Curve Finance Launches It’s New Native Stablecoin, crvUSD on Ethereum Mainnet

Curve Finance’s awaited stablecoin $crvUSD launched on mainnet this wednesday.

On the Ethereum mainnet on Wednesday in the late afternoon, Curve Finance’s much-awaited native stablecoin crvUSD was launched.

According to blockchain information on Etherscan, the contract generated $20 million worth of crvUSD tokens in five transactions within five minutes. The governance token for the system, CRV, has increased to 97 cents on the announcement and is up 7% for the day.

Curve, a decentralized marketplace that specializes in stablecoins with a massive $5 billion in assets on the protocol, has announced the development of its own dollar-pegged stablecoin. This move is a significant step forward for Curve as it gears up to roll out its highly anticipated stablecoin to the public. However, Curve’s stablecoin will face fierce competition from other DeFi protocols, including Aave and MakerDAO, which are also working on developing their own stablecoins to drive user adoption and increase activity in the crypto trading and lending arena.

crvUSD is initially backed by Frax Finance’s staked $frxETH

According to the research of @karl_0x on Twitter, on $crvUSD deployment logs the stablecoin is backed by Frax Finance’s staked $frxETH. The address can be checked publicly on Etherscan, and the deployment logs of the $crvUSD can be found

Although $crvUSD may not be directly reached at the moment via Curve Finance’s user interface, an official said that the stablecoin’s public release is waiting for front-end deployment, which will take place soon.

The first $crvUSD loan has also been issued today: 1,000,000 $crvUSD minted against 957.51 $sfrxETH.

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