DL Research published an article on X stating that the decentralized stablecoin crvUSD launched by Curve Finance has generated $18 million in fees and a market value of $66 million since its launch in June.
On Wednesday, CurveDAO launched the yield-generating stablecoin Saving crvUSD (scrvUSD), with deposits reaching $6.6 million as of press time.
Curve Finance clarified: “This fee has been incurred since the fee allocation switched to crvUSD in June.
crvUSD itself was launched in May 2023 and has generated more fees since then.”
Earlier in June, Curve Finance had changed its fee distribution mechanism, transitioning from 3crv tokens to its native stablecoin crvUSD, a move designed to increase the utility of crvUSD and integrate stablecoins into the Curve Finance ecosystem to incentivize users. It is reported that the transition to crvUSD means that users will now receive fees in stablecoins denominated in US dollars.