Curve Best Yields & Key Metrics | Week 49, 2025
Weekly yield and Curve ecosystem metric updates as of the 4th December, 2025
Market Overview
It's been a very positive week for Curve, with key metrics seeing significant gains:
- TVL has climbed to $2.528B, marking a strong 6.7% increase.
- New FXSwap Pool: A new pool has launched, facilitating swaps between crvUSD and ZCHF (Swiss Francs). This is Frankencoin's new pool, utilizing the FXSwap pool type which is optimized for low-volatility assets like national currencies.
- crvUSD Minting Optimization: To help borrowers predict costs more easily, parameters in crvUSD minting markets have been optimized to reduce interest rate volatility.
- crvUSD Supply Surge: Minted supply in crvUSD markets increased by 12.6% this week, driven by borrowing rates nearing 0% interest.
See the highlighted yields and all the 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.
Large crvUSD Markets
All the markets highlighted below have more than $10M in TVL.
| Chain | Market | TVL | Yield |
|---|---|---|---|
 |
 scrvUSD |
$42.6M | 7.3% |
|
 crvUSD sreUSD |
$20M | 6.5% |
|
 frxUSDcrvUSD |
$32.5M | 5.6% |
|
 USDCcrvUSD |
$114M | 5.4% |
|
crvUSD sDOLA |
$25.6M | 5.3% |
|
crvUSD sfrxUSD |
$10.2M | 5.0% |
Other Top USD Yields
| Chain | Market | Type | Yield |
|---|---|---|---|
|
USDC USDU |
Pool | 45.8% |
 |
 USDp frxUSD |
Pool | 25.4% |
 |
 alUSD USDC |
Pool | 19.0% |
 |
 USDC USDT |
Pool | 18.1% |
 |
 scrvUSD USDC |
Pool | 16.5% |
 |
 AZND AUSD |
Pool | 16.4% |
 |
 miMATIC USDC.e |
Pool | 16.0% |
|
AUSD USDC USDT0 |
Pool | 15.8% |
|
 USD3 sUSDS |
Pool | 15.0% |
|
 USDFIfrxUSD |
Pool | 14.6% |
Top BTC & ETH Yields
The hemiBTC pool below is a new pool, currently with over 300% APR in CRV, however it currently only has a small TVL of $38k, which is why it wasn't highlighted in the title image. Get in fast for the yields!
| Chain | Market | Asset | Yield |
|---|---|---|---|
|
 WBTC cbBTC hemiBTC |
BTC | >100% |
|
 WBTC LBTC BTC.b |
BTC | 13.7% |
|
 LBTC WBTC |
BTC | 10.8% |
|
 tETH wstETH |
ETH | 9.0% |
|
tETH weETH |
ETH | 7.7% |
|
 ETH+ WETH |
ETH | 7.6% |
Other Top Yields
With the launch of Frankencoin's new crvUSD/ZCHF pool, we've added some Forex pool yields below.
Note that the ZCHF pool is the new FXSwap pool type, specifically built for efficiency for low-volatility swaps like forex. Its design ensures great prices for traders and maximizes LP profitability automatically. As a Liquidity Provider, you can sit back and relax, earning passive yields with full-range liquidity.
| Chain | Market | Asset | Yield |
|---|---|---|---|
|
crvUSD ZCHF |
FOREX | 40.6% |
|
 CrossCurve CRV/USD |
CRV | 28.5% |
|
 CRV sdCRV |
CRV | 17.0% |
 |
 EURe WXDAI USDC USDT |
FOREX | 13.3% |
|
crvUSD CJPY |
FOREX | 9.0% |
 |
 crvUSD tBTC WETH |
TRICRYPTO | 7.0% |
|
 EURA EURT EURS |
EUR | 3.6% |
|
EURA EURC |
EUR | 2.7% |
Weekly Metrics
crvUSD & scrvUSD
Despite recent market volatility, Curve's peg stability mechanisms for crvUSD have performed exceptionally well.
The recent parameter changes to crvUSD markets are expected to deliver more stable borrowing rates, with further improvements currently being researched.
It is no surprise that the strong performance and current low borrowing rates have driven the crvUSD minted supply to grow by over 12% this week.
| Metric | Value | Change |
|---|---|---|
| crvUSD Minted |
$61.7M | +12.6% |
| scrvUSD Yield |
7.3% | -0.2% |
| crvUSD inscrvUSD |
69.1% | -6.7% |
| crvUSD Price |
$1.0001 | +$0.0003 |
| Avg. Borrow Rate |
0.2% | -0.1% |
| Peg Stability Reserves |
$93.8M | +$47.6M |
| PegKeeper Profit |
$3.99k | +$3.53k |
Llamalend
Llamalend metrics are mostly positive this week. Supplied crvUSD has decreased slightly, as borrowers move to mint from the cheaper minting markets.
| Metric | Value | Change |
|---|---|---|
| 🦙 Llamalend TVL | $214M | +6.8% |
| 🦙 Supplied | $83.6M | -4.5% |
| 🦙 Borrowed | $133M | +3.8% |
| 🦙 Collateral | $201M | +8.4% |
| 🦙 Loans | 1169 | -7 |
DEX
DEX pool metrics are a mixed bag, on one hand TVL has increased over 7%, however it was a slower than usual week for swaps, volume and fees.
| Metric | Value | Change |
|---|---|---|
| 🔄 TVL | $2.51B | +7.3% |
| 🔄 Volume | $1.91B | -35.6% |
| 🔄 Swaps | 402k | -27.0% |
| 🔄 Total Fees | $240k | -46.4% |
DAO
Due to the crvUSD rates being so low, and DEX volumes being lower than usual, veCRV holders saw a lower than usual distribution this week. However, the value of CRV emissions increased due to a slight increase in CRV price.
| Metric | Value | Change |
|---|---|---|
 CRV Circ. Supply |
1.43B | +0.2% |
| CRV Locked |
861M | - |
 Total veCRV |
793M | -0.3% |
| veCRV Distribution |
$97.7k | -62.5% |
| CRV Emissions |
$917k (2.22M CRV) | +3.3% |
| Inflation Rate |
4.965% | -0.004% |
Top Stableswap Pools
weETH and fxUSD made appearances in the list this week, but otherwise it was all the usual suspects here, with USDS pools once again topping the volumes.
| 📍 | 🔄 | Chain | Pool | Volume | Fees |
|---|---|---|---|---|---|
| 1 | +1 | |
 PYUSD USDS |
$300.9M | $3.2k |
| 2 | -1 | |
sUSDS USDT |
$300.2M | $4.5k |
| 3 | +5 | |
USDCUSDT |
$149.5M | $1.7k |
| 4 | - | |
 DAIUSDCUSDT |
$118.9M | $17.8k |
| 5 | +1 | |
 ETH stETH |
$110.0M | $11.0k |
| 6 | +3 | |
USDCcrvUSD |
$105.7M | $10.6k |
| 7 | -4 | |
USDTcrvUSD |
$86.6M | $8.7k |
| 8 | +4 | |
ETHstETH |
$51.4M | $4.1k |
| 9 | +5 | |
USDC fxUSD |
$44.8M | $5.4k |
| 10 | +5 | |
WETHweETH |
$28.4M | $2.1k |
Top Cryptoswap Pools
Just a small reshuffle between the top Cryptoswap pools this week.
| 📍 | 🔄 | Chain | Pool | Volume | Fees |
|---|---|---|---|---|---|
| 1 | - | |
USDCWBTCWETH |
$20.4M | $13.1k |
| 2 | +1 | |
USDTWBTCWETH |
$14.5M | $9.8k |
| 3 | +1 | |
crvUSDWETHCRV |
$13.7M | $7.6k |
| 4 | -2 | |
USDTWBTCWETH |
$5.5M | $17.9k |
| 5 | +1 | |
crvUSD YB |
$1.8M | $7.0k |
| 6 | +2 | |
WETH CVX |
$1.8M | $5.8k |
DEX Winners & Losers
Fees Winners & Losers
With the unfortunate hack on yETH due to it's custom Stableswap pool logic, the pool saw high usage. However, luckily, because this was a custom pool with unique logic, no other Stableswap pools are at risk.
| 📍 | Chain | Pool | Volume | Fees | Change |
|---|---|---|---|---|---|
| 1 | |
stETH frxETH |
$19.1M | $7.63k | +$6.91k |
| 2 | |
WETH yETH |
$5.74M | $1.81k | +$1.7k |
| 3 | |
USDCfxUSD |
$44.8M | $5.42k | +$1.67k |
| ... | ... | ... | ... | ... | ... |
| -3 | |
USDC RLUSD |
$20.8M | $4.19k | -$25.7k |
| -2 | |
 cUSDOUSDC |
$12.6M | $3.63k | -$28k |
| -1 | |
USDTWBTCWETH |
$5.55M | $17.9k | -$37.7k |
Volume Winners & Losers
Curve's strategic USD reserves pool saw high volumes this week, and frxETH to stETH liquidity was also in high demand.
