Curve founder: The rapid adoption of stablecoins amplifies volatility risks, crvUSD needs to expand in phases

The founder of Curve, Michael Egorov, stated on the X platform that the current liquidity scale of the stablecoin crvUSD with mainstream crypto assets (mainly Bitcoin) has become very large. However, this also means that when BTC fluctuates, it may put greater pressure on the crvUSD peg. There is a need to consider how to further expand the system's capacity. This situation reminds him of the early days when USDT became the main trading stablecoin in the crypto market:

At that time, the brief decoupling of stablecoins was not a structural issue, but rather due to the limited throughput capacity of bank redemption channels. In contrast, crvUSD belongs to the CDP (Collateralized Debt Position) stablecoin model, so it needs to address related pressures from different mechanism levels.

Currently, the demand for crvUSD mainly comes from yield-based scenarios such as Yield Basis, and adjustments will primarily be made from this side in the future. However, as the usage of stablecoins in trading scenarios continues to increase, the scale of stablecoin adoption must expand gradually. This process itself is inevitable.