Curve Founder: crvUSD is deeply linked to Bitcoin; stablecoin expansion needs to be more cautious.

CycleProphet · 2026-02-05T10:56:05+00:00

Curve founder Michael Egorov stated that the liquidity between the stablecoin crvUSD and Bitcoin has become very large, but Bitcoin's volatility could put pressure on crvUSD. He mentioned that lessons from early USDT can be referenced, and that crvUSD needs to address challenges from a mechanism perspective and strengthen its application in yield scenarios to promote the gradual expansion of the stablecoin.

CycleProphet

2026-02-05 10:56:05

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Deep Tide TechFlow News, February 5th, Curve founder Michael Egorov stated on the X platform that the current liquidity scale between the stablecoin crvUSD and mainstream crypto assets (mainly Bitcoin) has become very large. However, this also means that when BTC fluctuates, it could exert greater pressure on crvUSD’s peg, requiring consideration of how to further expand the system’s capacity. This situation reminded him of the early stage when USDT became the main trading stablecoin in the crypto market: at that time, brief de-pegging of stablecoins was not a structural issue but caused by limited throughput of bank redemption channels. In comparison, crvUSD belongs to the CDP (Collateralized Debt Position) stablecoin model, so it needs to address related pressures through different mechanism layers.

Currently, the demand for crvUSD mainly comes from yield-based scenarios such as Yield Basis, and future adjustments will primarily focus on this side. However, as the usage of stablecoins in trading scenarios continues to increase, the scale of stablecoin adoption must expand gradually, and this process is inherently unavoidable.

BTC3,93%

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