Curve is live on Stellar
StableSwap is the first Curve deployment built for a chain outside the EVM. FXSwap follows once its audit is complete.
Curve is opening its technology to the Stellar ecosystem, starting with StableSwap. The AMM for assets that should trade at nearly the same price, such as two dollar stablecoins, now runs on Stellar mainnet. Its interface at stellar.curve.finance is in beta: you can browse pools, swap and add liquidity there today.
StableSwap has run on Ethereum since Curve launched in 2020. Since then, it is powering pools on many EVM chains and has settled stablecoin trades through several market cycles and depegs. Stellar doesn't run the EVM, though, so Curve's Vyper contracts couldn't just be copied over. The team rebuilt StableSwap from the ground up for Soroban, Stellar's smart-contract platform, with support from the Stellar Development Foundation. The math hasn't changed.
Why Stellar
The Stellar Development Foundation asked Curve to deploy. SDF works with a number of financial institutions building on the network, and Curve will work with SDF to build stronger stablecoin markets there.
"At Curve, we started exploring possibilities of launching beyond EVM chains if there is demand. Stellar looks like a good fit: it's closer to the familiar EVM world than many other chains. And at the same time, the demand for Curve is there, and it comes from institutions. Excited to see where this integration goes!"
Michael Egorov, founder of Curve
Stellar has carried payments since 2014. Franklin Templeton runs a tokenized money market fund on it, and MoneyGram moves money across it every day. An issuer can keep an asset fully open, or switch on KYC, clawback and sanctions controls. The regulated stablecoins and tokenized funds that live there need places to trade against each other.
What's in it for you
If you trade stablecoins on Stellar. Swaps between assets that should hold the same price, such as two dollar stablecoins, land close to one-for-one, even at size. The pool keeps its liquidity packed around that shared price, so less of your trade is lost to slippage.
If you hold stablecoins you're not using. Deposit them into a pool and earn a share of the fee on every swap. The pooled assets track the same price, so your deposit avoids the swings that hit pools of volatile pairs, as long as the pegs hold.
If you hold veCRV. Fees work as on any other Curve deployment, so swaps on Stellar earn for the Curve DAO too.
If you issue an asset. A deep Curve pool gives your holders a place to get in and out at a fair price. It also gives lending apps a venue for liquidations, which makes your asset easier to accept as collateral. Pool creation is permissionless. If you want to deploy before the interface supports it, contact us on Telegram or Discord and we'll help you launch your pool.
More than swaps
As pools deepen, other applications can build on them. A lending protocol on Stellar can sell seized collateral through a pool during a liquidation, and a borrower can use one to close a position.
Route aggregators can send trades through the same pools. If you run one, find us on Telegram or Discord through the links in the app footer.
"Stablecoins and tokenized assets only deliver real value when people can move between them efficiently, and Curve's arrival gives developers on the Stellar network's proven infrastructure to build those markets. Having one of DeFi's most trusted liquidity protocols choose the Stellar network for its first native deployment outside EVM shows that the network is the home for practical financial applications."
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation
Using stellar.curve.finance
Swaps and deposits are live at stellar.curve.finance, starting with the first pool. Connect a Stellar wallet such as Freighter to get started. Like any pool, these carry smart contract risk and the risk of a depeg.
What comes next
This launch is a lite deployment. The goal is the full Curve stack on Stellar, open to anyone building there. Pool deployment comes to the interface next, so issuers can launch pools themselves. After that come better pool pages and a router with more metrics and data.
FXSwap comes after StableSwap. It is built for pairs whose prices move against each other, including stablecoins pegged to different currencies, such as a dollar stablecoin and a euro stablecoin. It concentrates liquidity around the current market price instead of a fixed peg, which makes it infrastructure for onchain currency conversion. Development is almost complete and the audit is the next step. We'll share the timeline and the first currency pairs once they're confirmed.
Stellar is our only non-EVM focus for the foreseeable future. We want this deployment to succeed and will concentrate on stablecoin growth in the Stellar ecosystem before considering any other integration.