Curve plans stablecoin – CRV takes off in the short term

Stablecoins have generally gotten a bad rap since Terra collapsed in May. Many investors and the media like to lump the sector together. After such a debacle, one can hardly blame it.

Michael Egorov, founder and CEO of Curve, recently commented on the topic of stablecoins. They already seem to have their own version in the making, but Egorov didn't want to comment on it in detail. So far it is only known that the stablecoin will be overcollateralised.

With such a model, investors who want to hold stablecoins must deposit a significantly higher value of cryptocurrencies into a protocol. In return, they receive a smaller amount of stablecoins. If you don't pay them back or if there are fluctuations in the market, the protocol automatically liquidates the deposited assets. MakerDAO and Aave also offer stablecoins based on a similar principle.

CRV price increases

The CurveDAO governance token was able to develop positively in view of the announcement. Part of the price recovery is certainly due to the general development of the market. Because in the last week things went up across the board.

In the meantime, the situation has cooled down again and the CRV rate fell back to $1.13. While over-collateralized stablecoins are not an innovation, they are certainly the healthiest basis to frame them in protocol form. The only alternative are stablecoins from central providers who guarantee collateral and price fixing through reserves in dollars or euros.

But even this model is not free of criticism. Doubts about the transparency reports of the companies involved keep coming up. The primary concern is Tether, which is still a leader in this segment of the market but has recently lost a fair share of the market to Circle.

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