ChainChoice verdict

Curve crvUSD

CDP StablecoinsEntity Curve · 3 productsCountry not set

#3 overall across 7 scored cdp stablecoins. 7 points behind #1 Liquity V2 (BOLD). Scored 73 on the published 41–99 scale under methodology 2026.09.15, from the evidence read on file.

Find my best

Availability not verified. Tell the explorer where you are and this verdict tests the record’s published market tags against it. An untested record is shown as not verified — never as available. Supported markets on record: Global. Set your country in the explorer

Why this rank

Why Curve crvUSD ranks #3

Each strength is read from evidence on a 0–10 ladder and weighted as the published methodology states. The 32 objective points these produce (20.3 here) sit inside the score; availability, friction, trust record and measured data add the rest. Best in the pool on 1 of 4.

4 published criteria · Σ weight 100

CriterionWeightStrength · 0–10ScoreContrib.MedianBestRankEvidence

9+10.086.09#1/7Loading evidence…

4+3.204.08#3/7Loading evidence…

7+4.486.010#3/7Loading evidence…

4+2.564.07#3/7Loading evidence…

Hairline = pool best · tick = pool median · a missing bar is "not scored", never zero

Margin−3behind Liquity V1 (LUSD), #2

RobustnessHoldsacross a one-point change to each of its 4 criterion scores, the re-run scores 71–76 and stays #3

Evidence4 of 4 scoredno receipt file for this category

What would move the rank

Each line is the ranking run again with one of Curve crvUSD’s criterion scores changed and every other value held: the smallest whole-point change on that criterion that moves its rank, and where the re-run puts it. Up to 4 climbs and 3 falls are listed, smallest change first. Nothing here is a forecast.

What actually backs the coin 4 → 6 on its ladder · passes Liquity V1 (LUSD)+276#3 → #2

Cost of the loan and who controls it 7 → 10 on its ladder · passes Liquity V1 (LUSD)+377#3 → #2

Observed peg behaviour under stress 4 → 7 on its ladder · passes Liquity V1 (LUSD)+377#3 → #2

Liquidation mechanics you actually bear 9 → 6 on its ladder · Aave GHO passes it−367#3 → #4

Cost of the loan and who controls it 7 → 1 on its ladder · Aave GHO passes it−666#3 → #4

Smallest climb: what actually backs the coin 4 → 6 passes Liquity V1 (LUSD), #2.

Strengths

Where it leads

1 from the score data

Record says best for

Liquidation mechanics you actually bear — 9/10
Cost of the loan and who controls it — 7/10

Tradeoffs

Where it trails

3 from the score data

Record watch-outs

Soft liquidation is not free and Curve will not quantify it. Their own LLAMMA documentation concedes that losses during soft liquidation are 'very hard to quantify' and depend on band count, pool liquidity and arbitrage efficiency. You avoid the liquidation cliff by paying a continuous, unpredictable bleed instead — and you keep paying it every time price oscillates through your bands. Separately, Curve unified its documentation and the widely-cited resources.curve.finance/crvusd/ pages now 404, so most third-party writeups of crvUSD parameters link to dead sources.
Corrected during verification: REFUTED. Iterating ControllerFactory 0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC (n_collaterals = 9) and reading monetary_policy() on each Controller returns TWO distinct policy contracts, not one. Market index 0 (the legacy sfrxETH controller) uses 0xc684432FD6322c6D58b6bC5d28B18569aA0AD0A1; only the other eight use 0x07491D124ddB3Ef59a8938fCB3EE50F9FA0b9251. The claim appears in both pricingVerbatim and the borrowCostPredictability evidence and should read 'eight of the nine markets share one MonetaryPolicy'. Read again 15 September 2026: the split still holds on-chain, Curve's monetary-policy docs now state it ('The original AggMonetaryPolicy ( 0xc684...0a1 ) is only used by one deprecated market.'), and the pricing note carries it.
Corrected during verification: MATERIALLY MISLEADING. The three cited rates are exactly right (wstETH 2.056%, WBTC 2.058%, WETH 2.034%, from each Controller's AMM rate() compounded over 365d — I reproduced all three). But 2.03–2.06% is not the crvUSD rate range; it is the range of the three markets the research chose. Across all nine live mint markets the rate spans 0.179% APR (legacy sfrxETH, index 0, on the separate MonetaryPolicy) to 13.564% APR (LBTC). The LBTC market is one of the nine the research counts toward crvUSD's collateral breadth, and at 13.56% it is currently more expensive than every single Sky ETH vault the comparison is built against. The '7x live spread' framing in the criterion description and the 'paying roughly 5x too much at Sky' uncomfortableFinding both depend on this understated range. Read again 15 September 2026: the eight markets on the current policy span 3.12% (sfrxETH) to 3.42% (wstETH), LBTC still charges 13.56% on about 1 crvUSD of debt, and the deprecated sfrxETH market (index 0) now charges 10.28%, not 0.179%.

