CDPs · Review
ActivecrvUSD Review 2026: Curve's Overcollateralized Stablecoin
crvUSD is Curve's overcollateralized, dollar-pegged stablecoin, minted against crypto collateral on Ethereum. It holds about $127 million in TVL and uses a distinctive soft-liquidation design.
By the DappsAtlas editorial team · Updated
DappsAtlas score
7.4/10
Good
Our verdict on crvUSD
7.4/10crvUSD suits experienced DeFi users who already hold assets like wstETH or WBTC and want to borrow a dollar stablecoin without selling them. Its main strength is the LLAMMA liquidation design combined with Peg Stability Reserves and a savings option. The main caveat is that it remains a collateralized loan: prices can still liquidate positions, rates vary by market, and the project does not publish fees. Newcomers should read the documentation first.
Score breakdown
How crvUSD scores
- Security
- 7.5/10
- Ease of use
- 6.5/10
- Fees
- n/a
- Features
- 7.5/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is crvUSD?
crvUSD is the dollar-pegged stablecoin issued by Curve Finance, a protocol known for stableswap AMMs. DefiLlama classifies it as a CDP stablecoin on Ethereum, listed since May 2023, with roughly $127 million in TVL.
Users mint crvUSD by locking crypto collateral. Curve's markets page lists Mint and Lend markets pairing crvUSD with assets such as WBTC and wstETH. The protocol also offers savings crvUSD (scrvUSD), a yield-bearing version.
The design stands out for LLAMMA, a lending-liquidating AMM, and for Peg Stability Reserves that help hold the peg. The token tied to the ecosystem is CRV, and public sources list two audits.
How crvUSD works
crvUSD is minted when a user deposits approved crypto collateral and borrows against it. The stablecoin is overcollateralized, so the collateral is worth more than the debt. New collateral types need DAO approval.
Its liquidation mechanism is LLAMMA, the Lending-Liquidating AMM Algorithm. Rather than selling collateral all at once when a threshold is hit, the system uses an AMM-style mechanism that gradually converts collateral as prices move. This is meant to soften liquidations, though losses are still possible if prices fall far enough.
Peg stability comes from Peg Stability Reserves, autonomous contracts that monitor the price in specific Curve pools and work to keep crvUSD near $1. Savings crvUSD (scrvUSD) offers a yield-bearing way to hold the token.
6 features
Key features
01
Collateralized minting
Users mint crvUSD against a selection of crypto collaterals. The DAO must approve any new collateral.
02
LLAMMA liquidation design
crvUSD is built on Curve's Lending-Liquidating AMM Algorithm, which handles liquidation differently from a plain auction model.
03
Peg Stability Reserves
Autonomous smart contracts watch the price in a given Curve pool and work to keep crvUSD near $1.
04
Savings crvUSD (scrvUSD)
Depositing crvUSD into the savings product turns it into a yield-bearing stablecoin usable elsewhere in DeFi.
05
Mint and Lend markets
Curve runs both Mint and Lend markets involving crvUSD, with collateral such as wstETH and WBTC.
06
DAO governance
New collaterals are added only through DAO approval, tied to the CRV governance token.
Pros and cons
What we like
- Overcollateralized design backed by crypto collateral rather than an unbacked algorithm.
- LLAMMA offers a distinctive liquidation approach intended to soften sudden liquidations.
- Peg Stability Reserves are autonomous contracts aimed at keeping crvUSD near $1.
- Savings crvUSD gives a yield-bearing option usable elsewhere in DeFi.
- Roughly $127 million in TVL and listed since 2023 suggest an established product.
- Collateral additions go through DAO approval.
Watch out for
- Liquidation risk: if collateral prices fall far enough, positions are converted to crvUSD and can be lost.
- Peg stability depends on Peg Stability Reserves and Curve pool liquidity, not on a fiat-backed reserve.
- TVL fell 7.5% over the past seven days, a reminder that usage can shift quickly.
