crvUSD peg tail risk
Spot deviation is signed and point in time. CVaR is the mean of the worst historical absolute peg distance gaps from $1.
Spot deviation
-1 bps
CVaR₉₉ |price minus 1| (1d)
0.96%
From price history
Blockworks Advisory illustrative proof of concept for the Curve Risk Assessment and Market Monitoring proposal. Figures and tiers support review discussion.
Scope 1 · crvUSD
Mint market risk
Debt ceilings, LLAMMA soft liquidation inventory, oracle/AMM alignment, and borrow rate coverage across crvUSD mint controllers. Posture labels summarise where each market sits relative to monitoring thresholds.
Updated Sep 21, 2026, 8:41 PM
crvUSD peg
$0.9999
-1 bps vs $1
Total supply
$232.3m
13.9% mint debt of supply
Mint debt
$75.8m
10.5% of aggregate ceilings
Debt ceilings
$720.2m
9 controllers
Aggregate mint debt
Outstanding crvUSD debt across mint controllers. Daily bars are net debt change from mint, repay, and liquidation.
Latest level
$32.2m
2026-07-17
30d change
+16.9%
Net +$4.66m over 30d
Net daily debt change (7d avg)
+$117.6k
Mean daily mint/repay/liquidation net
Level vs history
30th percentile
13.9% of current supply
Outstanding debt ($m)Daily net change ($m)7d level MA
30d volatility of daily changes is +$507.1k. Peak debt is $121.9m (2025-08-11).
Controllers
Mint markets
This table shows ceiling utilization, soft liq inventory share, and oracle to AMM gap per controller. Rate coverage is a monitoring heuristic. It equals observed borrow APY divided by a premium floor and does not drive posture.
| Market | Tier | Debt | Ceiling util | Soft liq | Oracle/AMM gap | Borrow APY | Structural PD (30d) | AMM A | Rate coverage (heuristic) | Loans |
|---|---|---|---|---|---|---|---|---|---|---|
wstETH / crvUSD 0x100d…C6CE Oracle vs AMM price gap 23.1%. | Review | $29.7m | 19.8%ceil $150.0m | 0.0% | +23.1% | 3.7% | 0.01 to 1.35%Merton band | 100loan disc 0.090 | 187%monitoring heuristic | 98 |
WBTC / crvUSD 0x4e59…5c67 Ceiling headroom and LLAMMA inventory within normal bands. | In range | $22.3m | 11.2%ceil $200.0m | 0.0% | +2.3% | 3.7% | 0.00 to 0.19%Merton band | 100loan disc 0.090 | 185%monitoring heuristic | 137 |
cbBTC / crvUSD 0xf8C7…cBe3 Ceiling headroom and LLAMMA inventory within normal bands. | In range | $10.1m | 20.2%ceil $50.0m | 0.0% | +0.3% | 3.7% | 0.00 to 0.04%Merton band | 75loan disc 0.065 | 186%monitoring heuristic | 31 |
tBTC / crvUSD 0x1C91…E704 Oracle vs AMM price gap 36.0%. | Review | $6.1m | 12.1%ceil $50.0m | 0.0% | +36.0% | 3.7% | 2.21 to 13.96%Merton band | 100loan disc 0.090 | 185%monitoring heuristic | 20 |
weETH / crvUSD 0x652a…6B11 Oracle vs AMM price gap 96.9%. | Review | $3.2m | 16.1%ceil $20.0m | 0.0% | +96.9% | 3.7% | 0.01 to 1.24%Merton band | 70loan disc 0.070 | 187%monitoring heuristic | 12 |
WETH / crvUSD 0xA920…9635 Ceiling headroom and LLAMMA inventory within normal bands. | In range | $2.3m | 1.1%ceil $200.0m | 0.2% | +2.4% | 3.6% | 0.03 to 2.79%Merton band | 100loan disc 0.143 | 179%monitoring heuristic | 196 |
sfrxETH / crvUSD 0xEC08…15cf Oracle vs AMM price gap 61.9%. | Review | $1.9m | 3.7%ceil $50.0m | 0.0% | +61.9% | 3.7% | 0.00 to 0.03%Merton band | 100loan disc 0.090 | 184%monitoring heuristic | 19 |
sfrxETH / crvUSD 0x8472…8e76 Ceiling utilization elevated (96.8%). | Review | $154k | 96.8%ceil $159k | 0.0% | +215.8% | 3.6% | 0.00 to 0.00%Merton band | 100loan disc 0.090 | 49%monitoring heuristic | 5 |
LBTC / crvUSD 0x8aca…58Ef Debt ceiling nearly exhausted (107.5% of ceiling). | Priority | $1 | 107.5%ceil $1 | 0.0% | +35.9% | 13.6% | 0.00 to 0.00%Merton band | 75loan disc 0.065 | 143%monitoring heuristic | 2 |
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