| 📍 | Chain | Pool | Volume | Fees | Change |
|---|---|---|---|---|---|
| 1 | |
USDCUSDT |
$149M | $1.75k | +$45.7M |
| 2 | |
stETHfrxETH |
$19.1M | $7.63k | +$17.3M |
| 3 | |
USDCfxUSD |
$44.8M | $5.42k | +$8.61M |
| ... | ... | ... | ... | ... | ... |
| -3 | |
cUSDOUSDC |
$12.6M | $3.63k | -$99.7M |
| -2 | |
USDCRLUSD |
$20.8M | $4.19k | -$121M |
| -1 | |
sUSDSUSDT |
$300M | $4.48k | -$360M |
TVL Winners & Losers
Flows in and out of PegKeeper pools mean they showed up at the top and bottom of this list. With the stETH pool also having significant increases in TVL due to the ETH price once again increasing.
| 📍 | Chain | Pool | TVL | Change |
|---|---|---|---|---|
| 1 | |
USDCcrvUSD |
$114M | +$79.8M |
| 2 | |
ETHstETH |
$143M | +$8.32M |
| 3 | |
frxUSDcrvUSD |
$32.5M | +$6.24M |
| ... | ... | ... | ... | ... |
| -3 | |
USDC DUSD |
$19.5M | -$2.18M |
| -2 | |
 USDG USDL |
$3M | -$3M |
| -1 | |
USDTcrvUSD |
$40.8M | -$29.6M |
Llamalend Winners & Losers
crvUSD Minting Markets - Borrowing Winners & Losers
After significant falls in the ETH price, leading to closed loans, borrowers have started appearing and taking advantage of the near 0% interest rates available.
| 📍 | Chain | Market | Collateral | Borrowed | Change |
|---|---|---|---|---|---|
| 1 | |
crvUSDWETH |
$33.3M | $16.9M | +$7.05M |
| 2 | |
crvUSDwstETH |
$7.4M | $3.36M | +$385k |
| 3 | |
crvUSD sfrxETH |
$5.99M | $3.76M | +$153k |
| ... | ... | ... | ... | ... | ... |
| -3 | |
crvUSD LBTC |
$377k | $240k | -$265 |
| -2 | |
crvUSDcbBTC |
$2.07M | $1.3M | -$17.4k |
| -1 | |
crvUSD tBTC |
$12.2M | $7.49M | -$737k |
Lend Markets - Borrowing Winners & Losers
Both sreUSD and sDOLA markets continue to show strength week on week from borrowers, even as some other stablecoin markets see outflows.
| 📍 | Chain | Market | Supplied | Borrowed | Change |
|---|---|---|---|---|---|
| 1 | |
crvUSDsreUSD |
$20M | $18.1M | +$1.03M |
| 2 | |
crvUSDsDOLA |
$25.6M | $20.8M | +$443k |
| 3 | |
 crvUSD asdCRV |
$156k | $93.9k | +$30.5k |
| ... | ... | ... | ... | ... | ... |
| -3 | |
crvUSD fxSAVE |
$9.95M | $9.22M | -$189k |
| -2 | |
crvUSD sUSDe |
$4.27M | $3.79M | -$520k |
| -1 | |
crvUSDsfrxUSD |
$10.2M | $9.05M | -$2.28M |
Lend Markets - Supplying Winners & Losers
The sDOLA market also saw a significant increase to it's loaned crvUSD supply.
| 📍 | Chain | Market | Supplied | Borrowed | Change |
|---|---|---|---|---|---|
| 1 | |
crvUSDsDOLA |
$25.6M | $20.8M | +$1.03M |
| 2 | |
crvUSDasdCRV |
$156k | $93.9k | +$38.5k |
| 3 |  |
 crvUSD sfrxUSD |
$341k | $219k | +$22.4k |
| ... | ... | ... | ... | ... | ... |
| -3 | |
crvUSDsreUSD |
$20M | $18.1M | -$474k |
| -2 | |
crvUSDsUSDe |
$4.27M | $3.79M | -$875k |
| -1 | |
crvUSDsfrxUSD |
$10.2M | $9.05M | -$2.35M |
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.