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" },
  ]}
/>


# crvUSD Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total circulating amount of crvUSD issued by Curve. This metric reflects the total debt generated by users against various collateral assets within the Curve ecosystem. As a proxy for the protocol's revenue-generation capacity, it represents the base of assets on which borrowing fees and interest are accrued.

## 2. Data sources

- **Blockchain events**: Debt state tracking from Curve Stablecoin contracts, covering Ethereum
- **External data**: End-of-day price feeds for crvUSD

## 3. Step-by-step calculation

### Component A: crvUSD debt state extraction

- **Purpose**: Retrieve the total amount of issued crvUSD from the protocol's debt tracking contracts
- **Logic**: Debt amounts are extracted from Curve Stablecoin state tracking models. These values represent the cumulative balance of crvUSD issued across all collateralized debt positions (markets) managed by the protocol.
- **Key fields**: `amount` (total debt), `timestamp` (time of record), `token_address` (crvUSD contract identification)

### Component B: Daily aggregation and fill-forward

- **Purpose**: Normalize supply data into daily intervals and ensure continuity
- **Logic**: Daily averages are calculated from the extracted debt amounts to represent the outstanding supply for each UTC day. A fill-forward algorithm is applied to any days where no state changes were recorded, ensuring the last known supply value is propagated to subsequent days. This prevents gaps in the time-series data.

### Component C: USD normalization and conversion

- **Purpose**: Normalize supply quantities by decimal precision and convert to USD
- **Logic**: All supply amounts are normalized by decimal precision. The normalized quantities are multiplied by end-of-day asset prices to calculate the total USD-denominated outstanding supply. Values are then finalized for reporting across defined market sectors and business segments.

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

Circulating supply of stablecoins issued by the project.

Outstanding supply

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