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Curve 創始人:穩定幣採用速度過快放大波動風險,crvUSD 需分階段擴張

2026-02-05 18:53:56

ChainCatcher 消息,Curve 創始人 Michael Egorov 在 X 平台表示,當前穩定幣 crvUSD 與主流加密資產(主要是比特幣)之間的流動性規模已非常龐大,但這也意味著當 BTC 波動時,可能對 crvUSD 定產生更大壓力,需要思考如何進一步擴展體系容量,這一情況讓他聯想到早期 USDT 成為加密市場主要交易穩定幣時的階段:

當時穩定幣短暫脫鉤並非結構性問題,而是銀行贖回通道吞吐能力有限所導致,相比之下 crvUSD 屬於 CDP(抵押債倉)穩定幣模型,因此需要從不同機制層面應對相關壓力。

目前 crvUSD 需求主要來自 Yield Basis 等收益型場景,後續也將主要從該側進行調節,但隨著穩定幣在交易場景中使用度不斷提升,穩定幣採用規模必須以漸進方式擴張,這一過程本身是不可避免的。

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