According to news on May 4, encryption researcher Winter Soldier tweeted that the first 1 million Curve native stablecoins crvUSD that have been minted are backed by Frax Finance’s Ethereum liquidity pledge product sfrxETH. In addition, DefiLlama data shows that as of the time of publication, the TVL of crvUSD is approximately US$1.82 million.

Note that crvUSD has similar functionality to the MakerDAO stablecoin DAI, using crypto-asset over-collateralization, and users are able to mint stablecoins by depositing excess collateral in the form of cryptocurrency loans in reserves.