crvUSD

#210

crvUSD

Stablecoins · Crypto-Backed Stablecoins+1

crvUSD#210

Mcap$186M

$0.9970.17%

Overview Monitoring Markets News More

Spot Volume (24H)

$156M+1,269.99%

Marketcap

$186M

FDV

$186M

Mindshare

Low

Circ. Supply

186.8M

Max Supply

Mcap/FDV

100%

Total Supply

186.9M

Sector Ranking

#33

crvUSD is a USD-pegged stablecoin that is minted on the Ethereum network by a decentralized protocol developed by Curve Finance. Users can mint crvUSD by posting collateral and opening a loan within the protocol. If a user wants to unlock the collateral used for a loan, they must pay back the loan using crvUSD tokens

Sector

Stablecoins

Sector Rank

#33

Sub-Sector

Crypto-Backed Stablecoins

Sub-Sector Rank

#7, #23

Contracts

API ID

Social

Block Explorer

Resources

Website

Github

1Y Price Performance -0.42%

All Time High

$1.57-36.29%

Aug 30, 2023

Cycle Low

$0.888+12.28%

Dec 16, 2023

First Trade

May 16, 2023 on

Curve V1

crvUSD Chart

All Charts

$0.997

0.28% Past Month

Price

$0.9970.28%

Mindshare

0.0017%150.67%

crvUSD

More Charts

Spot Volume (24H)

$156M+1,269.99%

Marketcap

$186M

Mindshare

Low

All News

Create Your Own Report

Last Updated: Oct-29-2026 9:48 UTC

crvUSD Project Update

Get Caught Up

YieldBasis Credit Line Expansion to $1 Billion In mid-November 2025, Curve Finance founder Michael Egorov proposed increasing the crvUSD credit line allocated to Yield Basis from $300 million to $1 billion, supporting a maximum TVL of $0.5 billion 1. The credit line is designed to be utilized incrementally—allowing Yield Basis to raise TVL by $1–2 million at a time to facilitate migration from Yield Basis pools V1 to V2 and to enable the protocol to activate its fee switch 1. This matters because it deepens the integration between crvUSD and Yield Basis, a mechanism intended to eliminate impermanent loss in Curve pools by automatically maintaining constant leverage via a special-purpose AMM 2.

crvUSD Borrow Rate Stabilization Ahead of Llamalend V2 On December 3, 2025, the Curve DAO approved changes to address high volatility in the crvUSD mint market borrow rate, a major user friction point 3. While the average historical borrowing cost matched USDC on Aave (6.83% over the past year), rapid rate swings discouraged borrowing, stemming primarily from external mint-market integrations like YieldBasis creating erratic debt flows outside the PegKeeper stabilization loop 3. To stabilize rates, Curve increased the TargetFraction from 0.20 to 0.2667 and lowered rate0 by 10% to enhance competitiveness, with further stabilization via Exponential Moving Average (EMA) smoothing of the debt ratio being explored 3.

Mint and Lend crvUSD to the sreUSD Lending Market A proposal was introduced to create a new factory layer enabling direct minting of crvUSD into the sreUSD lending market on Curve Lend, with an initial borrow cap of 5 million crvUSD 4. The proposal introduces a minting mechanism that uses lending pairs instead of traditional collateralized pairs, and specifies that sreUSD will not be added as a collateral pair by the Resupply protocol 4. This matters because it outlines a model in which crvUSD is lent to sreUSD holders who use it to leverage positions, potentially affecting peg dynamics differently than general lending 4.

Biggest Stories of 2025

The YieldBasis cbBTC pool capacity was increased to $100 million, requiring a $200 million crvUSD allocation, following approval of YieldBasis DAO Proposal 23 5. This reflects the continued scaling of the crvUSD–YieldBasis integration. (December 12, 2025)
A proposal to raise the Yield Basis credit line to 1 billion crvUSD passed with 99.89% of votes in favor 6. The increased line functions as a ceiling rather than an immediately utilized amount, with actual usage determined through weekly cap adjustments 7. (December 12, 2025)
Curve's TVL climbed 0.6% to $2.546 billion, with crvUSD supply rising to $69.4 million and PegKeepers generating $7.7k in profit; the YieldBasis cbBTC pool doubled its TVL 8. (December 18, 2025)
crvUSD minting expanded by 6%, supported by low borrowing rates, while PegKeepers captured nearly $7,000 in arbitrage revenue 9. (December 25, 2025)
A new FXSwap pool was launched for crvUSD/ZCHF swaps, optimized for low-volatility assets, and crvUSD minting parameters were optimized, coinciding with a 12.6% surge in minted crvUSD supply driven by near 0% borrowing rates 10. (December 4, 2025)
The Curve DAO approved changes on December 3rd to address high volatility in the crvUSD mint market borrow rate ahead of the Llamalend V2 launch 3. (December 3, 2025)
The Curve Monthly Recap for November 2025 highlighted a deep dive into LlamaLend's liquidation protection, which replaces sudden liquidations with a controlled step-by-step process, and the Emergency DAO multisig authority was expanded to include control over critical risk parameters for crvUSD components like Mint Factory debt ceilings and LlamaLend fees 11. (December 2, 2025)
crvUSD trading volume reached near-record highs, partly due to YieldBasis mechanics, and Curve launched on Monad and joined the Ethereum Protocol Advocacy Alliance (EPAA) 11. (December 2, 2025)
A major ongoing vote concerning a $1 billion crvUSD loan to YieldBasis was expected to pass overwhelmingly, and over $6 million in crvUSD was minted, driven by sustained borrow rates under 1% 12. (December 11, 2025)
The DAO approved expanding YieldBasis' crvUSD credit line from $60M to $300M, adding roughly $300M in TVL, and redirected $YB emissions to incentivize gauge voting 13. (November 4, 2025)
PegKeeper capacity was increased from $103M to $300M to maintain crvUSD stability amid rising activity, and $5M crvUSD was allocated to the sreUSD LlamaLend market 13. (November 4, 2025)
LlamaRisk launched a crvUSD Optimizer Vault on Arbitrum for automated yield strategies, and the XDC Network launched a $10M incentives program while Curve expanded onto OKX's X-Layer 13. (November 4, 2025)
The crvUSD credit line for Yield Basis was approved with 96.94% of votes in favor, following a proposal by Michael Egorov to pre-mint 60 million crvUSD to begin operating Yield Basis 14 2. (September 24, 2025)
A proposal to increase the Yield Basis credit line from 60 million to 300 million crvUSD passed with 100% of votes in favor, after founder Michael Egorov confirmed all audit findings had been addressed 15 16. (October 14, 2025)
A proposal to pause crvUSD LP markets on FiRM (scrvUSD/sDOLA, yv-scrvUSD/sDOLA, scrvUSD/DOLA, and yv-scrvUSD/DOLA) was rejected with 100% of votes against it 17. (October 16, 2025)
A proposal to mint and lend crvUSD to the sreUSD lending market passed with 100% of votes in favor 18. (October 27, 2025)