crvUSD 

CRVUSD Price

What is the crvUSD stablecoin?

crvUSD is the decentralized, overcollateralized stablecoin of Curve Finance, pegged to the US dollar and issued by the Curve DAO. It went live on Ethereum mainnet on May 3, 2023, when Curve confirmed the crvUSD smart contracts were deployed. Borrowers mint crvUSD by locking crypto collateral in a Curve Controller contract, and the LLAMMA algorithm handles liquidations through gradual rebalancing. crvUSD is a stablecoin instrument, distinct from CRV, Curve's governance token.

How is crvUSD minted and what collateral backs it?

Borrowers mint crvUSD by depositing whitelisted crypto collateral into a Curve Controller contract, creating a collateralized debt position (CDP). Accepted collateral includes ETH, wstETH, WBTC, cbBTC, tBTC, weETH, sfrxETH and LBTC, and new collateral types require Curve DAO approval. Repaying the loan burns the minted crvUSD. Supply is therefore elastic, with no fixed maximum cap: emission tracks borrower demand rather than a schedule.

What is LLAMMA and how does crvUSD liquidation work?

LLAMMA (Lending-Liquidating AMM Algorithm) is crvUSD's liquidation mechanism. Each crvUSD market runs its own AMM that gradually rebalances collateral into crvUSD across price bands as the collateral price declines. Soft liquidation spreads the conversion incrementally instead of triggering a single hard liquidation event at one price, a design Curve positions as more forgiving to borrowers than hard-liquidation CDP systems such as MakerDAO's DAI.

How does crvUSD maintain its dollar peg?

PegKeeper contracts maintain the crvUSD peg to the US dollar, and an EMA oracle (AggregatorStablePrice) feeds Curve's interest-rate policy. The peg also rests on overcollateralization: every crvUSD in circulation is backed by crypto collateral worth more than the borrowed amount. Burning tokens on loan repayment keeps the on-chain inventory aligned with outstanding debt.

Are there depeg risks with crvUSD?

Yes. Peg stability is the core product risk for crvUSD. Most of the collateral backing is custodial: WBTC and cbBTC concentrate counterparty exposure in their respective custodians, so a failure at the custodian or collateral layer would transmit directly to crvUSD's backing. Demand-driven emission also means supply can expand or contract quickly, and the relevant risk for holders is peg maintenance, not inflation.

What is scrvUSD (Savings crvUSD) and how does it earn yield?

scrvUSD (Savings crvUSD) is a yield-bearing wrapper for crvUSD built on a Yearn V3 vault. Depositors receive a share of the interest paid by crvUSD borrowers. The yield accrues from the stablecoin's lending activity, and the product is a standing Curve protocol feature rather than a time-boxed reward campaign.

Is crvUSD the same as CRV?

No. crvUSD is a stablecoin pegged to the US dollar; CRV is Curve's governance token, which carries price risk and voting rights in the Curve DAO. Both tokens belong to the Curve ecosystem, but crvUSD tracks the dollar while CRV trades as a volatile asset. DropsTab classifies crvUSD under Stablecoin.

Which blockchains host crvUSD and where is the contract?

Per DropsTab data, crvUSD holds deployed contracts on seven networks: Ethereum, Base, Arbitrum One, Optimism, Polygon, BNB Smart Chain and Gnosis. The canonical Ethereum contract is 0xf939e0a03fb07f59a73314e73794be0e57ac1b4e, verifiable on Etherscan. Each deployment carries its own contract address on the respective chain explorer.

Where can crvUSD be traded?

Per DropsTab data, Gate hosts the only centralized spot market, the CRVUSD/USDT pair. All other recorded markets are decentralized: Uniswap V3 and Uniswap V4 on Ethereum (pairs against USDC and WETH) and Aerodrome on Base (CRVUSD/USDC). Curve's own crvUSD markets on Curve remain the natural venue for minting and swapping. CEX coverage is thin, so most liquidity sits in on-chain pools.

Does crvUSD have vesting, unlocks or fundraising?

No. crvUSD has no vesting schedule, no cliff periods and no scheduled unlocks, because no team or investor allocations exist. Every crvUSD token comes into existence through overcollateralized borrowing and is burned on repayment. Curve DAO held no ICO, IDO or token sale for crvUSD, and no investor holds a crvUSD allocation. Curve Finance's historical VC funding relates to the DEX and DAO, not to the stablecoin instrument itself.