> For the complete documentation index, see [llms.txt](https://vnx.gitbook.io/vnx-global/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://vnx.gitbook.io/vnx-global/transparency/reserve-transparency.md).

# Reserve Transparency

*A public view of reserve backing, supply references, and the controls that keep VNX stablecoins fully backed.*

## Overview

VNX keeps VCHF and VGBP fully backed at all times. Reserve assets are held in segregated, ring-fenced structures and valued daily against tokens in circulation. This page points readers to the public artefacts that support that claim.

## What to verify

* **Backing model** — VNX maintains 100% backing of stablecoins in circulation.
* **Reserve structure** — reserves are held in segregated and fiduciary bank accounts.
* **Liquidity coverage** — at least 10% of reserves stays in T+0 cash, with a further 15% redeemable within 48 hours.
* **Chain visibility** — contract addresses and supported chains are published for independent supply checks.

## Source pages

* [Reserve Management](/vnx-global/institutional/reserve/reserve-management.md)
* [Liquidity Buffers](/vnx-global/institutional/reserve/liquidity-buffers.md)
* [Standards and Contracts](/vnx-global/transparency/standards-and-contracts.md)
* [Analytics](/vnx-global/transparency/analytics.md)

## What this means

Reserve transparency comes from three layers:

1. **Policy controls** — backing, segregation, liquidity buffers, and daily valuation.
2. **Operational controls** — daily reconciliation, M-of-N signing, and five-year audit-log retention.
3. **Public reference points** — chain addresses, external market-data trackers, and corporate disclosures.

## Related

* [Stablecoins](/vnx-global/institutional/products/stablecoins.md)
* [Reserve Management](/vnx-global/institutional/reserve/reserve-management.md)
* [Standards and Contracts](/vnx-global/transparency/standards-and-contracts.md)
* [VNX Global Ltd](/vnx-global/vnx-global-ltd.md)