crvUSD Launch event
Overview
Curve Finance introduced crvUSD, a native stablecoin backed by collateralised debt positions, on Ethereum mainnet on 3 May 2023, with a broader public release on 17 May 2023. Users generate crvUSD by providing collateral; the initial collateral type was Frax's frxETH liquid staking token, subsequently joined by WBTC, ETH, wstETH, sfrxETH and tBTC. Curve founder Michael Egorov obtained the first crvUSD loan, worth $1 million, and approximately $22 million of crvUSD had been created within days of the mainnet launch.
Within The Counterparty graph, crvUSD Launch connects to 1 tracked entity, most strongly to Curve Finance.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 1 of 1 total).
| Relation | Connected entity | Confidence |
|---|---|---|
launched | Curve Finance | 90% |
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.
Questions on the record
How is crvUSD created?
The stablecoin uses a collateralised-debt-position model. Users deposit collateral to borrow crvUSD. The first accepted collateral was frxETH; subsequent additions included WBTC, ETH, wstETH, sfrxETH and tBTC.
How much was minted early on?
Shortly after mainnet deployment, approximately $22 million had been minted. The inaugural $1 million loan was taken by Curve founder Michael Egorov.