Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlescrvUSD (Curve)
Curve USD (crvUSD) is a crypto-collateralized stablecoin tracking the US dollar, created by the Curve protocol. It has no single legal issuer. It is not on ESMA’s list of e-money tokens authorized under MiCA.
- Ticker
- crvUSD
- Pegged to
- US dollar
- Type
- Crypto-collateralized
- E-money token under MiCA
- No
- Transparency page
- docs.curve.finance
- Checked on
Over-collateralized loans against crypto collateral approved by the Curve DAO, such as WETH, wstETH, WBTC and cbBTC, managed by soft-liquidation markets. PegKeeper contracts support the peg. Reserve reporting: on-chain.
There is no issuer to redeem with. crvUSD is borrowed against collateral, and repaying the loan returns the collateral. Curve lists one network where the token is issued natively: Ethereum.
- Token name
- Curve USD
- Brand
- Curve
- Reserves
- Over-collateralized loans against crypto collateral approved by the Curve DAO, such as WETH, wstETH, WBTC and cbBTC, managed by soft-liquidation markets. PegKeeper contracts support the peg.
- Reserve reporting
- On-chain
- Redemption
- There is no issuer to redeem with. crvUSD is borrowed against collateral, and repaying the loan returns the collateral.
- Networks (native issuance)
- Ethereum
- Number of networks
- 1
- Website
- curve.finance
- Sources
Page URL Curve docs: crvUSD token https://docs.curve.finance/developer/crvusd/ Curve docs: crvUSD overview https://docs.curve.finance/developer/crvusd/overview Curve docs: Controller https://docs.curve.finance/developer/crvusd/controller Curve docs: PegKeepers overview https://docs.curve.finance/developer/crvusd/pegkeepers/overview Curve docs: LLAMMA explainer https://docs.curve.finance/developer/crvusd/llamma-explainer Curve docs: Monetary policy overview https://docs.curve.finance/developer/crvusd/monetary-policy/overview ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
