Blockworks Advisory illustrative proof of concept for the Curve Risk Assessment and Market Monitoring proposal. Figures and tiers support review discussion.
Peg stability
PegKeepers
PegKeepers place crvUSD into stableswap pools to defend the peg. That placed amount is PegKeeper debt, which is DAO credit sitting in the pool. Positions are keeper contracts (active with $0 debt means idle capacity, and legacy means retired). Pools are factory crvUSD liquidity. Balances are not PegKeeper debt, and only pools with an attached keeper can show keeper debt.
Updated Sep 21, 2026, 9:38 PM
Active PegKeeper debt
$33.8m
14.5% of crvUSD supply
crvUSD supply
$232.9m
Deployed keepers
1
4 idle active · 10 legacy
Largest keeper share
100.0%
USDT of active PegKeeper debt
Debt concentration (HHI)
100
0 to 100 house scale. Higher means fewer keepers hold more of the debt.
Debt vs keeper pool TVL
43.0%
$78.5m TVL in pools with a keeper
One sided keeper pools
2
TVL weighted imbalance 2.4%
Factory pools without keeper
25
Listed for context. They do not carry PegKeeper debt.
Keepers
PegKeeper positions
1 deployed · 4 idle · 10 legacy. Debt is crvUSD the keeper has placed into its pool.
| Keeper / pool | Status | Debt | % supply | % active debt | Debt / pool TVL | Pool imbalance | crvUSD share | Profit |
|---|---|---|---|---|---|---|---|---|
USDT deployed 0xFb72…F9F3 Keeper debt is 14.5% of crvUSD supply. | Elevated | $33.8m | 14.5% | 100.0% | 72.6% | 0.2% | 49.9% | $140k |
USDC legacy 0xaA34…ae22 Legacy contract. Not used for live peg defence. | In range | $0 | 0.0% | 0.0% | — | 0.8% | 49.6% | $34k |
USDC idle 0x9201…E340 Idle. Active keeper with no crvUSD currently deployed into its pool. | In range | $0 | 0.0% | 0.0% | — | 0.8% | 49.6% | $152k |
USDC legacy 0x5B49…A4C6 Legacy contract. Not used for live peg defence. | In range | $0 | 0.0% | 0.0% | — | 0.8% | 49.6% | $13k |
USDT legacy 0xE7cd…C5C8 Legacy contract. Not used for live peg defence. | In range | $0 | 0.0% | 0.0% | — | 0.2% | 49.9% | $31k |
USDT legacy 0xFF78…92Bf Legacy contract. Not used for live peg defence. | In range | $0 | 0.0% | 0.0% | — | 0.2% | 49.9% | $11k |
USDP legacy 0x6B76…c345 Legacy contract. Not used for live peg defence. | In range | $0 | 0.0% | 0.0% | — | 48.3% | 25.9% | $7k |
TUSD legacy 0x0B50…C820 Legacy contract. Not used for live peg defence. | In range | $0 | 0.0% | 0.0% | — | 22.2% | 38.9% | $0 |
TUSD legacy 0x0a05…97D3 Legacy contract. Not used for live peg defence. | In range | $0 | 0.0% | 0.0% | — | 22.2% | 38.9% | $59 |
TUSD legacy 0x1ef8…cCae Legacy contract. Not used for live peg defence. | In range | $0 | 0.0% | 0.0% | — | 22.2% | 38.9% | $59k |
PYUSD idle 0x3fA2…e09C Idle. Active keeper with no crvUSD currently deployed into its pool. | In range | $0 | 0.0% | 0.0% | — | 9.1% | 54.5% | $10k |
PYUSD legacy 0x68e3…21ca Legacy contract. Not used for live peg defence. | In range | $0 | 0.0% | 0.0% | — | 9.1% | 54.5% | $4k |
GHO idle 0x5387…C50b Idle. Active keeper with no crvUSD currently deployed into its pool. | In range | $0 | 0.0% | 0.0% | — | 48.3% | 25.9% | $2k |
USDM legacy 0x503E…91F8 Legacy contract. Not used for live peg defence. | In range | $0 | 0.0% | 0.0% | — | 3.9% | 52.0% | $3k |
frxUSD idle 0x338C…1f9D Idle. Active keeper with no crvUSD currently deployed into its pool. | In range | $0 | 0.0% | 0.0% | — | 5.7% | 52.8% | $3k |
Pools with PegKeeper
Keeper linked peg pools
These pools have a PegKeeper contract. Imbalance and debt versus TVL show whether a large keeper exit would hit a thin or one sided book.
