crvUSD (Curve USD) is Curve Finance's decentralized, overcollateralized US-dollar stablecoin, minted by borrowing against crypto collateral.
Key Data
| Backing | Overcollateralized by DAO-approved crypto collateral (e.g. ETH, ETH liquid-staking tokens, wrapped Bitcoin). |
| Redemption | Borrowers repay crvUSD to reclaim their collateral; there is no fiat redemption and no fixed minimum. Peg support operates through borrow-rate adjustment and Peg Keeper contracts. |
| Peg Currency | USD |
| Launched | 2023 |
Supported Networks
Cross-Chain Supply ($220M total)
Mint / Burn Mechanism
Minted by overcollateralized borrowing against DAO-approved collateral; burned when borrowers repay their debt.
Use Cases
Overview
crvUSD is a US-dollar-pegged stablecoin issued by Curve Finance. It is created through overcollateralized borrowing: users lock DAO-approved crypto collateral and mint crvUSD against it, rather than depositing fiat with a central issuer.
How It Works
crvUSD uses a lending-and-liquidation design known as LLAMMA, which liquidates collateral gradually across a price range instead of at a single liquidation price. Peg stability is managed through an automatic borrow-rate mechanism and Peg Keeper contracts that expand or contract supply as the market price moves around one dollar.
Reserve Backing
crvUSD is not backed by fiat reserves. It is overcollateralized by crypto assets approved through Curve DAO governance, which have included ETH, ETH liquid-staking tokens, and wrapped Bitcoin. Because the backing is on-chain collateral rather than off-chain reserves, there is no fiat reserve attestation.
Supported Networks
crvUSD is available on Ethereum and a range of additional networks, with minting anchored on Ethereum.
Other USD Stablecoins
Profile compiled from issuer disclosures, regulatory filings, press releases, and financial media. Market and on-chain data sourced directly or via third-party providers. See methodology.