crvUSD

CRVUSD Rank #178

$0.9799▼ 2.01%24h

Low $0.9995High $1.00

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Market cap$222.90MRank #178

Fully diluted value$227.39M

Volume (24h)$1.38MVol / Mcap 0.62%

Circulating supply227.47MCRVUSD

Total supply227.48M

Max supply∞no hard cap

All-time high$1.11Jun 12, 2024

All-time low$0.949Aug 7, 2023

What is crvUSD?

Creation and issuance

Curve launched crvUSD in May 2023. Borrowers mint the token by opening loans against approved crypto collateral. A Controller contract records debt and handles changes to each position. Individual markets have separate collateral assets and debt ceilings. Repayment reduces outstanding debt and allows borrowers to recover the remaining collateral under the market's rules.

LLAMMA liquidation

LLAMMA places collateral in price bands within a specialized automated market maker. When collateral enters its liquidation range, arbitrage trades progressively exchange it for crvUSD. A recovery can reverse that conversion and restore exposure to the collateral asset. This process is called soft liquidation, and repeated conversions can create losses. Hard liquidation remains possible when the position's health falls below the protocol threshold.

Peg and savings

crvUSD targets a dollar value through collateralized borrowing, liquidity and monetary policy. Borrow rates respond to peg conditions, influencing incentives to mint or repay. PegKeeper contracts add or withdraw crvUSD in designated stablecoin pools. The circulating amount varies with borrowing, repayment and peg stabilization rather than a fixed supply cap. Deposits into the scrvUSD savings vault receive a share of borrower interest through a separate vault-share token.