CR
crvUSD is Curve’s CDP-style stablecoin pegged to the dollar. Borrowers deposit collateral (initially LSTs and BTC wrappers) and mint crvUSD, but unlike traditional CDPs Curve uses a continuous “soft liquidation” mechanism (LLAMMA) that gradually rebalances the position into stablecoins as the price falls toward the liquidation threshold.
The LLAMMA design absorbs price moves through a Curve-style AMM rather than discrete liquidation events, making borrowing on crvUSD smoother than standard CDPs. CRV holders govern the protocol.