The crvUSD stablecoin was released on the Sepolia testnet prior to the debut of Ethereum’s mainnet
Curve’s developers deployed crvUSD on the Sepolia testnet in order to conduct an Etherscan verification.
The stablecoin is pegged to the U.S. dollar, has a design similar to MakerDAO’s DAI, and will be overcollateralized by certain crypto assets.
Today, on the Sepolia testnet, the developers of the decentralized exchange Curve Finance deployed smart contracts for the decentralized stablecoin crvUSD.
Sepolia functions as one of the two primary testnets employed by Ethereum developers for verifying code prior to mainnet deployment. According to a remark on GitHub, this code was deployed specifically to verify the token’s certification on the Ethereum block explorer Etherscan.
The curve is the largest decentralized stablecoin exchange with reduced slippage and minimal fees. It has more than $4.2 billion secured on its platform across 12 blockchain-based markets. The deployment of Sepolia indicates that the team is nearing a mainnet launch of its platform and stablecoin.
In July 2022, Curve founder Michael Egorov initially disclosed that the team was developing a native stablecoin. In November 2022, Curve’s developers released its white paper and initial code.
The stablecoin will be pegged to the U.S. dollar and will have a similar token design to MakerDAO’s DAI stablecoin. This indicates that it will be overcollateralized with supported crypto assets exceeding the value of the crvUSD that users desire to mint.