The native algorithmic United States dollar-pegged stablecoin, called crvUSD, has been launched on the Ethereum mainnet by Curve Finance‘s decentralized finance (DeFi) protocol. To date, more than $22 million worth of crvUSD tokens have been minted.
Revealed that $22 million worth of Curve Finance Algo Stablecoins have been Minted Since Mainnet’s Launch
The contract has minted more than $22 million worth of crvUSD in the eight hours, with $20 million of that amount minted in the first five minutes, according to data from blockchain explorer Etherscan.
About the Deployment of crvUSD
An important step toward the public release of the algorithmic stablecoin has been taken with the deployment of crvUSD on the Ethereum network. Notably, until integration with Curve’s front-end user interface on its official website, the stablecoin is still inaccessible to the general public.
On the other hand, when asked when the stablecoin would be made available to the general public in the official Curve Telegram group, an admin said that it would be coming “soon.” A tweet was also shared on the platform’s Twitter account.
About Algorithmic Stablecoins
On July 21, 2022, Curve Team member mrblocktw made the first tweet announcing Curve’s intention to launch an algorithmic stablecoin.
However, not only Curve but other DeFi protocols are aiming to launch algorithmic stablecoins. For instance, this past February, rival protocol Aave (AAVE) made available a testnet version of their “native decentralized, collateral-backed stablecoin,” known as GHO.
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