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Issued by Curve Finance
Market cap
DIA price
Total supply
Holders
2.1B crvUSDunissued
Supply exists onchain that the issuer states is not in circulation.
94,884holders
Measured on Ethereum. Shares are of the Ethereum supply, not the multi-chain total.
$0since Fri, Aug 28 UTC
Change in the supply DIA reads across this coin’s chains, between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Market data · CoinGecko
Market data · CoinGecko
Circulating supply · DeFiLlama
Aggregator figure, not a contract read. DIA’s own onchain supply is the separate series below.
Percentage change in crvUSD's circulating supply as reported by DeFiLlama, measured against that source's own past. It is not a change in the onchain supply above, which DIA reads from the contracts directly and which is a different measurement of the same coin. A dash means the map has no reading close enough to the start of the window, a stretch inside it where supply was not reported at all, or a starting figure too small for a percentage to describe. Hover a dash for which.
$186K
deployed across 2 markets on 2 protocols
Lower bound: crvUSD's balance inside lending markets DIA reads on-chain directly. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
DIA price
$0.9999
Peg deviation
-1 bps
Peg currency
USD
Launched
Primary use
—
Last snapshot
Fri, Sep 4 UTC
Every crvUSD starts as a loan. A borrower locks crypto collateral in a Curve market and draws crvUSD against it. Curve Finance calls it "a fully decentralized, censorship-resistant, and un-freezable USD stablecoin created by Curve", and adding a new collateral type needs Curve DAO approval.
Nine mint markets ran on Ethereum, taking WETH, WBTC, wstETH, sfrxETH, tBTC, cbBTC, weETH and LBTC as collateral. WBTC and wstETH carried the largest debt of the nine.
Liquidation by AMM
Curve replaced the liquidation auction with LLAMMA, an AMM that spreads a borrower's collateral across 4 to 50 price bands. When the collateral price enters that range, "the LLAMMA starts selling the collateral asset for the borrow asset". Hard liquidation happens only once loan health falls to zero. crvUSD tracks the US dollar, and the registry files it as a global crypto-backed stablecoin.
Sources: Curve Knowledge Hub, crvUSD token page, Curve Knowledge Hub, LLAMMA explainer, Curve prices API, crvUSD mint markets on Ethereum
What stands behind the token
No cash reserve exists and no attestation is published, because there are no off-chain assets to attest to. The collateral sits in Curve's own contracts and is readable on chain. Across the nine Ethereum mint markets, borrowers had drawn about $39 million of debt against roughly $75 million of collateral. Debt ceilings across those markets total about $720 million, so most of the approved capacity is undrawn. The same collateral types appear across the DeFi vault and lending map.
Why total supply reads 2.10 billion
DIA's registry records about 2.10 billion crvUSD in the Ethereum contract and about $246 million circulating. Curve's documentation says calling the token's totalSupply "returns an inflated number". crvUSD is minted into Controllers, PegKeepers and the FlashLender before anyone borrows it, and Curve excludes "idle crvUSD in PegKeepers", "unborrowed crvUSD in Controllers" and "crvUSD allocated to the FlashLender or other venues" from circulating supply. Its StablecoinLens contract computes the real figure by summing PegKeeper debt and the total debt of each Controller. Minted crvUSD that nobody has borrowed is owed by nobody.
Sources: Curve Knowledge Hub, StablecoinLens and crvUSD circulating supply, Curve Knowledge Hub, PegKeepers overview, Curve prices API, crvUSD mint markets on Ethereum (debt, collateral, debt ceilings), Blockscout token API, crvUSD Ethereum contract total supply
Rates first
Curve's monetary policy contract raises the borrow rate as crvUSD trades below a dollar and lowers it above. The formula also carries a debt-fraction term, and version 4 "uses an EMA of the debt ratio instead of the raw value and adjusts rates per-market based on debt ceiling utilization".
PegKeepers second
A PegKeeper holds pre-minted crvUSD paired against another stablecoin in a Curve pool. Above a dollar it deposits crvUSD into the pool. Below a dollar it burns its LP tokens and withdraws crvUSD from the pool. PegKeeper pools pair crvUSD with USDC, USDT, USDP, TUSD, PYUSD, GHO, USDM and frxUSD.
One PegKeeper was carrying debt when this page was written, about $29 million deposited into the crvUSD/USDT pool. Curve's risk page states the dependency that creates: "a dependency on the Reserve counterparty assets that determines the stability of the crvUSD peg". DIA priced crvUSD at $0.9989.
Sources: Curve Knowledge Hub, PegKeepers overview, Curve Knowledge Hub, crvUSD monetary policy overview, Curve prices API, crvUSD PegKeepers on Ethereum, Curve Knowledge Hub, crvUSD risks
The main first-party destination for idle crvUSD is scrvUSD, which Curve describes as "a savings version of crvUSD". It is an ERC-4626 vault built on Yearn's VaultV3 contract. Deposited crvUSD stays idle inside the contract rather than being routed into strategies, so depositors can redeem at any time.
The yield comes from crvUSD borrowing interest, not from treasuries. A FeeSplitter contract sends a share of protocol fees to a RewardsHandler, which distributes them to scrvUSD holders. That share is dynamic and tracks the proportion of total circulating crvUSD sitting in the vault, within a minimum and maximum bound. Borrower demand therefore sets the savings rate.
What the audit recorded
ChainSecurity published a code assessment of the Curve Stablecoin smart contracts dated February 21, 2025. It recorded 1 critical, 3 high, 19 medium and 42 low severity findings. The critical finding and all three high findings were corrected. Four medium and fifteen low findings were marked risk accepted. The report says "solvency issues remain because Bad debt is not socialized in the lending vaults", rates the security of oracles as "improvable", and notes that "the unpermissioned nature of factory contracts allows anybody to create lending markets with arbitrary parameters".
What Curve tells its own users
Curve's risk page lists oracle distortions that "have the potential to result in missed or excessive liquidations", borrow rates that "may change dramatically in response to changing market circumstances", and the PegKeeper counterparty dependency. It describes the infrastructure as "inherently experimental" and tells users to anticipate "partial or complete loss of funds".
Sources: ChainSecurity, Code Assessment of the Curve Stablecoin Smart Contracts, 21 February 2025 (PDF), Curve Knowledge Hub, crvUSD risks, Curve Knowledge Hub, security and audit list
What the map reads
The Global Stablecoin Map tracks crvUSD at a single contract, on Ethereum, at 0xf939E0A03FB07F59A73314E73794Be0E57ac1b4E. It holds about 2.10 billion crvUSD of contract supply, about $246 million circulating, a price of $0.9989 and roughly 94,800 holders. A block explorer read of the same contract returns the same total supply and holder count. Other coins sit alongside it in the stablecoin explorer.
What it does not read
The registry flags the supply gap with an unissued-overhang caveat, so the 2.10 billion figure is contract supply and not float. Curve's lending API lists crvUSD vaults on Arbitrum, Optimism, Fraxtal and Sonic alongside Ethereum, and the map's supply figure covers Ethereum only. Borrower collateral, band positions and loan health sit in the LLAMMA and Controller contracts, which the map does not read.
Sources: Blockscout token API, crvUSD Ethereum contract supply and holders, Curve API, lending vaults across all chains, Curve Knowledge Hub, StablecoinLens and crvUSD circulating supply
Overcollateralized crypto locked in Curve's mint markets. Nine Ethereum markets take WETH, WBTC, wstETH, sfrxETH, tBTC, cbBTC, weETH and LBTC as collateral, and borrowers had drawn about $39 million of debt against roughly $75 million of collateral. There is no cash reserve and no reserve attestation, because nothing is held off chain.
crvUSD is minted into Controllers, PegKeepers and the FlashLender before anyone borrows it. Curve's documentation says calling the token's totalSupply returns an inflated number, and its StablecoinLens contract computes circulating supply by summing PegKeeper debt and the total debt of each Controller. Minted crvUSD that nobody has borrowed is owed by nobody.
Two mechanisms. The monetary policy contract raises the borrow rate when crvUSD trades below a dollar and lowers it above. PegKeepers hold pre-minted crvUSD paired against another stablecoin in a Curve pool, depositing above a dollar and withdrawing below it. Curve's own risk page names the resulting dependency on the reserve counterparty assets.
ChainSecurity published a code assessment of the Curve Stablecoin smart contracts dated 21 February 2025, recording 1 critical, 3 high, 19 medium and 42 low severity findings. The critical finding and all three high findings were corrected. Four medium and fifteen low findings were marked risk accepted.
0xf939E0A0…57ac1b4EExplorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
0xf939e0a0…57ac1b4emint(address,uint256)Read from the deployed contract. “Not determined” means the contract’s full function set could not be enumerated, not that the capability is absent: a bytecode scan can confirm that a function exists and can never prove that one does not.