crvUSD(CRVUSD)

Overview

crvUSD is a collateralized-debt-position (CDP) stablecoin pegged to the US Dollar, issued by the decentralized exchange protocol Curve Finance. Users deposit crypto assets such as ETH, wstETH, or WBTC as collateral in smart contracts and mint crvUSD against them.

Its defining feature is LLAMMA (Lending-Liquidating AMM Algorithm), a soft-liquidation mechanism. Instead of liquidating a position all at once when collateral prices fall, it gradually converts collateral into stablecoins across price bands and reverses the process if prices recover. The peg is further supported by PegKeeper contracts and adjustable borrowing rates.