crvUSD CRVUSD
Curve Finance
crvUSD is Curve's decentralized stablecoin using the novel LLAMMA (Lending-Liquidating AMM Algorithm), which performs gradual collateral liquidations instead of cliff-edge liquidations.
Curve DAO
- Country of origin
- Decentralized
- Jurisdiction
- On-chain DAO governance
- Founded
- Jan 1, 2020
- Structure
- dao
- Michael Egorov Founder · since 2020
Timeline
- May 17, 2023crvUSD launches on Ethereum
First market: sfrxETH; LLAMMA algorithm goes live.
- Jan 20, 2024Multiple new collateral markets
wstETH, WBTC and ETH markets bring TVL to USD 100M+.
- Jul 30, 2024Egorov liquidation event
Curve founder's CRV-backed loan stress-tested crvUSD's LLAMMA; system held without breaking the peg.
Backing
Mechanism and reserves
Backing
Over-collateralized with major crypto assets: wstETH (largest), WBTC, ETH, sfrxETH, tBTC. Each market has its own LLAMMA contract with parametric soft-liquidation curves.
Mint / redeem
Permissionless: borrowers lock collateral and mint crvUSD against it. Liquidations happen gradually as collateral price falls through a 'soft-liquidation' band.
- On-chain (Curve subgraph) · Real-time View proof →
Reserve composition
- wstETH market 41.2%
- WBTC market 28.5%
- sfrxETH market 17.6%
- ETH market 8.4%
- tBTC market 4.3%
Networks and deployments
Real-world use
- ›Leveraged exposure to LSTs (wstETH, sfrxETH)
- ›Curve DAO yield strategies
- ›DeFi-native stablecoin lending
Regulation and compliance
DAO governance excludes EMT authorization.
- !The Egorov CRV-backed loan situation in 2023-2024 highlighted governance-token concentration risk near Curve.
Specific risks
- ● Smart-contract risk in LLAMMA
- ● Oracle dependency for collateral pricing
- ● Lower liquidity than major stablecoins
Compare with
Resources
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How crvUSD fits in
This page is a structured snapshot of crvUSD as of 2026-05-31. For deeper analysis, see related blog posts on the blog index.