Curve founder: Rapid stablecoin adoption amplifies volatility risks, crvUSD needs phased expansion

According to Odaily, Curve founder Michael Egorov stated on the X platform that the current liquidity scale between the stablecoin crvUSD and mainstream crypto assets (mainly bitcoin) is already very large. However, this also means that when BTC fluctuates, it may put greater pressure on the crvUSD peg, and it is necessary to consider how to further expand the system's capacity. This situation reminds him of the early stage when USDT became the main trading stablecoin in the crypto market: at that time, the brief depegging 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 also primarily be made from this side in the future. However, as the use of stablecoins in trading scenarios continues to increase, the adoption scale of stablecoins must expand progressively, and this process itself is inevitable.