- Only two audits are listed in the DefiLlama data, and the project does not detail their scope or findings.
- Contracts run on Ethereum only per public sources, so mainnet gas costs apply and other chains are not covered.
- Interest rates, borrow caps and liquidation parameters are not stated publicly, so users must check each market.
crvUSD fees
The project does not publish a fee schedule for crvUSD. Borrow rates, any minting charges and savings yield are not stated, and these are variable by market.
Users would see current rates and market details on the Curve markets page before opening a position. Ethereum gas fees apply to every transaction.
Is crvUSD safe?
crvUSD is non-custodial smart-contract software. You keep control of your wallet, but your collateral is locked in contracts, so smart-contract risk applies. DefiLlama lists two audits, though the project does not give the auditors or findings.
Main risks are collateral price drops that trigger liquidation, a peg that drifts from $1, and governance decisions on collateral. Public sources show no incident history, so none is claimed here. Phishing is a practical risk; Curve's own pages advise carefully checking the URL.
6 steps
How to get started with crvUSD
- 1
Confirm you are on the official Curve site, since public sources warn to check the URL carefully.
- 2
Connect an Ethereum wallet and make sure it holds some ETH for gas.
- 3
Open the crvUSD markets page and compare the available collaterals, such as wstETH or WBTC.
- 4
Review each market's borrow rate, liquidation range and caps before depositing anything.
- 5
Deposit collateral and mint crvUSD, starting with a small amount and a conservative loan size.
- 6
Optionally deposit crvUSD into scrvUSD for yield, and monitor your collateral health regularly.
Who crvUSD is for
crvUSD is for DeFi users comfortable with collateralized borrowing who hold supported crypto and want dollar liquidity or a yield-bearing stablecoin. It is less suited to beginners who have not managed liquidation risk before.
crvUSD FAQs
What is crvUSD?
crvUSD is a decentralized stablecoin issued by Curve Finance and soft-pegged to the US dollar. Users mint it by depositing crypto collateral, in the style of a CDP stablecoin such as DAI.
How do you mint crvUSD?
You deposit a supported collateral asset into a Curve market and borrow crvUSD against it. Adding new collaterals is subject to DAO approval, per Curve's documentation. Public sources list markets such as wstETH and WBTC against crvUSD.
What are Peg Stability Reserves?
Peg Stability Reserves are autonomous smart contracts that monitor the price in a specific Curve pool. Their job is to keep crvUSD close to $1.
What is scrvUSD?
scrvUSD is described as a yield-bearing version of crvUSD. Per Curve's page, your crvUSD starts generating yield upon deposit, and you can use the token elsewhere in DeFi. The yield rate is not stated publicly and can change.
Is crvUSD safe?
No stablecoin is risk-free. crvUSD carries smart-contract risk, collateral price risk and peg risk. Two audits are listed on DefiLlama, but audits do not remove those risks.
Which chain does crvUSD run on?
Public sources say the protocol runs on Ethereum. Users should confirm the official Curve site before connecting a wallet, since public sources warn to check the URL carefully.
Compare
crvUSD alternatives
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Guides
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DeFi
DeFi Stablecoins After Terra, Tornado Cash and the Ethereum MergeThe 2022 collapse of Terra, the sanctions on Tornado Cash and Ethereum's move to proof of stake reshaped how DeFi stablecoins are designed, collateralized and judged. This guide explains what happened, which designs held up and what to check before you rely on any dollar token in DeFi today.
DeFi
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Tether USDT Reserves Explained: What the Proof Shows in 2026Tether says its USDT stablecoin is backed by more than enough reserves, but the strength of that claim depends on what the reserves are, who checks them, and when the figures were measured. This guide explains how to read a reserve report and what to verify before relying on USDT.
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The Best Stablecoins You Can Trust in 2026No stablecoin is risk-free, but some designs give you clearer protection than others. This guide explains how to judge reserves, redemption rights, peg history and smart contract exposure so you can match a stablecoin to your own risk tolerance.
How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.