Competitive position

Where Curve crvUSD leads and where it trails

Rank on every objective dimension among the rows scored on it. A criterion in the top third of its pool is listed as a lead, the bottom third as a trail; the middle is neither. Popularity, size and commercial terms are not dimensions.

Availability#1 / 714.0 of 20 · pool best

Published criteria#3 / 715.2 of 30 · best 17.8

Friction#1 / 72.7 of 10 · pool best

Trust record#1 / 73.2 of 8 · pool best

Measured data#1 / 78.3 of 18 · pool best

Where Curve crvUSD leads

Liquidation mechanics you actually bear#1 / 7
What actually backs the coin#3 / 7
Cost of the loan and who controls it#3 / 7
Observed peg behaviour under stress#3 / 7

Where it trailsNo criterion in the bottom third of its pool.

Closest alternatives

The 3 nearest rows by score

Nearest by published score in either direction. Each card states the criteria on which the two rows differ and the cost difference under the same scenario inputs; the compare arithmetic below shows why the higher one ranks higher.

Browse all 7

Liquity V1 (LUSD)#2 of 7 · score 76 · 3.0 points ahead

Curve crvUSD leads on

Liquidation mechanics you actually bear9 vs 7
Observed peg behaviour under stress4 vs 3

Liquity V1 (LUSD) leads on

What actually backs the coin7 vs 4
Cost of the loan and who controls it10 vs 7

Largest single reason Liquity V1 (LUSD) is ahead: published criteria (+2.9 display points).Scenario cost: Liquity V1 (LUSD) has no verified pricing for this scenario.

Compare View verdict

Aave GHO#4 of 7 · score 67 · 6.0 points behind

Curve crvUSD leads on

Liquidation mechanics you actually bear9 vs 6
Cost of the loan and who controls it7 vs 6

Aave GHO leads on

Observed peg behaviour under stress5 vs 4

Largest single reason Curve crvUSD is ahead: published criteria (+6.5 display points).Scenario cost: Aave GHO has no verified pricing for this scenario.

Compare View verdict

Liquity V2 (BOLD)#1 of 7 · score 80 · 7.0 points ahead

Curve crvUSD leads on

Liquidation mechanics you actually bear9 vs 8

Liquity V2 (BOLD) leads on

What actually backs the coin8 vs 4
Cost of the loan and who controls it9 vs 7

Largest single reason Liquity V2 (BOLD) is ahead: published criteria (+6.8 display points).Scenario cost: Liquity V2 (BOLD) has no verified pricing for this scenario.

Compare View verdict

Against the leader

Why Liquity V2 (BOLD) ranks above Curve crvUSD

80 vs 73 · gap 7.0

The compare workspace's arithmetic applied to these two rows. Each dimension's share of the gap is its weight × the difference, on the displayed scale — it reproduces the displayed gap of 7.0 to within rounding.

DimensionThisLiquity V2 (BOLD)Gap share

Availability · 23% weight14.014.00

Published criteria · 35% weight15.217.8−6.8

Friction · 12% weight2.72.70

Trust record · 9% weight3.23.20

Measured data · 21% weight8.38.30

Published criterionThisLiquity V2 (BOLD)Points

Liquidation mechanics you actually bear · w3598+1.12

What actually backs the coin · w2548−3.20

Cost of the loan and who controls it · w2079−1.28

Net7380−7.0

Compare with #1 Liquity V2 (BOLD)

For your setup

Find out if Curve crvUSD fits you

The rank above is the published one — the same for every visitor. Answer the category's questions and this section shows where Curve crvUSD lands for you, which criteria your answers weight up, and which stated needs the record does or does not meet. The published rank stays beside it.

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Ranking-blind: no commercial input
Personalised in under 60 seconds

Find my best cdp stablecoinNothing is inferred from clicks, popularity or commercial value.

