How much debt can be issued against CRVUSD as collateral across lending protocols.
Maximum possible exposure to CRVUSD
$28.63
$0.0004 (max additional borrows against CRVUSD) + $28.63 (bad debt if CRVUSD was hacked now)
Morpho V1
$0.0045 at-risk exposure = $0.0041 bad debt if hacked + $0.0004 additional borrowable against CRVUSD
Aave V3
$28.62 at-risk exposure = $28.62 bad debt if hacked + $0 additional borrowable against CRVUSD
Methodology and limitations
Showing collateral exposure for CRVUSD on Ethereum. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
These metrics describe lending exposure only and are not a full protocol risk rating.
This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
Show exposure details
Each row is one protocol-chain exposure for CRVUSD as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol
Chain
Morpho V1
Ethereum
crvUSD0xf939e0a03fb07f59a73314e73794be0e57ac1b4e
$0.0004
$0.0041
Aave V3
Ethereum
crvUSD0xf939e0a03fb07f59a73314e73794be0e57ac1b4e
$0
$28.62
Risk Timeline
Risk-management actions published about CRVUSD by tracked risk managers and governance contributors, newest first.
The review assesses GHO's integration into Curve pools like crvUSD/GHO to act as a pegkeeper, comparing it to existing ones and emphasizing GHO's yield-bearing GSM and deep liquidity to support crvUSD peg maintenance without solvency risks. No specific concerns for crvUSD are raised, focusing instead on GHO's quantitative metrics like 97% GSM utilization and revenue generation of $21.8M to inform safe onboarding parameters.
LlamaRisk's Market Health Scores for crvUSD mint markets aggregate quantitative evaluations of bad debt ratios, debt ceiling safety against liquidation capacity, collateral ratio stability, soft liquidation exposure, and asset volatility/momentum to provide a comprehensive risk profile for these CDP markets.
LlamaRisk outlines a methodology for setting debt ceilings in crvUSD mint markets, accounting for soft liquidations via arbitrage and global liquidation pressure from larger markets like Aave. The approach models price shocks to ensure liquidators can profitably handle scaled collateral without bad debt, using soft liquidation efficiency to estimate retained collateral value during price drops.
Improvements to crvUSD simulation codebases from this collaboration will provide more precise risk assessments for mint markets and LlamaLend, enhancing guidance on protocol health and parameterization to build user trust.
An UwU lending exploit on June 10 flooded Curve Lend with CRV collateral, borrowing crvUSD and contributing to a June 12 liquidation cascade that spiked crvUSD demand. The Pegkeeper V2 deviation check between spot and oracle prices prevented timely crvUSD supply to pools, causing a prolonged upward depeg above $1 and knock-on liquidations in other Curve Lend markets.
The crvUSD MetaMorpho vault employs an AdaptiveCurve IRM that targets 90% utilization with gradual, time-based rate adjustments to balance supply and demand. Currently, borrow rates are extremely low at 0.08% APY despite 76% utilization in active markets, providing an accommodative environment for lenders and borrowers while preventing sudden spikes.
A new MetaMorpho vault enables borrowing crvUSD against Convex-wrapped Curve TriCrypto LPs, supported by CRV and MORPHO incentives over 3 months to boost supply and utilization. Llama Risk manages strategy for risk-adjusted yield, with a custom Dune dashboard for monitoring market health and liquidation risks.
Curve Lending uses crvUSD as the primary borrowed stablecoin, leveraging the LLAMMA mechanism for soft liquidations that gradually adjust collateral exposure based on oracle prices, reducing risks from sudden market drops compared to hard liquidations. The system maintains peg stability through PegKeeper adjustments and semi-log interest rates tied to utilization and debt fractions.
The proposal whitelists a MetaMorpho vault on Morpho Blue to enable crvUSD borrowing against Curve Tri-pool LP positions, optimizing yield through Convex-wrapped collateral that earns CRV and CVX rewards. Tailored oracles using exponential moving averages of trade prices ensure manipulation-resistant pricing for these volatile CryptoSwap pools.
Chaos Labs launched a comprehensive platform for monitoring crvUSD risks, aggregating data on supply, borrows, TVL, collateral at risk, liquidations, wallet positions, and stress scenarios. It provides real-time insights into market exposures, peg stability via Peg Keepers, and liquidity pools to enhance community awareness of the stablecoin's health without implying any exposure changes.
