Curve Finance’s Stablecoin Is ‘Possible’ To Launch Next Month, According To The Founder
According to a message made on the Curve community Telegram channel by founder Michael Egorov, Curve Finance’s crvUSD decentralized stablecoin could be launched next month.
During the Redefine Tomorrow 2022 virtual cryptocurrency event last month, Egorov alluded to the prospect of Curve Finance introducing crvUSD. On Monday, in answer to a question regarding a possible September launch, Egorov said it was “possible.”
Previously, Egorov hinted that an over-collateralized stablecoin — a sort of decentralized stablecoin backed by an excess reserve collateral design, similar to Dai — was on the way for the decentralized exchange protocol but did not provide a release date.
Members of the Curve community reacted positively to his comment. He did not elaborate further, as he did in his Redefine Tomorrow 2022 fireside discussion.
Curve Finance is a decentralized technology specializing in stablecoin swaps and has over $5.8 billion in value locked on the platform. However, this has declined from a peak of $24.3 billion in January following the de-pegging events for MIM, UST, and stETH, in which these assets lost their matching 1:1 peg to USD or ETH.
Following the recent sanctions against Tornado Cash and the associated freezing of centralized stablecoin assets such as USDC in wallets, the DeFi community is increasingly calling for decentralized stablecoins. AAVE is also planning to launch its own stablecoin.
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