Your scenario

Curve crvUSD is not priced for this scenario

Interest on what you borrow at the published rate. Variable rates move; excludes origination and liquidation penalties. Change an input and every figure recomputes from the published rate; the published rank does not move.

interest/yr · default scenario — set your own

Amount borrowed

Amount borrowed · your input$10k

Rate read from the provider’s published pricing ↗ on 15 Sept 2026.

interest/yr

Pricing not verified

Under the default inputs · USD

Category medianNot priced0 of 7 rows priced

Cheapest pricedNone pricedDifference not stated · availability not applied — set your country to filter

Cost is stated as interest/yr in USD; it is never a yield, never annualised, and it does not enter the score.

7 of 7 rows in the pool have no verified rate for this scenario and are absent from the median, not counted as free.

Evidence

No evidence reading date recorded

One row per published criterion: the page each strength was read from, its source type by domain, the reading date and whether the file and the published table agree. Open a row for the quote and the receipt.

4 of 4 cells scored

Score evidenceUnknownno observation on file

Public receiptsNo receipt filecategory publishes no receipt file

Evidence confidenceNot countedcoverage and corroboration, never freshness

Rank stabilityHoldsone point moves 2.2 display points

No structured observation is on file for this provider in this category; the strengths are the catalog’s published values.

7 listed rows in this category still await an evidence read and sit outside the scored pool.

No receipt file. This category publishes no receipt file, because no structured research payload exists for it yet. The ledger below shows the published strengths without their receipts; the scores on this page are unchanged.

CriterionSourceTypeReadFreshnessStatusReceipt

Liquidation mechanics you actually bearstrength 9 · weight 35Report an errorno source page——UnknownNo receipt

What actually backs the coinstrength 4 · weight 25Report an errorno source page——UnknownNo receipt

Cost of the loan and who controls itstrength 7 · weight 20Report an errorno source page——UnknownNo receipt

Observed peg behaviour under stressstrength 4 · weight 20Report an errorno source page——UnknownNo receipt

* category-wide reading date; the cell carries none of its own.

Facts

What the record publishes

facts, not scores

Pricing: Live borrow rate read on-chain 2026-09-15 (Ethereum block 25983562) from the LLAMMA AMM of each Controller (ControllerFactory 0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC, n_collaterals = 9): wstETH 3.42% APR, WBTC 3.38% APR, WETH 3.29% APR (per-second rate 1.0661e-9, 1.0524e-9, 1.0261e-9 respectively, compounded over 365d). The eight markets on the current policy span 3.12% (sfrxETH) to 3.42% (wstETH), except LBTC at 13.56% on about 1 crvUSD of debt; the deprecated sfrxETH market (index 0) charges 10.28%. Rates move with every borrower interaction. Eight markets use AggMonetaryPolicy v4 0x07491D124ddB3Ef59a8938fCB3EE50F9FA0b9251; index 0 still uses the original policy 0xc684432FD6322c6D58b6bC5d28B18569aA0AD0A1 — Curve's docs: 'It is used by all active crvUSD mint markets. The original AggMonetaryPolicy ( 0xc684...0a1 ) is only used by one deprecated market.' No fixed price is published; the rate is algorithmic (r = rate0 · e^power, driven by the crvUSD price and the PegKeeper debt fraction).Curve crvUSD — official pricing page ↗ · 15 Sept 2026
Prices published in: USDCurve crvUSD — official pricing page ↗ · 15 Sept 2026
Licences held: Not published
Compliance level: partial
Regulatory note: Not published
Supported chains: Multi-chain
Markets served: global
Primary markets: Not published
Restricted markets: Not published
Operating limits: Not published
Availability note: Permissionless contracts on Ethereum; the contracts themselves are not gated. The curve.finance web app's Terms & Conditions (Swiss Stake AG, Zug; last updated Jun 17, 2026) bar access to the Website from countries embargoed or restricted by Switzerland's SECO, naming Belarus, Burundi, Central African Republic, Congo, North Korea, Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Libya, Mali, Myanmar, South Sudan, Russia, Somalia, Sudan, Syria, Ukraine, Venezuela, Yemen and Zimbabwe, and reserve the right to geo-restrict the Website. Bucket: global.

Legal entity on file: Curve, placed in 3 products. Only confirmed entities are shown; nothing is inferred from the brand name.

History

What the record carries

Changes to published ranks and scores are recorded in a ledger, but this page does not chart that record yet, so no score line is drawn: history begins with the current verified snapshot. Below it, the methodology versions whose changes applied to this category, newest first.

7 methodology entries

currentCurrent verified snapshot · methodology 2026.09.15Score 73, #3 of 7. 4 of 4 criteria scored. History starts here; earlier values are not interpolated.
16 Sept 2026
2026.09.15
Dimension scores carry tenths, and eleven more categories are re-read from primary sources · platform-wide
- changed Dimension scores resolve to tenths of a point (O-04b), and weightedTotal is rounded to six decimal places before the order is read. 518 published scores move across 107 categories that were not re-read; none of them moves by more than 4 points, and most move by 1.
- fixed 66 published scores change in the eleven re-read categories, against a verbatim source each. The largest moves are Reflexer RAI (−16), Beefy and Unrekt (−11), Aztec (−10) and Golem (+9) — all of them rows whose sources had moved since their last read.
- changed Published order moves in 38 of 119 categories and three #1s change: smart_contract_audits (Zellic → Certora) and travel_rule_compliance (Sumsub Travel Rule → CodeVASP) on the finer resolution, kyc_compliance (Veriff → Sumsub) on the re-read.
- added availabilitySource (O-04g): for a reader who states a country, a row whose availability in that country rests on a region tag its record gives no source for sorts below every sourced row. It is inert in every order published here, which states no country.
14 Sept 2026
2026.09.12
A tie is decided by the published criteria first
- changed Tie key: criteriaAverage (unrounded weighted average of the published criterion scores) now comes directly after the weighted total and before the generic factors, in the engine, in formula.tieBreakChain and in the note that describes it.
- changed Published order: 130 positions move in 46 categories and no score changes. Five published #1s change: wallet (MetaMask → Rabby Wallet), stablecoin_issuance (Anchorage Digital → Brale), options_vaults (SOFA.org → Typus Finance), flash_loans (Dai Flash Mint → Morpho) and tokenised_commodities (Kinesis Gold → Matrixdock Gold).
- fixed Personalised weights are no longer rounded to one decimal. Rounding each dimension weight separately changed the ratio between dimensions the reader had not touched (a trust priority turned objectiveFit and quantitative 30:18 into 27.4:16.5), so a stated priority could reorder rows on criteria nobody re-weighted. Published weights are whole numbers, so no published order or score changes from this.
- changed Personalised orders: replaying the golden answer suite against the fixtures committed with 2026.09.11, 1,002 of 2,217 cases change their order and 181 their #1 (21 of them country briefs), mostly where answers leave rows tied on whole points and the criteria now decide; 45 change their confidence label. The tie key changes no score; the unrounded weights can move a reader’s weighted total, and with it their Fit for you number, by a small amount.
10 Sept 2026
2026.09.5
The published review cadence is now one the work actually keeps · platform-wide
- changed reviewCadenceDays 30 → 45 across all 119 category specs, and the two prose sites that quoted "the 30-day review cadence" in tokenised_bonds.
- changed check-review-cadence-is-kept ceiling 7 → 3, negative-tested: restoring a single 30-day promise over 49-day evidence takes it to 4 and fails the build.
- fixed Measured by regenerating rankings.json: no category changed order and no score moved, and the golden suite confirms it independently — across all 119 fixtures and 2,217 cases the only fields that differ are methodologyVersion and contentHash. A cadence is a claim about freshness, not an input to any ranking.

Full methodology changelog

Methodology

How this verdict was produced

Methodology version: 2026.09.15 · last platform-wide change 16 Sept 2026
Data snapshot: No reading date recorded
Last recalculated: At page build from the published inputs — the same run every visitor sees.
Published run: runWizardEngine(cdp_stablecoins, defaults) · no visitor answers
Receipt id: cdp_stablecoins:curve_crvusd:2026.09.15:ef23937abbc6

What changed in this methodology version?

2026.09.15 · Dimension scores carry tenths, and eleven more categories are re-read from primary sources

Dimension scores resolve to tenths of a point (O-04b), and weightedTotal is rounded to six decimal places before the order is read. 518 published scores move across 107 categories that were not re-read; none of them moves by more than 4 points, and most move by 1.
66 published scores change in the eleven re-read categories, against a verbatim source each. The largest moves are Reflexer RAI (−16), Beefy and Unrekt (−11), Aztec (−10) and Golem (+9) — all of them rows whose sources had moved since their last read.
Published order moves in 38 of 119 categories and three #1s change: smart_contract_audits (Zellic → Certora) and travel_rule_compliance (Sumsub Travel Rule → CodeVASP) on the finer resolution, kyc_compliance (Veriff → Sumsub) on the re-read.

How cdp stablecoins are weighted Changelog

Rankings, scores and Fit read no affiliate, payout, conversion or sponsorship data. This page's commercial note appears once, beside the outbound action, and is written by no component that scores.