Curve Releases Whitepaper For crvUSD Stablecoin
Curve has not yet made an official announcement, but the project’s official GitHub account repository indicates that it is close to finishing work on its crypto-backed stablecoin that is soft-pegged to the US dollar.
According to the whitepaper written by Michael Egorov, the founder of Curve Finance, users will be able to mint stablecoins by putting extra collateral in reserve in the form of a crypto loan, a process known as a collateralized debt position.
crvUSD will function similarly to DAI, the stablecoin developed by MakerDAO. It will be overcollateralized with crypto assets, similar to DAI.
Egorov initially alluded to the project’s efforts to develop a stablecoin in July.
In order to better handle any collateralization risks, the stablecoin will also depend on a cutting-edge algorithm called Lending-Liquidating AMM (LLAMMA). LLAMMA will strive to continually liquidate and sell the deposited collateral.
At the time of writing, the price of the Curve DAO token (CRV) rallied significantly today.
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