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Curve Best Yields & Key Metrics | Week 43, 2025

Weekly yield and Curve ecosystem metric updates as of the 23rd October, 2025

Saint Rat

23 Oct 2025 • 21 min read

Top Yields: 1st. MUSD/sUSDe Pool on Ethereum with 33.0% Yield, 2nd. MUSD/USDC/USDT Pool on Ethereum with 26.7% Yield, 3rd. USDp/frxUSD Pool on Sonic with 21.8% Yield

Market Overview

Another turbulent week has come and gone, yet Curve continues to hold strong. Total value locked (TVL) sits at $2.769 B, down just 2.0% over the week.

It’s been an active period for governance, with three major proposals currently up for vote:

Resupply's 5M crvUSD credit line vote for a sreUSD market
Setting the YB emissions recipient so Curve's YB emissions can be used as voting incentives for crvUSD pools
Tripling the PegKeeper crvUSD allocations to accommodate for significant growth in pool size and circulating supply

For more on how YieldBasis has positively impacted Curve since launch—and what’s next—see yesterday's article: YieldBasis on Curve: What’s Happened So Far

As always, there are strong yield opportunities across many assets on Curve. Explore some of the week’s highlights and metrics below.

Top Yields

USD Stablecoins

Market	Type	Yield
MUSD sUSDe	Pool	33.0%
MUSD USDC USDT	Pool	26.7%
USDp frxUSD	Pool	21.8%
sdUSD wstkscUSD	Pool	18.1%
litUSD sUSDS	Pool	16.0%
dUSD frxUSD	Pool	15.7%
PYUSD crvUSD	Pool	15.2%
sdUSD sfrxUSD	Pool	14.8%
mTBILL USDC	Pool	14.4%
alUSD USDC	Pool	14.4%

Top BTC & ETH Yields

Market	Asset	Yield
SolvBTC xSolvBTC	BTC	16.7%
LBTC WBTC	BTC	13.7%
CrossCurve WETH ARB	ETH	12.7%
tETH weETH	ETH	6.0%
msETH WETH	ETH	5.2%
uniBTC brBTC	BTC	2.8%

Other Top Yields

The XAUt/PAXG gold pool continues to deliver strong organic yield for a stableswap pool.

Market	Asset	Yield
CrossCurve CRV/USD	CRV	41.9%
CrossCurve CRV 2	CRV	19.0%
crvUSD tBTC WETH	TRICRYPTO	5.8%
USDC WBTC WETH	TRICRYPTO	3.9%
EURA EURT EURS	EUR	3.4%
XAUt PAXG	GOLD	1.9%
EURA EURC	EUR	1.4%

Weekly Metrics

crvUSD & scrvUSD

Following recent market-wide liquidations, users appear cautious about taking on new loans, leaving crvUSD supply largely unchanged this week. The peg remains strong, and with YB incentives soon flowing to crvUSD pools, borrowing demand is expected to rise—creating a healthy incentive to mint and deploy crvUSD.

Metric	Value	Change
crvUSD Minted	$90.8M	-0.5%
Peg Stability Reserves	$37.8M	-$3.9M
scrvUSD Yield	2.9%	-4.2%
crvUSD inscrvUSD	49.1%	-15.9%
crvUSD Price	$0.9998	-$0.0007
Avg. Borrow Rate	2.0%	+0.7%

Llamalend

Llamalend's TVL dipped slightly this week as markets look to stabilize following recent volatility and liquidations.

Metric	Value	Change
🦙 Llamalend TVL	$268M	-4.8%
🦙 Supplied	$89.8M	-3.8%
🦙 Borrowed	$163M	-1.0%
🦙 Collateral	$251M	-4.3%
🦙 Loans	1395	-26

DEX

After last week’s volatility drove unusually high DEX volumes, both volume and fees have now normalized, with TVL remaining largely unchanged.

Metric	Value	Change
🔄 TVL	$2.66B	-1.6%
🔄 Volume	$2.06B	-29.7%
🔄 Swaps	474k	-39.7%
🔄 Total Fees	$416k	-55.5%

DAO

The value of CRV emissions declined this week following a drop in the CRV token price. The veCRV distribution also returned to typical levels after last week’s unusually high payout.

Metric	Value	Change
CRV Circ. Supply	1.42B	+0.3%
CRV Locked	863M	-0.3%
Total veCRV	786M	-0.2%
veCRV Distribution	$185k	-49.3%
CRV Emissions	$1.2M (2.22M CRV)	-9.1%
Inflation Rate	4.992%	-0.005%

Top Stableswap Pools

The top pool lists are back, below are the top weekly Stableswap pools ranked by volume.

📍	🔄	Pool	Volume	Fees
1	+4	sUSDS USDT	$198.8M	$3.9k
2	+10	USDC USDT	$171.8M	$2.7k
3	-	PYUSD USDS	$165.7M	$1.9k
4	-2	USDC crvUSD	$132.9M	$13.3k
5	-4	DAI USDC USDT	$79.8M	$12.0k
6	-2	USDC RLUSD	$78.4M	$16.0k
7	-1	USDT crvUSD	$67.8M	$6.8k
8	+3	ETH stETH	$65.1M	$6.5k
9	+25	PYUSD crvUSD	$41.8M	$4.3k
10	+6	USDC fxUSD	$40.8M	$4.2k

Top Cryptoswap Pools

Here are the top Cryptoswap pools of the week ranked by volume. Notice that the Tricrypto pools (BTC/ETH/USD pools) largely dominate these rankings.

