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
<0.1% of USD stablecoin supply · 28th of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
51st of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
8th of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Convex · 3.01% base, 2.41% rewards
crvUSD is a USD stablecoin minted by the Curve Finance protocol's smart contracts, with no central issuer, launched on 14 May 2023.
Curve Finance launched crvUSD on 14 May 2023 and describes it as un-freezable, controlled by smart contracts and the Curve DAO. Its LLAMMA mechanism runs soft liquidations rather than sudden ones, at loan-to-value ratios up to 91%. The Ethereum contract holds about 2.10 billion crvUSD, most of it minted into Curve's own contracts and never borrowed. Debt actually drawn came to about $107 million on 2 October 2026: $74 million across nine Ethereum mint markets and $33.75 million deposited by PegKeepers.
Every crvUSD starts as a loan. A borrower locks crypto collateral in a Curve market and draws crvUSD against it.
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, 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, Curve News, crvUSD: 2 Years On (launch date, LLAMMA soft liquidation, 91% LTV), Curve Knowledge Hub, StablecoinLens and crvUSD circulating supply, Curve prices API, crvUSD PegKeepers on Ethereum (PegKeeper debt), Blockscout token API, crvUSD Ethereum contract total supply
How much crvUSD is in circulation, which chains carry it and who holds it.
The circulating figure follows Curve's own definition, the one behind Curve's published crvUSD supply. It is the crvUSD that has been borrowed and not repaid: the debt of every Curve mint market, plus PegKeeper debt, plus the debt of the Yield Basis markets. crvUSD that the factory minted but nobody has borrowed is left out. That covers balances in market controllers and PegKeepers, the FlashLender's idle balance, and the Yield Basis allocation not yet drawn. The contract's total supply is much higher for that reason (about $2.1B on 2026-10-05 against $229M circulating).
Figures before 2026-10-05 use a gross balance basis, so the series steps down at that date.
DeFiLlama counts material supply on Arbitrum ($1.1M), which DIA does not read yet. The figure above leaves that chain out, so it is a floor, and supply growth over 30 days or longer is not shown.
The total is circulating supply: 2.1B crvUSD read from the contracts, less 2.0B crvUSD that Curve holds unissued in its own treasury wallets on Ethereum, read onchain in the same snapshot. Each chain row takes those wallets off the chain that holds them. The supply chart draws contract supply, which still includes the treasury.
Supply exists onchain that the issuer states is not in circulation.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads of contract supply, the chart’s line, which includes the issuer treasury. Each figure is the change in contract supply across crvUSD’s chains between two daily snapshots. Circulating supply is not used for these windows. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
158.4M crvUSDunissued
<0.1% of all USD stablecoin supply, #28 of 70
Read on 1 chain. Not yet read on Arbitrum, so this is a floor.
Circulating. Excludes 2.0B crvUSD held unissued in Curve’s treasury.
All supply on Ethereum
Ethereum158.4M crvUSD · 100.0%Supply growth
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: Ethplorer.
96,196holders on Ethereum
8th of 43 USD stablecoins on Ethereum
| crvUSD | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 16.6% | 16.5% |
| Top 10 | 72.8% | 53.3% |
| Top 50 | 77.7% | 57.0% |
| Top 100 | 78.8% | 74.7% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
crvUSD's typical daily move over the last 90 days was 5.1 bps, steadier than 33 of 66 other USD stablecoins.
By default crvUSD sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much crvUSD's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
5.1 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, crvUSD's daily swings around $1 were smaller than those of 33 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 crvUSD | −8 bps (−0.08%) | 4.7 bps | 5.1 bps | −193 bps (−1.93%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
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.
On 2 October 2026 one PegKeeper carried debt, about $33.75 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".
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
$85.9M of crvUSD is supplied to 26 lending markets on 4 protocols, 4.0% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much crvUSD is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed crvUSD again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of crvUSD, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for crvUSD.
Both figures are averages across markets, weighted by how much crvUSD each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 100% of the balance report an APY.
Ranks and the median compare crvUSD with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$85.9M4.0% of supply
supplied to 26 lending markets on 4 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
52%
Borrowed
share of supplied crvUSD now on loan
0.95%
Average supply APY
weighted by crvUSD balance in each market
By protocol
99.8%$85.7MEthereumcrvUSD / sreUSD$62.2M0.19%41%EthereumcrvUSD / sUSDe$5.7M3.12%80%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$3K1.90%62%EthereumcrvUSD / sDOLA$3K4.03%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$3KcrvUSD in lending markets, by chain, largest first. The bar is each chain's share of crvUSD's lending balance.
