scrvUSD, issued by the Curve Protocol smart contracts under the governance of vote-escrowed CRV (veCRV) tokenholders, is a tokenized yield-bearing savings vault that represents a proportional claim on crvUSD deposited in the Curve Savings Vault plus accrued yield. [S1][S2]

Holders deposit crvUSD, the protocol's over-collateralized U.S. dollar (USD) stablecoin, and receive scrvUSD vault shares whose redemption value increases over time under an appreciating-share model rather than rebasing, so the share balance stays constant. [S3][S1] Yield derives from crvUSD borrow-interest fees collected by a FeeSplitter, with a RewardsHandler computing scrvUSD's dynamic share subject to a DAO-enforced minimum of 5% and maximum of 50% revenue-share weight. [S1] No separate management, deposit, or withdrawal fee is documented. [S1]

scrvUSD is not issued by a single corporate entity; it is created by Curve Protocol smart contracts governed by the Curve DAO through veCRV-based onchain voting, with no incorporated issuer or jurisdiction of formation. [S3][S2] The tokenholder's claim is an ERC-4626 vault share entitling holders to the deposited crvUSD plus accrued interest. [S1] Access is permissionless via smart-contract interaction, with no KYC, AML, accredited-investor, or jurisdictional gating documented. [S2] Deposited crvUSD is not rehypothecated and remains in the Savings Vault, held onchain in protocol smart contracts rather than with a custodian; the documented exposure is smart contract risk. [S1]

scrvUSD is an ERC-4626 vault token deployed on Ethereum mainnet, Optimism, Base, Fraxtal, Fantom, BSC, and Avalanche. [S1] It is minted and redeemed through standard ERC-4626 deposit and withdraw functions, and because funds remain idle in the vault rather than deployed to strategies, redemption is available on demand with linear, smoothed profit distribution. [S1]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.curve.finance/developer/scrvusd/overview" },
    { id: "S2", url: "https://docs.curve.finance/developer/documentation-overview" },
    { id: "S3", url: "https://docs.curve.finance/developer/crvusd/overview" },
  ]}
/>


Tokenized funds

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). 

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Exchanges (DEX)

Curve

Curve Savings crvUSD (scrvUSD) is a tokenized fund share issued by Curve.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in crypto assets, and locks up subscriptions for 0 months.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can subscribe and redeem in crvUSD and instant subscription settlement, and holders have a right to redeem at net asset value with instant settlement.

scrvUSD has been issued on public blockchains since November 2024 and is native to Ethereum and XDC Network.

Curve Savings crvUSDscrvUSD

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