Curve Launching a Decentralized Stablecoin

22.07.2022 09:46
by Maksym Prykhodko
1 min read

Curve Finance, the company behind the Curve protocol, announced that it will be launching its own stablecoin. This will be an overcollateralized stablecoin, meaning that Curve is now competing in this area with other prominent DeFi protocols, such as Aave and Maker.

Curve’s stablecoin will be decentralized. Unlike centralized stablecoins, such as USDC and USDT, decentralized ones are backed by crypto assets like BTC and ETH. The over-collateralization of assets used for backing makes it easier for such a stablecoin to retain its dollar peg.

24 hours after the Curve stablecoin’s launch was announced, the protocol’s native token, Curve DAO Token (CRV), increased in value by over 21%. According to CoinMarketCap, its current price is $1.4. However, this is still a 97.67% decrease from its all-time highest price of $60.50, which the token reached in August 2020.

Author

  • Maksym has denied the existence of crypto as an asset for 3 years when he was working with standard financial instruments. Became Head of Treasury. Won the best bank employee award and left the bank for cryptocurrency exchange the next day. Got a second university degree, but that didn’t stop him from studying finance yet. Combines fiat and crypto experience to be as objective as possible in general matters. His dream is to be interviewed by Bloomberg.

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