CRVUSD, issued by the Curve Protocol smart contracts under the governance of vote-escrowed CRV (veCRV) tokenholders, is an over-collateralized stablecoin that tracks the U.S. dollar (USD) at a one-to-one peg through onchain minting against approved crypto collateral. [S1][S2]

Holders receive a USD-pegged ERC-20 token whose economic claim is to reclaim deposited collateral by repaying the associated debt to the protocol. [S1] CRVUSD is non-yield-bearing; borrowers who mint it pay a dynamic interest rate set by the protocol's Monetary Policy contracts rather than a published fixed schedule. [S1] Supported collaterals approved by the Curve DAO include wstETH, WBTC, WETH, sfrxETH, tBTC, weETH, cbBTC, and LBTC. [S1]

CRVUSD is not issued by a single corporate entity; it is created by smart contracts governed by the Curve DAO through veCRV-based onchain voting, with no incorporated issuer or jurisdiction of formation. [S1][S2] The holder's claim is to a USD-pegged token redeemable against the protocol by repaying debt to reclaim locked collateral, not a claim on a corporate balance sheet, fund interest, or trust. [S1] Access is permissionless via smart contract interaction, with no eligibility gating documented. [S2] Collateral is held onchain in the protocol's LLAMMA AMM and Controller contracts rather than with a named custodian, and the documented protection is limited to smart contract enforcement. [S1]

CRVUSD is an ERC-20 token natively minted on Ethereum and deployed across multiple supported public networks. [S1] Minting occurs when a user deposits collateral and creates a loan through the Controller contract; repaying the debt returns CRVUSD and releases collateral. [S1] An AggregatorStablePrice oracle aggregates the price across Curve pools, and PegKeeper contracts support the peg. [S1]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.curve.finance/developer/crvusd/overview" },
    { id: "S2", url: "https://docs.curve.finance/developer/documentation-overview" },
  ]}
/>


# Asset transfer volume methodology

## 1. Overview

Asset transfer volume is defined as the total value of assets transferred onchain. Since transaction fees are paid by users for each transfer, a correlation is typically observed between this metric and the customer demand that exists to use an asset for transacting purposes. Daily transfer volumes are aggregated across all supported blockchains, normalized by decimal precision, and converted into USD. To ensure an accurate representation of economic activity, transactions involving non-circulating treasury or premint addresses are subtracted where applicable.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, Tron, Starknet, zkSync Era, and others)
- **Solana instructions**: SPL token transfers, mints, and burns
- **Aptos events**: Token withdraw events
- **Near events**: Token transfer events
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet
- **Cardano UTXO transactions**: Token deposits, withdrawals, and mint/burn events
- **Stellar operations**: Classic token withdrawals and Soroban SEP-41 token transfers
- **Sui transactions**: Token withdrawals and `TreasuryCap` supply changes
- **Algorand transactions**: Asset transfer transactions
- **Injective events**: Token transfer, mint, and burn events
- **Stacks transactions**: Token transfer events
- **Asset metadata**: Token contract addresses and decimal precision
- **External data**: End-of-day price feeds and fiat exchange rates

## 3. Step-by-step calculation

### Component A: Raw transfer volume extraction

- **Purpose**: Extract raw token transfer quantities from onchain events and transactions
- **Logic**: On EVM-compatible chains, token transfer quantities are extracted from ERC-20 `Transfer` events. On Solana, quantities are extracted from SPL token transfers, mints, and burns. On Aptos, Near, Algorand, Injective, and Stacks, transfer volumes are parsed from native token transfer and withdrawal events. On Polkadot Asset Hub, volumes are extracted from `Transferred` events emitted by the `assets` pallet. On Cardano, UTXO withdrawals and mint events are aggregated to capture all token movements. On Stellar, classic token withdrawals and Soroban SEP-41 transfer, mint, and burn events are parsed. On Sui, token withdrawals are combined with mint events derived from `TreasuryCap` supply changes.
- **Key fields**: `timestamp` (the day of the transfer) `token_address` (the contract or asset identifier) `amount` (the raw transfer quantity)

### Component B: Premint and preburn correction

- **Purpose**: Exclude non-circulating token movements to isolate genuine economic transfer volume
- **Logic**: For supported chains, raw transfer volumes are corrected by subtracting premints and preburns. Premints are defined as tokens minted directly into designated project treasury or premint addresses, while preburns are represented by tokens burned directly from these non-circulating addresses. On EVM-compatible chains, Solana, Injective, Stacks, and Stellar Soroban, these flows are identified by filtering transfers where the sender or recipient matches a known treasury address. On Algorand, transfers between asset configuration addresses and treasury addresses are subtracted. On Cardano, deposits to and withdrawals from treasury addresses during mint or burn transactions are netted out.
- **Key fields**: `amount` (the corrected transfer quantity) `token_address` (the contract or asset identifier) `timestamp` (the day of the transfer)

### Component C: Decimal normalization and zero-filling

- **Purpose**: Normalize token quantities to human-readable units and ensure continuous daily time series
- **Logic**: Raw token quantities are normalized by the decimal precision retrieved from the asset metadata. For days with no recorded transfer activity, the time series is filled with zero values to maintain a continuous daily record for each asset.
- **Key fields**: `amount` (the normalized transfer quantity) `decimals` (the decimal precision of the token)

### Component D: USD conversion and final aggregation

- **Purpose**: Convert normalized transfer volumes to USD and aggregate across all chains
- **Logic**: Normalized daily transfer volumes are multiplied by the end-of-day price feeds sourced from market data providers. For assets pegged to fiat currencies other than USD, daily exchange rates are applied using Chainlink FX price feeds to determine the USD-equivalent value. The final daily asset transfer volume is calculated by summing the USD-denominated transfer volumes across all active chains for each asset.
- **Key fields**: `price_usd` (the end-of-day market price of the asset in USD) `amount_usd` (the final transfer volume in USD)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Asset transfer volume

Stablecoins

Liquidity providers deposit funds into Curve and receive trading fees from traders (supply-side fees).

Curve is a non-custodial exchange protocol built originally on Ethereum. Curve was founded by Michael Egorov and launched in 2020.

CRV tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). 

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

Curve

Curve crvUSD (CRVUSD) is a U.S. dollar stablecoin issued by Curve.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Curve.

CRVUSD has been issued on public blockchains since May 2023 and is native to 7 networks, including Ethereum, Arbitrum One, Base, Gnosis, Polygon, and OP Mainnet.

Curve crvUSDCRVUSD