| Pool | TVL | crvUSD $ | Pair $ | crvUSD share | Imbalance | Keeper debt | Debt / TVL |
|---|---|---|---|---|---|---|---|
USDT 0x390f…7BF4 | $46.5m | $23.2m | $23.3m | 49.9% | 0.2% | $33.8m | 72.6% |
frxUSD 0x13e1…43e1 | $14.9m | $7.9m | $7.0m | 52.8% | 5.7% | $0 | — |
USDC 0x4DEc…D69E | $14.3m | $7.1m | $7.2m | 49.6% | 0.8% | $0 | — |
GHO 0x635E…8595 | $1.5m | $382k | $1.1m | 25.9% | 48.3% | $0 | — |
PYUSD 0x625E…6200 | $1.3m | $715k | $596k | 54.5% | 9.1% | $0 | — |
TUSD 0x34D6…8db0 | $3k | $976 | $2k | 38.9% | 22.2% | $0 | — |
USDP 0xCa97…53D0 | $825 | $213 | $612 | 25.9% | 48.3% | $0 | — |
USDM 0x30cE…c7A8 | $48 | $25 | $23 | 52.0% | 3.9% | $0 | — |
Other factory pools
crvUSD pools without a PegKeeper
Shown for market context only. These balances are not PegKeeper debt and do not feed keeper severity.
| Pool | TVL | crvUSD $ | Pair $ | crvUSD share | Imbalance |
|---|---|---|---|---|---|
WBTC 0xB7EC…6726 | $12.4m | $0 | $6.4m | 0.0% | 100.0% |
WETH 0x9c3B…31Bc | $11.2m | $0 | $2.6m | 0.0% | 100.0% |
FRAX 0x0CD6…E538 | $234k | $41k | $193k | 17.7% | 64.6% |
DOLA 0x8272…063B | $14k | $5k | $9k | 37.0% | 26.0% |
sUSD 0x94cC…0b41 | $8k | $146 | $8k | 1.7% | 96.6% |
mkUSD 0x3de2…B935 | $3k | $2k | $2k | 49.2% | 1.6% |
MAI 0x1982…E92B | $885 | $369 | $515 | 41.7% | 16.5% |
STBT 0x707E…d587 | $93 | $5 | $88 | 5.4% | 89.2% |
sFRAX 0xfEF7…a0e7 | $50 | $5 | $45 | 9.8% | 80.5% |
GUSD 0xeCDd…dB07 | $25 | $11 | $14 | 44.2% | 11.6% |
GHO 0x8615…5ADa | $19 | $9 | $10 | 46.8% | 6.5% |
MIM 0xBe42…7b31 | $13 | $1 | $12 | 4.7% | 90.6% |
USDM 0x2dab…828A | $9 | $6 | $3 | 66.3% | 32.6% |
stUSDT 0xB9eC…5f82 | $5 | $0 | $5 | 0.0% | 100.0% |
sDAI 0x1539…2C92 | $4 | $1 | $2 | 39.9% | 20.1% |
DAI 0x58B9…6b4a | $0 | $0 | $0 | — | — |
XAI 0xA8a0…1797 | $0 | $0 | $0 | — | — |
UZD 0xfC63…F28C | $0 | $90 | $901k | 0.0% | 100.0% |
eUSD 0xAe9e…c09e | $0 | $0 | $0 | — | — |
sDAI 0x143B…9EeC | $0 | $0 | $0 | — | — |
stUSDT 0xb7be…9A19 | $0 | $0 | $0 | — | — |
sDAI 0xAcfF…0ac4 | $0 | $0 | $0 | — | — |
sDAI 0x5DAC…bdE7 | $0 | $0 | $0 | — | — |
sFRAX 0x69B6…8366 | $0 | $0 | $0 | — | — |
FRAX 0xaECB…1117 | $0 | $0 | $0 | — | — |