The overcollateralized stablecoin crvUSD uploaded code to GitHub
Curve Finance is about to release its new dolar-pegged stablecoin.
The code to the stablecoin was uploaded onto GitHub by the developers yesterday. There are not many details available but the code did show smart contract functions for an overcollateralized stablecoin.
The Curve DAO token (CRV) had rallied more than 21% due to the announcement of a Curve stablecoin. The overcollateralized stable coin was confirmed by Founder Michael Egrov at a web3 summit.
Overcollateralized stablecoins are backed by volatile assets like Bitcoin, Ethereum and a bunch of other cryptocurrencies. The overcollateralization helps the token contain its dollar peg even amid volatility of the crypto sphere.
The cryptocurrency treasury as it can be called will exceed the value of the crvUSD tokens in circulation. DAI of Maker is the most well-known overcollateralized stablecoin.
Last month Curve was the victim of a frontend attack in which attackers took 327 ETH which at the time of the heist amounted for a little more than $570,000. This was then sent to FixedFloat for laundering. FixedFloat was able to freeze 112 ETH while Binance was able to freeze 83% of the stolen funds.
The new stablecoin joins the ranks of others such as Maker and AAVE stablecoins.