it in the savings module and it earns the protocol rate; withdraw whenever you like.
- Savings rate
- 3.50%
- per year, set by governance
- Deposited in savings
- 13'452'860
- ZCHF
Where the interest comes from
Borrowers lock collateral, mint ZCHF and pay interest into the protocol. The savings module pays savers the rate set by Frankencoin governance out of that income. Interest accrues continuously once it starts and is withdrawn together with your deposit, in one transaction, whenever you want.
How the mechanics work → One dollar bought 4.12 francs in 1971.
Today it buys 0.83.
An 80% fall against the franc. Whoever saved in dollars for the long run paid for it in buying power. Whoever saved in francs kept it.
Same $10,000 in 1971. Two outcomes today.
Buys what $1,221 bought in 1971 · −88% buying power
41'171 CHF then · buys what $6,056 bought in 1971 · −39% buying power
5× the dollarsWhy: one dollar bought 4.12 francs in 1971 and buys 0.83 today.
Federal Reserve H.10 annual averages via FRED; today's rate from ECB reference rates.
Why not just buy T-bills?
Because the yield is in dollars.
Treasury bills are the classic safe dollar. Here is what $10,000 did since 2000: rolled into 3-month T-bills every quarter, against the same money changed into francs and left at Swiss cash rates.
$10,000 in T-bills since 2000
Every T-bill coupon reinvested. Still a loser after US inflation.
$16,793
−13% buying power
$10,000 changed into francs in 2000
16'904 CHF then, earning Swiss cash rates, changed back to dollars today.
$22,511
+17% buying power
Needed just to keep up with US inflation: $19,268
01
The yield was real. The dollar was not.
T-bills paid 2.0% a year on average since 2000. The dollar lost 51% against the franc over the same stretch, and that ate the whole advantage and more.
02
A 6% dollar is roughly a 3% franc
The forward market prices the expected currency drift into the rate gap, so a high dollar yield and a lower franc yield tend to land in the same place. With ZCHF the 3.50% is in francs: no currency to get wrong.
03
No broker, no US account, no settlement days
T-bills need a brokerage or TreasuryDirect and, for non-Americans, tax paperwork. ZCHF needs a wallet: deposit in one transaction, interest accrues daily, withdraw any time.
04
Backed by collateral you can inspect
A T-bill is a government's promise. ZCHF is backed by over-collateralized loans you can inspect on-chain at any time. Check the live figures on the Transparency page.
See the reserves →Annual averages from FRED: 3-month Treasury bill TB3MS, H.10 exchange rates, BLS CPI-U; Swiss cash rates from the SNB (call money to 1998, SARON from 1999). Returns ignore taxes and fees. Past moves do not predict future ones; ZCHF carries smart-contract and collateral risk.
Start in three steps
Already hold ZCHF? Go straight to step 3. Holding ZCHF in a wallet earns nothing; interest is paid only on what you deposit in the savings module.
- 01
Get ZCHF
Bank transfer in CHF or EUR via Mt Pelerin (0% fees), or swap from USDC, USDT or ETH on any DEX.
Buy by bank transfer - 02
Connect a wallet
Open the savings page in the app with any Ethereum wallet. Savings run on Ethereum and seven other chains.
Open the app - 03
Deposit into savings
One transaction. Interest starts three days after the deposit and then accrues continuously. If a wallet or app set itself as referrer, its share (up to 25% of your interest) is deducted and shown in the app.
Save ZCHF
Prefer a token you can trade or use as collateral while it earns? The Savings Vault (svZCHF) is an alternative. About svZCHF →
Short answers.
Not yet. ZCHF in a wallet earns nothing. Deposit it in the savings module; interest starts three days later.
Yes. Your deposit and the interest it earned can be withdrawn whenever you want, with no notice period.
Frankencoin governance (FCS holders) sets the rate and can change it. The current rate is shown at the top of this page and in the app.
The protocol charges no fee. If you deposited through a wallet or app that set itself as referrer, up to 25% of your interest goes to it. The app shows the referrer and the share, and you can remove it.
