---
title: "crvUSD (crvUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/crvusd-curve/"
description: "Build-time stablecoin profile for crvUSD (crvUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# crvUSD (crvUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

crvUSD is Curve's CDP stablecoin with LLAMMA soft-liquidation; deep DEX liquidity, but 69% of collateral is custodial WBTC/cbBTC. When the protocol that dominates stablecoin DEX routing launches its own stablecoin, the design had better be interesting — and crvUSD delivers with LLAMMA's {{term:liquidation}}soft liquidation{{/term}} mechanism that replaces cliff-edge liquidations with gradual rebalancing through price bands, a genuine innovation in {{term:cdp}}CDP{{/term}} design. The B+ report card at 75 reflects strong fundamentals undercut by a structural contradiction: 69% of collateral is WBTC and cbBTC, Bitcoin {{term:custody}}custody{{/term}} running through BitGo and Coinbase that introduces exactly the centralized dependencies crypto-native collateral was supposed to eliminate. Four PegKeeper pools paired with USDC, USDT, PYUSD, and frxUSD have kept the peg within a 509 bps envelope across 103 events, while the scrvUSD savings vault at ~3% {{term:yield-bearing}}yield{{/term}} creates a self-correcting feedback loop where depeg pressure increases returns and attracts buyers back. Nearly $600M in DEX TVL across 68 pools on 12 chains gives crvUSD the deepest on-chain liquidity of any CDP stablecoin, even as supply has contracted modestly in recent weeks — a reminder that even Curve's home-field advantage cannot fully insulate against the broader deleveraging cycles that govern all crypto-backed stablecoins.

## Collateral

WBTC, cbBTC (majority), wstETH, sfrxETH, weETH, tBTC, and ETH deposited as collateral; LLAMMA (Lending-Liquidating AMM) performs soft liquidations; WBTC/cbBTC custody by BitGo/Coinbase introduces centralized dependency

## Peg Mechanism

Peg Stability Reserve (PegKeeper) contracts deposit or withdraw pre-minted crvUSD into Curve pools paired with USDC, USDT, PYUSD, frxUSD, and GHO to restore the peg; borrow rate adjusts dynamically — rising when crvUSD trades below $1 to incentivize repayments

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xf939e0a03fb07f59a73314e73794be0e57ac1b4e` | 18 |
| arbitrum | `0x498bf2b1e120fed3ad3d42ea2165e9b73f99c1e5` | 18 |
| base | `0x417ac0e078398c154edfadd9ef675d30be60af93` | 18 |
| gnosis | `0xabef652195f98a91e490f047a5006b71c85f058d` | 18 |
| polygon | `0xc4ce1d6f5d98d65ee25cf85e9f2e9dcfee6cb5d6` | 18 |
| bsc | `0xe2fb3f127f5450dee44afe054385d74c392bdef4` | 18 |
| optimism | `0xc52d7f23a2e460248db6ee192cb23dd12bddcbf6` | 18 |
| taiko | `0xc8f4518ed4bab9a972808a493107926ce8237068` | 18 |
| fraxtal | `0xb102f7efa0d5de071a8d37b3548e1c7cb148caf3` | 18 |
| zksync | `0x43cd37cc4b9ec54833c8ac362dd55e58bfd62b86` | 18 |
| sonic | `0x7fff4c4a827c84e32c5e175052834111b2ccd270` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/crvusd-curve.