crvUSD

crvUSD (CRVUSD) is a decentralized stablecoin pegged to the US dollar and issued by Curve Finance, one of DeFi's most established exchanges. Unlike fiat-backed stablecoins, crvUSD is minted against crypto collateral using a collateralized-debt-position (CDP) model, giving users a way to borrow dollars against assets they already hold. It ranks around 178 by market capitalization.

What is crvUSD?

crvUSD is Curve's native over-collateralized stablecoin. Users lock supported crypto assets as collateral and mint crvUSD against them, effectively taking out a dollar-denominated loan while keeping exposure to their collateral. The token aims to hold a steady value of one US dollar and is used across DeFi as a stable unit of account, a medium of exchange, and a building block for liquidity.

How does crvUSD work?

crvUSD's standout feature is its liquidation engine, known as LLAMMA (a lending-liquidating AMM algorithm). Instead of liquidating a borrower's entire position at once when collateral falls, LLAMMA gradually converts collateral into crvUSD as prices drop and converts it back as prices recover. This "soft liquidation" softens the impact of market swings and reduces the chance of a sudden, total wipeout of a borrower's collateral.

• Minted against crypto collateral via a CDP model
• Targets a stable value of one US dollar
• Uses LLAMMA for gradual, soft liquidations
• Deployed across Ethereum, BNB Chain, Polygon, and Gnosis

A peg-keeping mechanism helps balance supply and demand so crvUSD stays close to its dollar target.

crvUSD tokenomics and supply

crvUSD has no fixed maximum supply because it is minted and burned on demand: supply expands when users borrow and contracts when they repay. Circulating and total supply currently sit at roughly 187.7 million CRVUSD, and that figure moves with borrowing activity across Curve's markets.

As a stablecoin, crvUSD is designed to stay near $1 rather than appreciate. Its all-time high was about $1.11 and its all-time low near $0.95, showing that even well-designed CDP stablecoins can experience short-lived deviations from the peg during volatile periods.

What is crvUSD used for?

crvUSD is used to borrow dollars against crypto collateral without selling, to provide stable liquidity in DeFi pools, and as a dependable unit for trading and yield strategies within the Curve ecosystem and beyond. Its deep integration with Curve's exchange infrastructure makes it especially useful for efficient stablecoin swaps.

Where to buy crvUSD

You can mint crvUSD directly through Curve by depositing collateral, or acquire it on decentralized exchanges across its supported networks. Our best crypto exchanges ranking can help you find liquid venues, and a self-custody wallet from our best crypto wallets guide lets you manage your positions safely.

Is crvUSD a good investment?

This is not financial advice. crvUSD is built to be stable, not to grow in value, so it is better viewed as a tool than a growth asset. Risks include smart-contract vulnerabilities, collateral volatility, and rare de-peg events, as its price history shows. If you borrow against collateral, monitor your position closely to manage liquidation risk, and never take on more leverage than you can comfortably handle.