crvUSD is a crypto-backed US dollar stablecoin issued by Curve Finance. It has about $220M in circulation, ranking #30 among the stablecoins CoinScoop tracks, and runs on 12 blockchains.
What is crvUSD?
crvUSD is a crypto-backed US dollar stablecoin issued by Curve Finance. It has about $220M in circulation, ranking #30 among the stablecoins CoinScoop tracks, and runs on 12 blockchains.
In the issuer's words: crvUSD is a collateralized-debt-position (CDP) stablecoin pegged to the US Dollar.
crvUSD supply history
crvUSD supply fell 13.6% over the past 30 days, to $220M. Its peak was $376M in December 2025, and supply is 42% below that high.
Is crvUSD holding its peg?
crvUSD is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where crvUSD lives: supply by blockchain
Supply is concentrated: Ethereum holds 99% of all crvUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How crvUSD is backed
crvUSD is backed by over-collateralised crypto with Curve's soft-liquidation (LLAMMA) mechanism.
Minting and redemption: Users deposit collateral to borrow crvUSD.
Reserve reports and audits: docs.curve.fi
crvUSD risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
crvUSD vs USDT and USDC
Similar crypto-backed stablecoins
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crvUSD FAQ
What is crvUSD?
crvUSD is a crypto-backed US dollar stablecoin issued by Curve Finance. It has about $220M in circulation, ranking #30 among the stablecoins CoinScoop tracks, and runs on 12 blockchains.
Is crvUSD pegged 1:1 to the US dollar?
crvUSD targets 1 USD. At the last update it traded at $0.9987, a deviation of -0.13%, which we classify as "on peg".
What backs crvUSD?
crvUSD is a crypto-backed stablecoin. Over-collateralised crypto with Curve's soft-liquidation (LLAMMA) mechanism.
Which blockchains is crvUSD on?
crvUSD is live on 12 blockchains. The largest by supply are Ethereum ($218M), Arbitrum ($1.1M), OP Mainnet ($583K).
How much crvUSD is in circulation?
About $220M of crvUSD was in circulation at the last update, -13.6% over 30 days. That makes it the #30 stablecoin by supply among those we track.
Does crvUSD pay interest?
No. crvUSD does not pay yield to holders directly. Any interest earned on its reserves goes to the issuer. Some platforms offer rewards for holding it, but those are paid by the platform, not by crvUSD.
Is crvUSD safe?
No stablecoin is risk-free. As a crypto-backed design, crvUSD's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.