Ethereumin 26 lending markets100.0%$85.9MAmong 41 USD stablecoins in lending markets
Top 5 crvUSD pools by TVL with a quoted APY, plus the best yield.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
1.96% | 2.89% | IncentiveStable | Ethereum | +1.76% | $62.2M | Lending | ||
1.18% | 2.11% | LP fees · IL riskStable | Ethereum | +0.00% | $54.8M | LP | ||
1.51% | 4.16% | LP fees · IL riskVolatile | Ethereum | +0.00% | $54.7M | LP | ||
0.12% | 1.64% | LP fees · IL riskVolatile | Ethereum | +0.00% | $36.4M | LP | ||
0.92% | 22.25% | LP fees · IL riskVolatile | Ethereum | +0.00% | $29.7M | LP | ||
5.42% | 5.67% | MixedStable | Ethereum | +2.41% | $14.2M | Lending |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
crvUSD in pool is crvUSD's own side of the pool, at its USD price. Pool liquidity counts both sides. Pool liquidity is left out where it is more than 10 times the crvUSD side, because a lookalike token priced wrongly can inflate it.
$152.8M of crvUSD sits in 27 DEX pools across 1 DEX.
| DEX | Pair | Chain | Pool liquidity | ▼crvUSD in pool | 24h volume |
|---|---|---|---|---|---|
| CRVUSD / WBTC | Ethereum | $54.8M | $32.1M | $0 | |
| cbBTC / crvUSD | Ethereum | $60.4M | $31.2M | $193.6K | |
| CRVUSD / TBTC | Ethereum | $36.2M | $21.1M | $0 | |
| cbBTC / crvUSD | Ethereum | $20.7M | $14.9M | $159.6K | |
| crvUSD / WETH | Ethereum | $29.4M | $14.7M | $104.0K | |
| frxUSD / crvUSD | Ethereum | $14.2M | $10.9M | $70.9K | |
| crvUSD / USDC | Ethereum | $12.1M | $9.2M | $1.4M | |
| crvUSD / USDT | Ethereum | $10.1M | $5.5M | $2.2M | |
| tBTC / crvUSD | Ethereum | $6.4M | $4.2M | $125.0K | |
| CRVUSD / WBTC | Ethereum | $5.7M | $2.9M | $0 | |
| tBTC / crvUSD | Ethereum | $2.9M | $1.4M | $146.4K | |
| PYUSD / crvUSD | Ethereum | $1.2M | $955.5K | $6.5K | |
| CRV / crvUSD | Ethereum | $1.7M | $838.0K | $350.6K | |
| GHO / crvUSD | Ethereum | $1.4M | $671.1K | $441.8K | |
| ZCHF / crvUSD | Ethereum | $738.3K | $361.8K | $36.9K | |
| sUSDe / crvUSD | Ethereum | $784.2K | $341.9K | $184.3K | |
| CRVUSD / CVCRVUSD | Ethereum | $764.6K | $333.4K | $0 | |
| VUSD / crvUSD | Ethereum | $568.0K | $291.4K | $198 | |
| YB / crvUSD | Ethereum | $574.0K | $282.8K | $27.0K | |
| USDe / crvUSD | Ethereum | $317.3K | $161.5K | $44.2K | |
| CJPY / crvUSD | Ethereum | $263.7K | $122.2K | $297 | |
| pmUSD / crvUSD | Ethereum | – | $93.7K | $664 | |
| crvUSD / WETH | Ethereum | $157.4K | $79.0K | $1.1K | |
| FRAX / crvUSD | Ethereum | $230.8K | $40.3K | $3.1K | |
| RCH / crvUSD | Ethereum | $63.6K | $32.0K | $157 | |
| PROS / crvUSD | Ethereum | $60.2K | $29.9K | $960 | |
| VUSD / crvUSD | Ethereum | $29.8K | $15.7K | $21 |
crvUSD is designed to be backed by crypto held as overcollateral.
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 $74 million of debt against roughly $159 million of collateral on 2 October 2026. Debt ceilings across those markets total about $720 million, so most of the approved capacity is undrawn.
Why total supply reads 2.10 billion
The Ethereum contract holds about 2.10 billion crvUSD of contract supply, far above what is in circulation. 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
Ethereum0xf939e0a0…57ac1b4emint(address,uint256)Read from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can mint
Its collateral sits in onchain positions that anyone can read, so there is no fiat reserve to attest.
Reserve attestation cadence
Collateral is held in onchain positions and can be read directly; there is no fiat reserve to attest.
Not applicable (no central issuer)recorded for the protocol; no central issuer
What the audit recorded
ChainSecurity published a code assessment of the Curve Stablecoin smart contracts dated 21 February 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
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 $74 million of debt against roughly $159 million of collateral on 2 October 2026. 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.
Contract supply, includes issuer treasury
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026 to 30 Sep 2026), Ethplorer (from 1 Oct 2026), Ethereum Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
crvUSDSource: DeFiLlama and CoinGecko prices Updated