crvUSD Launch event

Event · PageRank 0.0008

Overview

Curve Finance deployed crvUSD, its native collateralised-debt-position stablecoin, on Ethereum mainnet on May 3, 2023, with a wider public launch following on May 17, 2023. Users mint crvUSD by depositing collateral; the first supported collateral was Frax's frxETH liquid staking token, with WBTC, ETH, wstETH, sfrxETH and tBTC added later. Curve founder Michael Egorov took the first crvUSD loan, for $1 million, and roughly $22 million of crvUSD had been minted in the days after mainnet deployment.

Within the DeFi Intel graph, crvUSD Launch connects to 1 tracked entity, most strongly to Curve Finance.

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Frequently asked questions

When did crvUSD launch?

The contracts were deployed to Ethereum mainnet on May 3, 2023, with the official public launch on May 17, 2023.

How is crvUSD created?

It is a collateralised-debt-position stablecoin: users deposit collateral and borrow crvUSD against it. The first accepted collateral was frxETH, later expanded to include WBTC, ETH, wstETH, sfrxETH and tBTC.

How much was minted early on?

Reporting shortly after mainnet deployment put the amount minted at roughly $22 million, with the inaugural $1 million loan taken by Curve founder Michael Egorov.