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Curve 创始人:稳定币采用速度过快放大波动风险,crvUSD 需分阶段扩张

2026-02-05 18:53:56

ChainCatcher 消息,Curve 创始人 Michael Egorov 在 X 平台表示,当前稳定币 crvUSD 与主流加密资产(主要是比特币)之间的流动性规模已非常庞大,但这也意味着当 BTC 波动时,可能对 crvUSD 定产生更大压力,需要思考如何进一步扩展体系容量,这一情况让他联想到早期 USDT 成为加密市场主要交易稳定币时的阶段:

当时稳定币短暂脱锚并非结构性问题,而是银行赎回通道吞吐能力有限所导致,相比之下 crvUSD 属于 CDP(抵押债仓)稳定币模型,因此需要从不同机制层面应对相关压力。

目前 crvUSD 需求主要来自 Yield Basis 等收益型场景,后续也将主要从该侧进行调节,但随着稳定币在交易场景中使用度不断提升,稳定币采用规模必须以渐进方式扩张,这一过程本身是不可避免的。

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