Curve’s New USD Stablecoin Is Almost Ready for Users
CrvUSD user interface currently only supports the minting of sfrxETH, with crvUSD coming shortly
WindAwake/Shutterstock modified by Blockworks
A little less than two weeks after Curve deployed its USD stablecoin smart contracts on Ethereum, its CrvUSD user interface is now ready.
The much-anticipated crvUSD will maintain its peg to the US dollar through the Lending-Liquidating Automated Market Maker Algorithm (LLAMMA) — a technique combining a traditional AMM with a lending market.
This means that the crvUSD pools will comprise two different assets: the crvUSD token itself and the asset used to mint the token (such as ETH and BTC).
If the price of the collateral used to mint the token is higher, user assets will be deposited into the collateral through an oracle. The opposite will also be true, according to crvUSD’s white paper from last October.
The user interface currently supports the minting of crvUSD using sfrxETH as collateral, a liquid ETH staking derivative, at a $10 million market cap. The company tweeted that stETH would come shortly after.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
