crvUSD (Ethereum)
Takes as collateral: bitcoin and ether
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
- BTC collateral — the supplied amount of the venue's pegged-bitcoin reserves as each pool reports it — what is deposited, not what is pledged against a loan.
- Liquidates at — the markets taken together at one threshold (they run 94%–96.5%, which puts it between $40,715 and $41,797); debt and collateral as each market reports them, thresholds as read on 2026-10-01 (2026-09/curve.json).
What “Liquidates at” is: one price for the whole book, not a forecast
"Liquidates at" is the bitcoin price at which this book, taken as one position, stops covering its debt at its liquidation thresholds — an aggregate, not a forecast: individual loans are levered differently and liquidate above it.
Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. It runs contracts, so the absence is this dataset’s, not the venue’s.
Price
What does credit cost here, and how is the price formed?
| Rate formation | administered_price_feedbacksourcecrvUSD is MINTED, not lent from a pool: each market's monetary policy contract sets the borrow rate from crvUSD's own price against its peg and the PegKeepers' debt (2 distinct policy contracts across the 9 markets, read 2026-09-30) — administered_price_feedback, not a function of utilisation. The formula each policy implements was not read. |
|---|---|
| Term structure | open_endedsourcecrvUSD controller factory 0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC on Ethereum (chain 1) — create_loan()/repay() carry no maturity; a loan persists until repaid or liquidated. |
| Rate certainty | variablesourcecrvUSD controller factory 0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC on Ethereum (chain 1) — the borrow rate is whatever the market's monetary policy contract returns when the market is touched; nothing is fixed at origination. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | singlesourcecrvUSD controller factory 0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC on Ethereum (chain 1) — each market is one Controller and one AMM (LLAMMA), and the AMM reads ONE price oracle contract for its collateral (price_oracle()). Markets do not share collateral, so a loan depends on its own market's oracle and no other. What each oracle contract aggregates was not read. |
|---|---|
| Default & liquidation | softsourcecrvUSD controller factory 0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC on Ethereum (chain 1) — a loan's collateral is deposited into the market's AMM across price bands. As the oracle price falls through a band the AMM converts that band's collateral into the borrowed asset, and converts it back if the price recovers (soft liquidation). Once a loan's health falls below zero anyone may liquidate it outright (Controller.liquidate). liquidation_discount, read per market, is the discount at which health is computed. |
| Custody & backing | protocol_custodialsourcecrvUSD controller factory 0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC on Ethereum (chain 1) — create_loan() transfers the collateral into the market's AMM contract, which holds it (and any of it converted to the borrowed asset) until the loan is repaid or liquidated. |
| Recourse | non_recoursesourcecrvUSD controller factory 0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC on Ethereum (chain 1) — liability is bounded by the collateral in the loan's bands; no function pursues a borrower beyond it, and a shortfall stays in the market as bad debt. |
| Track record | 33 months observedsourceDerived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2023-12-12; the registry holds no first_date for it). This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before the aggregator began listing it reads short here. The observer is the aggregator, not the venue's own contracts. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC markets (3): WBTC, tBTC, cbBTCsourcecrvUSD controller factory 0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC on Ethereum (chain 1) (registry/resolution/2026-09/curve.json). 9 markets in the controller factory, read 2026-09-30; every one mints crvUSD against one collateral. Bitcoin markets: WBTC 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599 (8 decimals), Controller 0x4e59541306910aD6dC1daC0AC9dFB29bD9F15c67 — 19,720,065 crvUSD of debt across 145 loans, 571 held in its AMM, loan discount 9%, liquidation discount 6%; tBTC 0x18084fbA666a33d37592fA2633fD49a74DD93a88 (18 decimals), Controller 0x1C91da0223c763d2e0173243eAdaA0A2ea47E704 — 6,386,932 crvUSD of debt across 24 loans, 136 held in its AMM, loan discount 9%, liquidation discount 6%; cbBTC 0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf (8 decimals), Controller 0xf8C786b1064889fFd3c8A08B48D5e0c159F4cBe3 — 10,524,618 crvUSD of debt across 33 loans, 221 held in its AMM, loan discount 6.5%, liquidation discount 3.5%. Listed with under 1,000 crvUSD of debt: LBTC. The other 5 markets take ether representations. Each market takes ONE collateral, so the collateral behind a loan is unambiguous. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: partial — Observed through the aggregator (DefiLlama). The aggregator's rows are each pool's published borrow and supply rates as it reports them — not a read of the venue's own contracts, and not checked against one. As of 2026-10-01. quantity: partial — Observed through the aggregator (DefiLlama): bitcoin collateral is the supplied amount of each pegged-bitcoin reserve, converted at the day's bitcoin reference, and debt is the borrowed amount per pool or vault. Neither is a read of the venue's own contracts. As of 2026-10-01. composition: none — Not obtainable from an aggregator — composition is loan-level and requires event ingestion, which is not planned for this venue. |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | CRVUSD | $34m | — | contract read, 2026-10-13 |
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodialcrvUSD controller factory 0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC on Ethereum (chain 1) — create_loan() transfers the collateral into the market's AMM contract, which holds it (and any of it converted to the borrowed asset) until the loan is repaid or liquidated. - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment · chain 1 incompletewhether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address- cbBTC established · direct_wrapped · identified by symbolCBBTC established · issuer Coinbase · custodial · holders [Coinbase]
source
issuer_doccoinbase.com/cbbtc — 'backed 1:1 and held in custody by Coinbase', cold storage - LBTC established · yield_bearing · identified by symbolLBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.
source
issuer_docdocs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital' - tBTC established · direct_wrapped · identified by symbolTBTC established · issuer Threshold Network · threshold-signature · holders []No holder by construction: a 51-of-100 threshold signing group with operators rotated bi-weekly and no single party ever holding a full key. The empty holder list is the correct answer, not a gap.
source
issuer_docdocs.threshold.network/applications/tbtc-v2 - WBTC established · direct_wrapped · identified by symbolWBTC established · issuer BitGo · custodial · holders [BitGo]Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
source
issuer_docBitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- cbBTC established · direct_wrapped · identified by symbol
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | collecting (not read yet) — no dollar reserve of this venue cleared the quantity gate on the latest day |
|---|---|
| Intermediation margin | not applicable — needs both a borrow and a lend rate; the lend rate is not served here |
| Trailing realised average (7/30/90d) | 7d 3.54% · 30d 3.51% · 90d 2.62% dollar loans, debt-weighted over the days observed (7 / 30 / 90 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098) |
| Rate volatility (30/90d) | 30d 0.13 pts · 90d 0.80 pts the standard deviation of the daily debt-weighted borrow rate, in percentage points — not annualised the daily rate above |
| Spread to the pair aggregate | −4.16 pts vs Minted · derived this venue's borrow rate minus its class's (7.67%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates |
| Spread to matched Treasuries | −0.62 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. An open-term loan has no maturity of its own, so the bill stands for a 30-day window macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15) |
| Origination flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Repayment flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Aggregate and distributional LTV | 47.4% latest day, as each market reports it; dollar loans only; the aggregate only — no distribution is read here defi_rates_llama — read from the venue's own contracts, pool by pool |
| Residence distribution | collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed |
| Liquidation incidence | collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account |
| Top-10 concentration share | collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues) |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/crvusd_ethereum |
|---|---|
| MCP | get_venue({ venue_id: "crvusd_ethereum" }) get_venue({ venue_id: "crvusd_ethereum", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp