May. 6 at 7:25 PM
crvUSD supply just went vertical — and the tape is starting to reflect it.
We’ve seen circulating supply jump from ~
$234M → ~
$327M in ~14 days (~40% expansion), with a single-day mint spike of ~
$58M. Even after cooling, supply is still holding ~
$319M, meaning this isn’t a one-off print — it’s sustained issuance.
The driver is pretty clear: LlamaLend is aggressively winning borrow demand at sub-1%–1.1% APY across major markets (WBTC, wstETH, sreUSD). That’s attracting whale leverage —
$26M+ debt positions already visible, with utilization only partially tapped (~
$307M capacity still sitting there).
But the real structural flow isn’t just stablecoin growth — it’s where the emissions route next: Curve gauges → Convex weighting →
$CVX flywheel.
That’s the reflexivity layer most of the market is still underpricing.
This isn’t a spike in activity. It’s credit formation at scale.
Curious about the full approach?👉 Check the @MeanReverter_
