crvUSD (Curve USD) is Curve Finance's decentralized, overcollateralized US-dollar stablecoin, minted by borrowing against crypto collateral.
| Symbol | crvUSD |
| Peg | USD |
| Backing | Crypto backed |
| Status | Active |
| Launched | 2023 |
| Networks | L1 EVM Ethereum, Gnosis, Polygon, Sonic L2 Arbitrum, Optimism, Base, X-Layer, Taiko, Ink, Etherlink |
| Specifications | 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. KYC required No |
| Use cases | DeFi collateral, Trading, Payments |
| Mint and redeem | Minted by overcollateralized borrowing against DAO-approved collateral; burned when borrowers repay their debt. |
| Chain | Address |
|---|---|
| Arbitrum One | 0x498bf2b1e120fed3ad3d42ea2165e9b73f99c1e5 |
| Base | 0x417ac0e078398c154edfadd9ef675d30be60af93 |
| Binance Smart Chain | 0xe2fb3f127f5450dee44afe054385d74c392bdef4 |
| Ethereum | 0xf939e0a03fb07f59a73314e73794be0e57ac1b4e |
| Fraxtal | 0xb102f7efa0d5de071a8d37b3548e1c7cb148caf3 |
| Optimistic Ethereum | 0xc52d7f23a2e460248db6ee192cb23dd12bddcbf6 |
| Polygon PoS | 0xc4ce1d6f5d98d65ee25cf85e9f2e9dcfee6cb5d6 |
| Taiko | 0xc8f4518ed4bab9a972808a493107926ce8237068 |
| xDai | 0xabef652195f98a91e490f047a5006b71c85f058d |
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.
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.
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.
crvUSD is available on Ethereum and a range of additional networks, with minting anchored on Ethereum.
crvUSD (Curve USD) is Curve Finance's decentralized, overcollateralized US-dollar stablecoin, minted by borrowing against crypto collateral.
Overcollateralized by DAO-approved crypto collateral (e.g. ETH, ETH liquid-staking tokens, wrapped Bitcoin).
crvUSD is recorded on 11 networks, including Ethereum, Gnosis, Polygon, Sonic, Arbitrum, Optimism.
crvUSD has a market capitalization of $214M as of 11 October 2026.