Curve Best Yields & Key Metrics | Week 44, 2025

Market Overview

It’s been a productive week for Curve — here’s the news:

• TVL: $2.737 B (-0.7%)
• YB incentives have begun for crvUSD’s leading PegKeeper pools, offering high yields on very safe asset pairs (see below).
• Resupply’s 5M crvUSD mint was approved, deployed, and quickly absorbed by borrowers on the crvUSD/sreUSD lending market.

As always, see below for this week’s top yields, metrics, and winners and losers.

Top Yields

All yields shown below are the unboosted rates offered directly on Curve. However, projects such as Convex, StakeDAO and Yearn all offer additional boosting for these yields.

Premier crvUSD Pools

YB voting incentives started flowing this week, giving all PegKeeper pools strong yields. These are exceptionally high returns for such deep-liquidity pools.

Voting incentives will continue for these markets, making them an excellent option to park funds and earn some of the safest yields in DeFi.

Chain	Market	TVL	Yield
	PYUSD crvUSD	$51.8M	15.4%
	frxUSD crvUSD	$14.5M	15.0%
	USDT crvUSD	$15.5M	13.0%
	USDC crvUSD	$53.3M	9.5%

Other Top USD Yields

*Note that the scrvUSD/USDC pool on XDC is offering a huge 161% yield; however, the daily limit for bridging scrvUSD to XDC has been reached, so additional bridges may be delayed by up to 24hrs.

Chain	Market	Type	Yield
	scrvUSD USDC	Pool	161.1%
	USDaf frxUSD	Pool	53.8%
	MUSD sUSDe	Pool	25.2%
	mMEV USDC	Pool	24.8%
	USDp frxUSD	Pool	18.8%
	mBASIS USDC	Pool	18.0%
	USDC mRe7YIELD	Pool	17.8%
	USPD USDC	Pool	17.3%

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	LBTC WBTC	BTC	14.1%
	CrossCurve WETH ARB	ETH	9.4%
	uniETH WETH	ETH	5.6%
	ETH+ WETH	ETH	5.3%
	WBTC uniBTC	BTC	2.9%
	cbBTC tBTC WBTC	BTC	1.4%

Other Top Yields

Chain	Market	Asset	Yield
	CrossCurve CRV/USD	CRV	35.1%
	CrossCurve CRV 2	CRV	18.5%
	GHO cbBTC WETH	TRICRYPTO	7.1%
	crvUSD tBTC WETH	TRICRYPTO	5.8%
	EURA EURT EURS	EUR	3.4%
	EURA EURC	EUR	1.7%
	XAUt PAXG	GOLD	0.9%

Weekly Metrics

crvUSD & scrvUSD

The crvUSD supply increased by 6% this week as yields for crvUSD pools rose substantially. The amount of crvUSD held in scrvUSD decreased significantly, meaning a greater share of revenue will now flow to veCRV holders.

PegKeeper profit has also been added as a weekly metric. As PegKeepers deploy and withdraw reserves, they effectively sell crvUSD when it’s above $1 and buy it back when it’s below $1 — generating revenue for the Curve DAO.

Metric	Value	Change
crvUSD Minted	$96.2M	+6.0%
scrvUSD Yield	4.0%	+1.1%
crvUSD inscrvUSD	37.1%	-12.0%
crvUSD Price	$0.9998	+$0.0001
Avg. Borrow Rate	2.4%	+0.3%
Peg Stability Reserves	$34.9M	-$2.95M
PegKeeper Profit	$6.18k	-$2.42k

Llamalend

Llamalend's TVL increased substantially this week, aligning with the higher yields on crvUSD pools.

DEX

DEX pool volumes increased slightly; however, fees and swaps declined after last week’s higher-than-usual activity, with TVL remaining largely unchanged.

DAO

veCRV holders are eating well this week after a higher-than-usual distribution, driven by frxETH pool fees being harvested. CRV emissions were also slightly higher this week thanks to the stronger CRV price, while veCRV supply increased due to additional CRV relocks.

Metric	Value	Change
CRV Circ. Supply	1.42B	+0.1%
CRV Locked	863M	-
Total veCRV	796M	+1.2%
veCRV Distribution	$260k	+40.7%
CRV Emissions	$1.21M (2.22M CRV)	+0.7%
Inflation Rate	4.988%	-0.004%

Top Stableswap Pools

The top Stableswap pools by volume were largely unchanged this week, with the only major move being the frxUSD/sUSDS pool, which jumped 37 places.

