TechFlow reports that decentralized finance protocol CurveDAO has successfully launched its algorithmic stablecoin crvUSD on the Ethereum network. To date, over $22 million in crvUSD has been minted, with $20 million generated within the first five minutes.
However, regular users are currently unable to use this stablecoin as it awaits integration with Curve's front-end user interface.
According to the crvUSD whitepaper, it is a "collateralized debt position" stablecoin, meaning users must deposit collateral to borrow in crvUSD. Curve Finance has not yet announced which assets will be preferred as collateral.
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