Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin. At least this much: 1 of 2 chains read
Share of total stablecoin supply
#28 of 99 issuers by supply
Stablecoins minted
median issuer: 1
Chains
read onchain, #77 of 99 issuers; 2 with material supply
Share of supply in lending
lower bound; above the median issuer (3.2%)
Founded
Curve Finance is a decentralized exchange and DeFi protocol whose smart contracts mint crvUSD, an overcollateralized USD-pegged stablecoin, against crypto collateral such as ETH and BTC using its LLAMMA soft-liquidation mechanism.
Curve Finance's stablecoin is minted by smart contracts that a DAO governs. Borrowers mint crvUSD against crypto collateral. Curve's developer docs describe it as a decentralized design which the Curve DAO governs, and adding a new collateral type needs DAO approval.
Who is behind it
Curve started in early 2020 as a decentralized exchange for assets that trade at similar prices. Its founder, Michael Egorov, published the StableSwap whitepaper in late 2019. The CRV governance token and the DAO were deployed in August 2020. Holders who lock CRV receive veCRV, which carries voting power and directs CRV emissions.
The software developer
Swiss Stake AG, an IT firm headquartered in Zug, first developed Curve and still maintains its software. In December 2025 Swiss Stake AG proposed a DAO grant of 17.45 million CRV to fund its 25-member team for the 12 months from January 2026. The work listed in that proposal included continued development of crvUSD and its lending systems.
Sources: Curve News: Curve Finance, the rise of the home of stablecoins, Curve technical docs: Curve Stablecoin overview (crvUSD), Curve governance forum: Funding proposal for Swiss Stake AG, Grant Proposal 2026 (14 December 2025, archived copy), Zefix, Swiss commercial register: Swiss Stake AG, Zug (CHE-482.934.709), Michael Egorov, StableSwap whitepaper (November 2019)
crvUSD is Curve Finance's only stablecoin.
crvUSD's supply, counted once across its chains.
Supply of every coin of the Curve Finance protocol, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$156.1M
Read on 1 chain, in the total
Ethereum100%$156.1MIn DIA's latest read, crvUSD sits 14 bps below its USD peg. crvUSD's typical daily move over the last 90 days was 5.1 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | Today | 90d | Largest | Attestation |
|---|---|---|---|---|
 crvUSDUSD | −14 bps (−0.14%) | 5.1 bps | −193 bps (−1.93%) | Onchain collateral |
$85.8M supplied to 26 lending markets on 4 protocols. That is 4.0% of its onchain supply; the median across 44 issuers in lending markets is 3.2%. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every Curve Finance coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins of the Curve Finance protocol, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$85.8M
supplied to 26 lending markets on 4 protocols
52%
Borrowed
share of supplied stablecoins now on loan
0.97%
Average supply APY
weighted by the balance in each market
99.8%$85.6MEthereumcrvUSD / sreUSD$62.2M0.19%41%EthereumcrvUSD / sUSDe$5.7M3.43%81%EthereumcrvUSD / sfrxUSD$5.5M2.95%79%EthereumcrvUSD / wstETH$3.7M4.54%82%EthereumcrvUSD / WBTC$3.3M4.42%83%EthereumcrvUSD / CRVNo withdrawable balance$2.9M<0.01%100%EthereumcrvUSD / WETH$1.4M1.88%68%EthereumcrvUSD / fxSAVE$340K2.20%59%EthereumcrvUSD / sDOLA$305K<0.01%20%EthereumcrvUSD / WETH$83K0.94%46%EthereumcrvUSD / UwUNo withdrawable balance$54K<0.01%100%EthereumcrvUSD / tBTC$50K6.28%68%EthereumcrvUSD / tBTC$27K0.08%<1%EthereumcrvUSD / ynETH$25KEthereumcrvUSD / sFRAX$11K5.34%32%EthereumcrvUSD / USDe$9K1.67%4%EthereumcrvUSD / ynETHx$4KEthereumcrvUSD / sUSDS$3K1.93%62%EthereumcrvUSD / sDOLA$3K4.04%10%EthereumcrvUSD / wstUSRNo withdrawable balance$2K<0.01%100%EthereumcrvUSD / RCH$2KEthereumcrvUSD / pufETHNo withdrawable balance$1K41.41%100%EthereumcrvUSD / ycvxCRV$1K<1%$171KEthereumcrvUSD$171K0.68%44%<1%$34KEthereumcrvUSD$34K<1%$3KEthereumcrvUSD / stkcvxcrvUSDETHCRV-morpho$3KEthereumin 26 lending markets100.0%$85.8MEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
4.0%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Above the median issuer (3.2%)
A protocol or DAO with no issuing legal entity, where the absence of a licence is the design rather than a gap in our records.
Curve publishes no reserve attestation for crvUSD. The backing is crypto collateral held in public contracts, and Curve's prices API reports it market by market.
Collateral in the mint markets
On 2 October 2026 the API listed 9 crvUSD mint markets on Ethereum. Together they held about $159 million of collateral against about $74 million of crvUSD debt. wstETH was the largest market, with about $62 million of collateral, followed by WBTC at about $48 million. The other collateral types were cbBTC, tBTC, weETH, WETH, sfrxETH and LBTC.
Pre-minted supply
PegKeepers are contracts that hold pre-minted crvUSD. Each is tied to a pool of crvUSD and another fiat-redeemable USD stablecoin. A PegKeeper deposits crvUSD when the price is above $1 and withdraws it when the price is below. Curve's docs say pre-minted crvUSD that is not deposited anywhere should count as out of circulation. Curve's own API reported a total supply of about 231.4 million crvUSD on 2 October 2026.
Sources: Curve prices API: crvUSD markets on Ethereum, Curve technical docs: PegKeepers overview, Curve API: crvUSD total supply, Curve Knowledge Hub, audits and security reports
The Curve protocol mints one stablecoin, crvUSD, pegged to the US dollar. It launched on 14 May 2023. Users mint it by opening an overcollateralized loan against crypto assets. Loan-to-value ratios go up to 91%.
Each market runs its own LLAMMA contract. LLAMMA rebalances collateral between the deposited asset and crvUSD as prices move, and it handles liquidation. Curve calls this soft liquidation. Holders can deposit crvUSD in scrvUSD, a savings vault paid from borrower interest, which launched about six months before May 2025. The map covers crvUSD on Ethereum.
Sources: Curve News: crvUSD 2 years on, Curve technical docs: Curve Stablecoin overview (crvUSD)
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated