Curve Finance, a decentralized finance protocol has successfully launched its stablecoin crvUSD on the Ethereum network. 

CrvUSD is an over-collateralized stablecoin backed by assets like Ethereum, USDC, and liquid-staking derivatives like Frax’s sfrxETH, and liquidity provision tokens of stablecoin pools.

As of May 4, the contract had minted over $22 million worth of crvUSD tokens in the past 68 hours and $20 million of it was minted within the first five minutes of the launch. 

The same day after the launch, Michael Egorov (Curve’s Founder) confirmed that crvUSD will be overcollateralized at the ReDeFine Tomorrow Web3 Summit. In addition, Curve DAO (CRV) token spiked by 7% and is currently priced at $0.9324.

The launch of crvUSD on the Ethereum network made significant changes toward the public release of the algorithmic stablecoin. At this stage, the stablecoin remains inaccessible to general users while a pending integration with Curve’s front-end user interface. There’s no specific date or time yet as to when users can expect the stablecoin to be released to the public.

Moreover, US dollar-pegged stablecoins have made a huge impact and attraction on the market. In fact, Curve isn’t the only DeFi protocol that has brought algorithmic stablecoin to the market. In fact, Aave (AAVE) has also unveiled a testnet version of its “native-decentralized, collateral-backed stablecoin” in February. Cardano (ADA) also deployed its new algorithmic stablecoin “Djed” on the mainnet having $10 million in total TVL within 24 hours of its launch. And in the next upcoming months, the National Australia Bank (NAB) is also set to launch its algorithmic stablecoin “AUDN”.