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Curve Finance Deploys Native Stablecoin on Mainnet

Decentralized finance (DeFi) protocol Curve Finance deployed its highly anticipated native stablecoin called crvUSD on the Ethereum mainnet Wednesday afternoon.

Blockchain data on Etherscan shows that the contract has minted a total of $20 million in crvUSD tokens in five transactions within five minutes.

The protocol’s governance token CRV has jumped up to 97 cents on the news, and is up 7% for the day, according to CoinDesk data.

The deployment marks a major milestone for rolling out Curve’s long-awaited stablecoin to the public. Curve, one of the largest decentralized marketplaces focusing on stablecoins with some $5 billion of assets on the protocol, announced that last year it started developing its own dollar-pegged stablecoin.

Curve’s stablecoin will face heavy competition as a slew of rival DeFi protocols issue or are in the process of developing their own native stablecoin to attract users and increase activity at a time when crypto trading and lending is flagging.

(by Nick Baker)

Curve Finance stablecoin Decentralized Finance
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