📍	🔄	Chain	Pool	Volume	Fees
1	-		sUSDS USDT	$545.5M	$9.7k
2	+1		PYUSD USDS	$246.4M	$2.9k
3	-1		USDC USDT	$164.1M	$2.2k
4	-		USDC crvUSD	$80.7M	$8.1k
5	-		DAI USDC USDT	$73.2M	$11.0k
6	-		USDC RLUSD	$72.2M	$14.6k
7	+37		frxUSD sUSDS	$55.6M	$5.7k
8	-		ETH stETH	$47.7M	$4.8k
9	-2		USDT crvUSD	$43.1M	$4.3k
10	-		USDC fxUSD	$40.2M	$4.1k

Top Cryptoswap Pools

Below, you can see two USDT/WBTC/WETH pools. The pool in position 4 has slightly less volume but over 2x the fees. Notably, the higher-fee pool (TricryptoUSDT) is a 2nd-generation Cryptoswap pool, while the lower-fee pool (Tricrypto2) is a 1st-generation pool. Curve continues to optimize and improve the efficiency of all its products.

📍	🔄	Chain	Pool	Volume	Fees
1	-		USDC WBTC WETH	$23.2M	$13.1k
2	+2		crvUSD WETH CRV	$16.0M	$9.3k
3	-		USDT WBTC WETH	$15.1M	$9.0k
4	-2		USDT WBTC WETH	$13.5M	$20.6k
5	-		crvUSD YB	$5.8M	$20.8k
6	+1		WETH CVX	$3.3M	$11.4k

DEX Winners & Losers

Fees Winners & Losers

sUSDS pools were the big winners in terms of fees this week, while Cryptoswap pools landed in the loser category due to a decline in volatility from last week.

📍	Chain	Pool	Volume	Fees	Change
1		sUSDS USDT	$545M	$9.75k	+$5.82k
2		frxUSD sUSDS	$55.6M	$5.66k	+$5.19k
3		ARB USDC	$2.25M	$6.74k	+$4.15k
...	...	...	...	...	...
-3		crvUSD WETH CRV	$16M	$9.35k	-$8.2k
-2		USDC WBTC WETH	$23.2M	$13.1k	-$11.6k
-1		USDT WBTC WETH	$13.5M	$20.6k	-$29.1k

Volume Winners & Losers

Both USDS and sUSDS pools led the week in volume growth, contributing nearly $500M in additional volume for Curve from these assets alone.

📍	Chain	Pool	Volume	Fees	Change
1		sUSDS USDT	$545M	$9.75k	+$347M
2		PYUSD USDS	$246M	$2.86k	+$80.7M
3		frxUSD sUSDS	$55.6M	$5.66k	+$50.9M
...	...	...	...	...	...
-3		USDC WBTC WETH	$23.2M	$13.1k	-$24.3M
-2		USDT crvUSD	$43.1M	$4.31k	-$24.8M
-1		USDC crvUSD	$80.7M	$8.07k	-$52.3M

TVL Winners & Losers

With the addition of higher yields for crvUSD pools, they were the big winners this week.

📍	Chain	Pool	TVL	Change
1		frxUSD crvUSD	$14.5M	+$12.9M
2		DOLA sUSDe	$69.4M	+$12.2M
3		PYUSD crvUSD	$51.8M	+$10.7M
...	...	...	...	...
-3		reUSD scrvUSD	$39.2M	-$5.05M
-2		uniBTC cbBTC	$240k	-$10.5M
-1		DOLA USR	$16.2M	-$11.3M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

A great week for crvUSD minting markets, with substantial growth across the board and almost no outflows from any market.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD WETH	$67.5M	$40.8M	+$3.25M
2		crvUSD tBTC	$23.9M	$10.8M	+$1.12M
3		crvUSD WBTC	$68.8M	$33.8M	+$538k
...	...	...	...	...	...
-3		crvUSD weETH	$324k	$150k	+$42.4
-2		crvUSD LBTC	$563k	$350k	-$19.5k
-1		crvUSD sfrxETH	$6.54M	$3.87M	-$61k

Lend Markets - Borrowing Winners & Losers

The crvUSD/sreUSD lending market has issued over $5M in new loans after the Curve DAO voted to mint an additional 5M crvUSD. The crvUSD/sDOLA market also saw a $4.7M increase in borrows from last week.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sreUSD	$14.1M	$12.9M	+$5.37M
2		crvUSD sDOLA	$26.3M	$24.2M	+$4.74M
3		crvUSD sfrxUSD	$14.5M	$12.5M	+$268k
...	...	...	...	...	...
-3		crvUSD WETH	$933k	$549k	-$6.63k
-2		crvUSD sUSDS	$211k	$123k	-$20.4k
-1		crvUSD sUSDe	$8.83M	$7.52M	-$668k

Lend Markets - Supplying Winners & Losers

Here we can clearly see the additional 5M crvUSD minted by the DAO deployed to the crvUSD/sreUSD market, along with solid growth in the crvUSD/sDOLA market.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sreUSD	$14.1M	$12.9M	+$5.04M
2		crvUSD sDOLA	$26.3M	$24.2M	+$2.15M
3		crvUSD CRV	$4.17M	$3.3M	+$167k
...	...	...	...	...	...
-3		crvUSD WBTC	$5.51M	$4.82M	-$184k
-2		crvUSD fxSAVE	$10.8M	$9.51M	-$196k
-1		crvUSD sUSDe	$8.83M	$7.52M	-$697k

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.