DeFi Token Soars 12% As Market Turmoil Spurs Decentralized Stablecoin Demand
Curve (CRYPTO: CRV) soared 12% in the last 24 hours, following news that the Securities and Exchange Commission plans to sue Paxos Trust Co. for issuing Binance USD (CRYPTO: BUSD).
What Happened: At the time of writing, Curve was trading at $1.04.
The rally in CRV’s price can be attributed to the BUSD saga, and the demand for decentralized stablecoins increased.
Though Curve doesn't have a native stablecoin yet, there is much anticipation surrounding their soon-to-be-released curve USD (crvUSD) token.
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Curve on Monday proposed the upcoming issuance of crvUSD stating an ongoing proposal would be “required for crvUSD to function autonomously.” The proposal would allow stablecoin pools to supply pricing data to external protocols.
"It should be noted that CRV reached $1 billion in daily volume.
“Good drama makes good trading volumes,” Curve Finance tweeted.
Good drama makes good trading volumes pic.twitter.com/xwNRaAf1td
— Curve Finance (@CurveFinance) February 13, 2023
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