Curve Finance's crvUSD stablecoin deployed on Sepolia testnet ahead of Ethereum mainnet launch

Quick Take

  • Developers at Curve deployed crvUSD on the Sepolia testnet to check verification on Etherscan.
  • Pegged to the U.S. dollar, the stablecoin has a similar design to MakerDAO’s DAI and will be overcollateralized by certain crypto assets.

The developers of decentralized exchange Curve Finance deployed smart contracts for decentralized stablecoin crvUSD on the Sepolia testnet today.

Sepolia serves as one of the two main testnets employed by Ethereum developers for testing code prior to mainnet deployment. Specifically, this code was deployed for the purpose of testing the token's verification on Ethereum block explorer Etherscan, according to a comment made on GitHub. 

Created in 2020, Curve is the largest decentralized exchange focused on swapping stablecoins with reduced slippage and minimal fees. It has more than $4.2 billion locked on its platform across its markets that run over 12 blockchains. The Sepolia deployment signals that the team is getting closer toward a mainnet release of its platform and stablecoin.

The stablecoin's design

Curve founder Michael Egorov initially revealed that the team was working on developing a native stablecoin in July 2022. Subsequently, in November 2022, Curve developers published its white paper and initial code.

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