📍	🔄	Pool	Volume	Fees
1	-	USDC WBTC WETH	$47.6M	$24.7k
2	-	USDT WBTC WETH	$37.7M	$49.6k
3	+1	USDT WBTC WETH	$29.0M	$15.4k
4	-1	crvUSD WETH CRV	$24.7M	$17.5k
5	+6	crvUSD YB	$7.1M	$24.0k
6	+2	ETH+ eUSD RSR	$3.9M	$3.5k

DEX Winners & Losers

Fees Winners & Losers

YieldBasis’s YB/crvUSD pool led the week with the largest increase in fees, followed by the PYUSD/crvUSD pool after the introduction of direct YB incentives. The BTC/ETH/USD pools saw lower fees, mainly reflecting a return to normal levels after last week’s spike.

📍	Chain	Pool	Volume	Fees	Change
1		crvUSD YB	$7.07M	$24k	+$11.1k
2		PYUSD crvUSD	$41.8M	$4.25k	+$2.78k
3		USDai USDC	$20.1M	$5.27k	+$1.47k
...	...	...	...	...	...
-3		USDC WBTC WETH	$47.6M	$24.7k	-$34.4k
-2		USDT WBTC WETH	$37.7M	$49.6k	-$91k
-1		crvUSD WETH CRV	$24.7M	$17.5k	-$95.4k

Volume Winners & Losers

📍	Chain	Pool	Volume	Fees	Change
1		USDC USDT	$172M	$2.66k	+$98.4M
2		sUSDS USDT	$199M	$3.93k	+$77.9M
3		PYUSD crvUSD	$41.8M	$4.25k	+$28.7M
...	...	...	...	...	...
-3		msETH WETH	$28.8M	$11.5k	-$58.6M
-2		USDe USDC	$20.2M	$2.08k	-$77.4M
-1		DAI USDC USDT	$79.8M	$12k	-$156M

TVL Winners & Losers

With 14% APR available on the PYUSD/crvUSD pool, it's no wonder the TVL has increased by a factor of 4.

📍	Chain	Pool	TVL	Change
1		PYUSD crvUSD	$41.1M	+$30.2M
2		DOLA wstUSR	$17M	+$6.17M
3		USDC RLUSD	$52.6M	+$2.86M
...	...	...	...	...
-2		cbBTC WBTC	$4.99M	-$5.25M
-1		DOLA sUSDe	$57.2M	-$6.08M
0		ETH stETH	$179M	-$6.85M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

Borrowing in crvUSD markets saw minor shifts among users, but overall levels were steady week-on-week.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD WBTC	$68.6M	$33.2M	+$2.5M
2		crvUSD sfrxETH	$6.78M	$3.94M	+$270k
3		crvUSD LBTC	$607k	$370k	+$240k
...	...	...	...	...	...
-3		crvUSD weETH	$326k	$150k	-$1.13M
-2		crvUSD tBTC	$21.2M	$9.73M	-$1.14M
-1		crvUSD WETH	$59.7M	$37.6M	-$1.29M

Lend Markets - Borrowing Winners & Losers

sreUSD demand continues to rise, with borrowing up more than 10% this week.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sreUSD	$9.04M	$7.54M	+$808k
2		crvUSD WBTC	$5.69M	$4.82M	+$170k
3		crvUSD CRV	$4M	$3.15M	+$81.9k
...	...	...	...	...	...
-3		crvUSD fxSAVE	$11M	$9.41M	-$322k
-2		crvUSD sUSDe	$9.52M	$8.19M	-$594k
-1		crvUSD sDOLA	$24.1M	$19.5M	-$940k

Lend Markets - Supplying Winners & Losers

Users largely rotated capital within stablecoin lending markets this week, with sreUSD emerging as the biggest gainer.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sreUSD	$9.04M	$7.54M	+$1.02M
2		crvUSD WBTC	$5.69M	$4.82M	+$201k
3		crvUSD USDe	$606k	$184k	+$153k
...	...	...	...	...	...
-3		crvUSD fxSAVE	$11M	$9.41M	-$321k
-2		crvUSD sDOLA	$24.1M	$19.5M	-$351k
-1		crvUSD sUSDe	$9.52M	$8.19M	-$3.57M

Explore Yield Oppportunities

Go to DEX markets

Go to Lending Markets

Go to Savings crvUSD

Curve's ecosystem continues to expand rapidly, welcoming new teams and pools weekly. If you're interested in launching a pool, lending market, or simply want to connect with the community, join us on Telegram or Discord.

Risk Disclaimer

References to specific pools or Llamalend markets do not constitute endorsements of their safety. We strongly encourage conducting personal risk analysis before engaging with any pools or markets. Please review our detailed risk disclaimers: Pool Risk Disclaimer, Llamalend Risk Disclaimer, crvUSD Risk Disclaimer.