Curve Finance has announced that its new stablecoin, crvUSD, is live on the Ethereum network.
After the CFTC’s crackdown on BUSD and several depeg incidents by USDC, new stablecoins are starting to gain traction in the crypto industry. TUSD and USDD have attracted a lot of investors recently.
Decentralized exchange Curve Finance, which uses automated market maker, reported that its stablecoin crvUSD is embedded in smart contracts. The project team has confirmed that crvUSD is launching on the Ethereum mainnet.
Curve Finance’s Stablecoin Is Online
The decentralized stablecoin crvUSD pegged to the US dollar uses a similar structure to DAI. Over-collateralization can be made with supporting crypto assets that exceed the value of the given crvUSD.
Explaining about the stablecoin it has released on the Ethereum network, Curve Finance said, “As many people understand, the distribution of crvUSD smart contracts has taken place. This is not finalized yet as the UI also needs to be deployed. Stay tuned.” said.
How much crvUSD is in circulation? Apparently that's not such an easy question because totalSupply of crvUSD includes tokens which are not released to anyone yet (that rather shows the maximum cap).
Instead, check the total_debt here https://t.co/0f7xYCH9Fh
— Curve Finance (@CurveFinance) May 4, 2023
Curve Finance’s developers used smart contracts to launch and roll out crvUSD. The stablecoin, which emerged with these contracts, attracted the intense interest of the crypto community.
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