crvUSD
Stablecoin Profile
crvUSD (crvUSD) is a crypto-collateralised stablecoin: users mint crvUSD by locking other crypto assets as over-collateral, with $252.4M currently in circulation across 12 blockchain networks. The USD peg is maintained through liquidation auctions when collateral value falls below required thresholds. Price feed sourced via defillama.
About crvUSD (crvUSD)
crvUSD is a collateralized-debt-position (CDP) stablecoin pegged to the US Dollar
Users deposit collateral to borrow crvUSD
Issuer & attestation
crvUSD (crvUSD) is issued by Curve Finance, operating under Decentralised protocol governed by veCRV holders. Originally launched in 2023.
Reserve composition
Crypto-backed stablecoin using the LLAMMA (Lending-Liquidating AMM) mechanism. Collateral types include ETH, wstETH, sfrxETH, and WBTC.
Reserve attestation reports
Issuer information is compiled from public disclosures, NYDFS / BMA regulatory filings, and primary-source attestation reports. Always verify directly with the issuer before making decisions.
Recent supply activity
crvUSD (crvUSD) supply expanded by $9.6M (+3.95%) in the last 24 hours, expanded by $1.3M (+0.53%) over the past week, and contracted by $24.2M (-8.76%) over the past 30 days.
Supply contraction: net redemptions have driven circulating supply down 8.76% in the past month, signaling capital rotation or deleveraging.
Supply History
Network distribution
crvUSD circulates across 12 blockchain networks. Ethereum hosts the largest share at 98.50%, followed by Arbitrum at 0.72%. Cross-chain distribution has remained broadly stable over the past 30 days.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | $248.7M | 98.50% | +4.01% | -8.57% |
| Arbitrum | $1.8M | 0.72% | 0.00% | -11.82% |
| Fraxtal | $699.4K | 0.28% | +3.64% | -28.70% |
| OP Mainnet | $636.4K | 0.25% | 0.00% | -24.75% |
| Base | $434.3K | 0.17% | 0.00% | -23.59% |
| Taiko | $158.2K | 0.06% | 0.00% | -20.21% |
| Sonic | $17.5K | 0.01% | 0.00% | +20.77% |
| Polygon | $9.9K | 0.00% | 0.00% | -58.87% |
| Gnosis | $5.9K | 0.00% | 0.00% | 0.00% |
| ZKsync Era | $3.3K | 0.00% | 0.00% | 0.00% |
| BSC | $604 | 0.00% | 0.00% | 0.00% |
| Waves | $36.1 | 0.00% | 0.00% | 0.00% |
Peg stability history
As a crypto-collateralised stablecoin, crvUSD (crvUSD) maintains its 1.00 USD target by holding excess on-chain collateral and routing redemptions through automated liquidation auctions. Spot price is currently $0.9996 (-0.044%); short-term excursions are normal in this range are typically arbitraged away within hours via the protocol's open mint/redeem mechanics.
How crypto-collateralised stablecoins defend their peg
Crypto-collateralised stablecoins like this one over-collateralise positions — borrowers must lock more than $1.00 of crypto for each $1.00 of stablecoin minted. If collateral value falls below the required ratio, the position is automatically liquidated in an open Dutch auction. Arbitrageurs can always mint and redeem against the protocol's contracts, which keeps the secondary-market price tightly bounded around $1.00. The main residual risks are sudden crypto-collateral crashes that outpace the liquidation engine, and oracle failure.
Practical implications for holders
- Collateral volatility is the dominant risk: a fast drawdown in the collateral asset can outpace liquidation auctions and leave the protocol under-collateralised.
- Oracle risk: the protocol relies on price feeds (typically Chainlink or a multi-oracle setup). Oracle manipulation or delay during volatile markets has historically caused peg excursions.
- Governance risk: parameter changes (collateral types, liquidation ratios, debt ceilings) are decided by token-holder votes. Sudden governance attacks remain a tail risk.
- On-chain transparency is a major advantage — collateral is verifiable 24/7 without trusting an attestor.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (crypto-collateralised) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
crvUSD (crvUSD) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0xf939e0a03fb07f59a73314e73794be0e57ac1b4e | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare crvUSD to other crypto-collateralised stablecoins
Below are the largest crypto-collateralised stablecoins tracked on Mantapex alongside crvUSD (crvUSD). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Sky Dollar (USDS) | $8.4B | crypto-backed | 6 |
| Ethena USDe (USDe) | $5.9B | crypto-backed | 23 |
| Dai (DAI) | $4.6B | crypto-backed | 48 |
| Falcon USD (USDf) | $1.6B | crypto-backed | 2 |
| USDD (USDD) | $1.1B | crypto-backed | 4 |
Across mechanism classes
If you're researching crvUSD as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Peg Stability
Chain Distribution
Resources & data sources
crvUSD (crvUSD) is tracked across major crypto data providers. The links below open crvUSD (crvUSD)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent crvUSD news
Latest reporting from major crypto news outlets covering crvUSD.
- Crypto Economy
Curve DAO greenlights $60M crvUSD credit for Bitcoin liquidity pools
TL;DR Credit Line: Curve DAO approved a $60M crvUSD credit for Yield Basis to launch Bitcoin pools capped at $10M each. Community Pushback: Critics warned of risks, incomplete…
- Cointelegraph
Curve DAO supports $60M in crvUSD credit for new protocol
A DAO member flagged risks and transparency issues, but Curve founder Michael Egorov said audits and safeguards address them.
- Blockworks
Curve debates 60M crvUSD pre-mint for Yield Basis amid governance pushback
Supporters call the proposal a credit line to scale crvUSD, but critics warn it could set a dangerous precedent
- The Cryptonomist
Curve Finance launches the stablecoin “Savings crvUSD”: a new step for DeFi
The DeFi platform Curve Finance has announced the launch of a new stablecoin called "Savings crvUSD" (scrvUSD).
- Cointelegraph
Curve Finance launches 'Savings crvUSD' yield-bearing stablecoin
Ensuring that decentralized finance platforms and networks do not remain siloed is a key hurdle for DeFi applications to overcome.
- Crypto Economy
Curve Finance Seeks to Limit TUSD and PYUSD in crvUSD's Collateral Portfolio
TL;DR Proposal to Remove TUSD: Curve Finance is considering removing TrueUSD (TUSD) from crvUSD's collateral due to regulatory issues and concerns about TUSD's stability. Limiting…
- Crypto Briefing
Curve Finance considers dropping TrueUSD from crvUSD collateral
Curve Finance's potential removal of TUSD as collateral underscores the DeFi sector's need for robust risk management and regulatory adaptability. The post Curve Finance considers…
- Cointelegraph
Curve mulls dropping TUSD as crvUSD backing after SEC charges
The regulator alleged TUSD was 99% backed by a risky offshore fund, raising concerns about using TUSD to back Curve's stablecoin.
Related stablecoins
Stablecoins comparable to crvUSD by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other crypto-backed stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.