Bubble
crvUSD CRVUSD
crvUSD (CRVUSD) was trading at $0.9993, ranked #145 by market cap at $254.32M, with 24h volume of $10.85M.
Data snapshot: 2026-09-02 12:15 UTC.
crvUSD is Curve's stablecoin, notable for a liquidation design called LLAMMA that sells collateral gradually as its price falls instead of closing the whole position at one threshold. If the price recovers, the position is bought back — softening the all-or-nothing liquidations that hurt borrowers in older lending markets. crvUSD's distinguishing feature is how it handles liquidation. Instead of selling a borrower's entire collateral at once when a threshold is crossed, its LLAMMA mechanism converts collateral gradually across a price range as the market moves, and converts it back if the price recovers. That turns a cliff edge into a slope, which is a genuinely different risk profile from most collateralised stablecoins. On this map crvUSD is a smaller stablecoin whose market cap tracks borrowing demand inside the Curve ecosystem rather than general dollar liquidity.
What is LLAMMA?
Curve's liquidation mechanism. Rather than liquidating a position in one event, it converts collateral into crvUSD gradually as the price falls, and back again if it recovers.
Why does that matter to a borrower?
It softens the outcome of a sharp move: instead of losing the whole position at a liquidation price, the conversion happens progressively, though the borrower still bears losses through the range.
How is crvUSD created?
By borrowing against collateral deposited into Curve's lending markets, and destroyed when the debt is repaid.
What does its market cap indicate?
Borrowing demand within the Curve ecosystem specifically, rather than overall stablecoin adoption.
Market cap decides how big a bubble is drawn, so rank is what places CRVUSD on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #3 | Tether (USDT) | $184.09B |
| #123 | First Digital USD (FDUSD) | $333.03M |
| #144 | AUSD (AUSD) | $255.77M |
| #145 | crvUSD (CRVUSD) | $254.32M |
| #180 | EUR CoinVertible (EURCV) | $181.14M |