Curve Best Yields & Key Metrics | Week 46, 2025

Market Overview

Markets have stabilized this week, and TVL has started to increase once again. Curve currently has a TVL of $2.532B, up 1.4% from last week.

There's never been a better time to set and forget your yields within a crvUSD pool, or stay extra comfy and simply stake crvUSD into scrvUSD.

As always Curve has some of the best yields available in DeFi, and this week is no different. Check out the top highlighted yields and all the weekly metrics below.

Top Yields

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

Premier crvUSD Pools

These pools offer some great yields for even the biggest LPs, paired with some of the safest USD stablecoins available. The risk/reward is hard to beat.

Chain	Market	TVL	Yield
	frxUSD crvUSD	$25.6M	5.7%
	USDT crvUSD	$55.5M	4.9%
	USDC crvUSD	$32.5M	4.7%
	PYUSD crvUSD	$6.53M	2.2%

Other Top USD Yields

Chain	Market	Type	Yield
	frxUSD msUSD	Pool	209.5%
	ebUSD USDC	Pool	67.7%
	ynRWAx USDC	Pool	57.4%
	scrvUSD USDC	Pool	46.1%
	USDC USDT	Pool	32.5%
	MUSD USDC USDT	Pool	27.1%
	USDT0 USDe	Pool	23.3%
	USDp frxUSD	Pool	20.7%
	USDT0 sUSDe	Pool	17.0%
	axlUSDT USDt	Pool	16.7%

Top BTC & ETH Yields

There's some great yields available this week for BTC and ETH pools, with CrossCurve's frxETH FRAXTAL pool currently offering 98% yield, but as it only has $24k TVL, we normalize yields at a minimum $100k TVL.

Chain	Market	Asset	Yield
	CrossCurve frxETH FRAXTAL	ETH	23.9%
	LBTC WBTC	BTC	14.1%
	CrossCurve WETH ARB	ETH	12.2%
	msETH WETH	ETH	6.4%
	uniBTC brBTC	BTC	3.1%
	cbBTC tBTC WBTC	BTC	2.4%

Other Top Yields

Chain	Market	Asset	Yield
	CrossCurve CRV/USD	CRV	26.6%
	CRV crvUSD	CRV	14.1%
	crvUSD tBTC WETH	TRICRYPTO	7.8%
	EURA EURT EURS	EUR	3.1%
	EURA EURC	EUR	2.1%
	XAUt PAXG	GOLD	0.5%

Weekly Metrics

crvUSD & scrvUSD

crvUSD supply increased 6.4% this week through Curve’s minting markets as borrowing rates moved lower. If BTC and ETH markets remain stable, and as YieldBasis YB incentives continue flowing to crvUSD pools, further growth in crvUSD supply is very likely.

Metric	Value	Change
crvUSD Minted	$94.8M	+6.4%
scrvUSD Yield	8.3%	+4.5%
crvUSD inscrvUSD	37.3%	+3.6%
crvUSD Price	$0.9999	+$0.0005
Avg. Borrow Rate	2.6%	-9.9%
Peg Stability Reserves	$28.9M	+$28.9M
PegKeeper Profit	$1.13k	-$4.18k

Llamalend

Llamalend's TVL has increased this week, while the amount of crvUSD supplied decreased. It is likely that users shifted to the premier crvUSD pools, where the current risk–reward profile is more attractive.

DEX

DEX pools saw an increase in TVL this week along with higher swap counts, while volume and fees decreased as markets stabilized, which is the expected pattern after volatility eases.

DAO

The DAO saw a very significant distribution this week, up 62% over last week. All other metrics have remained steady.

Metric	Value	Change
CRV Circ. Supply	1.42B	+0.2%
CRV Locked	863M	-
Total veCRV	791M	-0.4%
veCRV Distribution	$317k	+62.6%
CRV Emissions	$1.04M (2.22M CRV)	+1.4%
Inflation Rate	4.978%	-0.005%

Top Stableswap Pools

Sky's USDS pools have once again topped the week in terms of volumes.

📍	🔄	Chain	Pool	Volume	Fees
1	-		sUSDS USDT	$735.2M	$10.0k
2	+2		PYUSD USDS	$224.2M	$2.7k
3	+2		USDC RLUSD	$219.7M	$48.7k
4	-1		USDC USDT	$212.3M	$2.5k
5	-3		DAI USDC USDT	$175.0M	$26.2k
6	+2		ETH stETH	$94.6M	$9.5k
7	-1		USDT crvUSD	$93.5M	$9.3k
8	-1		USDC crvUSD	$67.6M	$6.8k
9	-		USDC fxUSD	$57.8M	$6.0k
10	+1		ETH stETH	$55.1M	$4.4k

Top Cryptoswap Pools

As usual the Tricrypto pools topped the week, however it's great to see the STG pool as a new addition to the top Cryptoswap pools by volumes.

📍	🔄	Chain	Pool	Volume	Fees
1	-		USDC WBTC WETH	$27.8M	$16.4k
2	-		USDT WBTC WETH	$23.3M	$13.2k
3	+1		crvUSD WETH CRV	$20.8M	$15.1k
4	-1		USDT WBTC WETH	$16.4M	$29.3k
5	+4		STG USDC	$3.6M	$11.9k
6	-		WETH CVX	$3.3M	$11.7k

DEX Winners & Losers

Fees Winners & Losers

In terms of raw fees paid by swappers, USDf saw the largest increase this week. The STG and ALCX Cryptoswap pools followed closely, supported by price increases in their underlying assets.

📍	Chain	Pool	Volume	Fees	Change
1		USDC USDf	$38.9M	$14.4k	+$7.67k
2		STG USDC	$3.63M	$11.9k	+$5.14k
3		ALCX FRAX USDC	$2.02M	$8.22k	+$4.49k
...	...	...	...	...	...
-3		USDT WBTC WETH	$16.4M	$29.3k	-$11.5k
-2		crvUSD YB	$2.34M	$9.1k	-$12.1k
-1		DAI USDC USDT	$175M	$26.2k	-$16k

Volume Winners & Losers

USDf and cbBTC/tBTC both saw a resurgence in volume this week. The 4pool on Base (three types of USDC plus crvUSD) also recorded very strong volumes and high liquidity utilization.

In contrast, the DAI/USDC/USDT pool on Ethereum, which has a higher fee and is designed for larger swaps, typically cools down when volatility is low, which is why it appears as the loser this week.

📍	Chain	Pool	Volume	Fees	Change
1		USDC USDf	$38.9M	$14.4k	+$20.7M
2		tBTC cbBTC	$20.5M	$2.17k	+$11.2M
3		USDC USDbC axlUSDC crvUSD	$13.7M	$137	+$7.29M
...	...	...	...	...	...
-3		USDC crvUSD	$67.6M	$6.76k	-$51.1M
-2		sUSDS USDT	$735M	$10k	-$66.3M
-1		DAI USDC USDT	$175M	$26.2k	-$106M

TVL Winners & Losers

The crvUSD PegKeeper pools naturally experience TVL fluctuations as PegKeepers deposit or withdraw liquidity to help maintain the peg, which explains the larger swings seen in these pools.

We also welcome the NUSD/USDC pool, a new which saw a huge $10M inflow within the last few days.

📍	Chain	Pool	TVL	Change
1		USDT crvUSD	$55.5M	+$30.8M
2		USDC RLUSD	$62M	+$13.1M
3		NUSD USDC	$10.6M	+$10.6M
...	...	...	...	...
-3		USD0 USD0++	$29.2M	-$6.22M
-2		PYUSD crvUSD	$6.53M	-$8.97M
-1		USDC DUSD	$27.2M	-$10M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

It was a positive week for crvUSD minting markets, with broad increases across most markets, and only minor declines in a few select markets.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD WBTC	$66.1M	$36.4M	+$3.68M
2		crvUSD cbBTC	$4.95M	$2.79M	+$1.21M
3		crvUSD wstETH	$8.66M	$3.92M	+$815k
...	...	...	...	...	...
-3		crvUSD sfrxETH	$548k	$150k	+$127
-2		crvUSD LBTC	$365k	$248k	-$82k
-1		crvUSD WETH	$60M	$38.8M	-$171k

Lend Markets - Borrowing Winners & Losers

crvUSD remains in high demand in the sreUSD market, where borrowers could still loop profitably to boost their yield until recently. Other stablecoin markets saw outflows, as borrowing rates rose above the yields available on those assets.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sreUSD	$12.8M	$11.3M	+$324k
2		crvUSD WETH	$1.58M	$1.3M	+$122k
3		crvUSD fxSAVE	$10.8M	$9.48M	+$109k
...	...	...	...	...	...
-3		crvUSD sfrxUSD	$12.2M	$11.4M	-$271k
-2		crvUSD sUSDe	$5.71M	$4.68M	-$1.2M
-1		crvUSD sDOLA	$18.7M	$17.5M	-$3.12M

Lend Markets - Supplying Winners & Losers

Nearly all lending markets saw net crvUSD outflows this week. Lenders remain cautious, and the current risk–reward profile in the crvUSD pools is difficult to beat.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sUSDS	$185k	$123k	+$13.7k
2		crvUSD WBTC	$4.67M	$4.09M	+$11k
3		crvUSD IBTC	$60.1k	$60.1k	+$703
...	...	...	...	...	...
-3		crvUSD sfrxUSD	$12.2M	$11.4M	-$747k
-2		crvUSD sUSDe	$5.71M	$4.68M	-$1.19M
-1		crvUSD sDOLA	$18.7M	$17.5M	-$3.96M

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.