Algorithmic / under-collateralized stablecoin
crvUSD (Curve Stablecoin)'s assessment for RD-F-069 — scored green on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
crvUSD is an OVER-COLLATERALIZED CDP stablecoin — NOT algorithmic or under-collateralized. Users must deposit more collateral value than crvUSD minted. The LLAMMA mechanism is a novel liquidation algorithm (continuous soft-liquidation via bands) but does not change the over-collateralization requirement. PegKeepers can mint crvUSD up to their debt ceilings ($25M each per v2) single-sided into stableswap pools, but this is a small secondary mechanism backed by LP positions. Galaxy Research whitepaper (May 2023) classifies crvUSD as a collateral-backed CDP stablecoin. No algorithmic mint-and-burn without collateral occurs in the primary CDP system.
Sources #
- AuditMixBytes — crvUSD Security Audit READMEMixBytes crvUSD audit README — describes system as novel over-collateralized CDPretrieved 2026-05-16
- Galaxy Research: crvUSD — A Novel Stablecoin by Curve (May 2023)Galaxy Research crvUSD whitepaper May 2023retrieved 2026-05-16
Methodology #
Classify whether the protocol is an algorithmic or under-collateralized stablecoin design per curator classification.
See the full factor methodology and distribution across all protocols →