Curve Finance, a decentralized finance (DeFi) protocol, rolled out its highly anticipated native stablecoin called crvUSD on Ethereum mainnet on Wednesday afternoon.
Etherscan blockchain data shows that the contract issued $20 million in total crvUSD tokens in 5 transactions within 5 minutes.
The protocol’s governance token CRV rose 97 cents on the news, up 7% in a day, according to CoinDesk data.
This launch marks an important milestone for the general availability of Curve’s long-awaited stablecoin. Curb, one of the largest stablecoin-focused decentralized marketplaces he owns around $5 billion in assets on the protocol, last year launched its own dollar-pegged stablecoin. announced that it has started
Curve stablecoins will face stiff competition as many rival DeFi protocol issues are or are developing their own native stablecoins. It attracts users and increases activity during a time when cryptocurrency trading and lending is stagnant.
Aave, another giant DeFi protocol with around $7 billion in assets locked up, deployed its native stablecoin GHO on the testnet in February this year. Lending protocol MakerDAO launches the largest decentralized stablecoin DAI with a market capitalization of his $5 billion.
The crvUSD stablecoin is not yet integrated into Curve’s user interface, so it will only be released to the public later. An administrator on the protocol’s official Telegram channel said the stablecoin’s launch was “waiting on the front end” and would be launched “soon.”