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Curve Finance’s stablecoin coming soon?

Curve Finance (CRV) is a decentralized cryptocurrency exchange (DEX) platform focused on the exchange of stablecoins and from wrapped tokens. The automated market maker (AMM) already has its own governance token. Last month, at the REDeFiNE TOMORROW 2022 conference, the idea that Curve was preparing to introduce its stablecoin emerged. According to a senior project manager, things are progressing well in this direction.

Curve-hacking

Curve Finance’s stablecoin is coming

Yesterday, Michael Egorov, the founder of Curve Finance, made confidences to the community on the exchange’s discussion channel. According to him, the crvUSD, the stablecoin from Curve Finance, could be launched next month. In fact, when asked if it was possible that this stablecoin be launched in September, Egorov answered in the affirmative.

At the moment, there is not enough information about the crvUSD, except for the fact that it will be collateralized. This means that it will be supported by assets worth more than the value of the issued tokens.

In the hours following the announcement, the price of the CRV increased by 12 %. It then fell back slightly to $1.13. Which still corresponds to an increase of 7.76% over the last 24 hours.

A new trend in the DeFi ecosystem

The creation of the stablecoin de Curve is not an isolated case. Last month, the DAO of Aave, the DeFi giant, approved a proposal to develop the stablecoin protocol. That said, projects such as Waves, Tron and Near are also part of this approach. It seems that DeFi protocols see this as an alternative to reduce their exposure to stablecoins centralize.

Indeed, the recent measures taken against Tornado Cash, which resulted in the freezing of several million dollars in stablecoins centralized, have given rise to a certain distrust of this asset class. Therefore, investors and investors are increasingly turning to the stablecoins decentralize.

Currently, Curve, one of the most important DeFi protocols in terms of total locked value (TVL). It occupies the 4th place in the DeFiLlama ranking with a TVL of $ 5.85 billion. This represents a decrease of 76% compared to the peak of $24.3 billion reached by the DEX last January.

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Junie MAFFOCK avatar
Junie MAFFOCK

I came to blockchain out of curiosity and I stayed there out of passion. I was amazed by the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.

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