TechFlow News: On February 5, Michael Egorov, founder of Curve, stated on X that the current liquidity pool between the stablecoin crvUSD and major crypto assets—primarily Bitcoin—is already very large. However, this also implies that Bitcoin’s volatility could exert greater pressure on crvUSD’s peg. As such, it is necessary to consider how to further expand the system’s capacity. This situation reminds him of the early stage when USDT became the dominant trading stablecoin in the crypto market: at that time, brief de-pegging events were not structural issues but rather stemmed from limited throughput capacity of bank-based redemption channels. In contrast, crvUSD follows a CDP (Collateralized Debt Position) stablecoin model, requiring responses to such pressures through different mechanistic layers.
Currently, demand for crvUSD primarily originates from yield-oriented use cases—such as Yield Basis—and future adjustments will mainly focus on this side. Nevertheless, as stablecoin adoption in trading contexts continues to grow, scaling stablecoin usage must proceed incrementally—a process that is itself inevitable.
