Curve Hits $1.5B TVL, Dominates Stablecoin Swaps on ETH

• Curve surpassed $1.5B TVL on Ethereum, reinforcing its position as a stablecoin and correlated asset trading hub.
• Trading volume neared $35B in Q1 2025, with transactions jumping from 1.8M to 5.5M.

In the middle of DeFi projects competing for attention, Curve Finance has quietly established itself as the primary choice for users seeking to exchange stablecoins and assets at close prices.

How could it not be, its total locked value (TVL) on the Ethereum mainnet alone has exceeded $1.5 billion. That means people are investing billions of dollars in this platform because they feel comfortable enough and trust its performance.

1/ With over $1.5B in TVL on Ethereum mainnet, @CurveFinance has become a go-to DEX for stablecoin and correlated asset trading, making it the ideal protocol to watch with our Risk Pulse alerts pic.twitter.com/tTKKeCmp9m

— IntoTheBlock (@intotheblock) April 4, 2025

Just imagine if you have two assets with almost the same value, for example, two stablecoins that both claim to be valued at 1 dollar. Instead of making a profit, you could actually lose if you exchange them in the wrong place because of the price difference.

Well, Curve was built specifically to solve that problem. That’s why many traders choose this platform because it is considered more efficient and cost-effective for such needs.

Curve’s Trading Activity Skyrockets in Early 2025

It’s not just the huge TVL; Curve’s trading volume is also increasing. During the first quarter of 2025, the total value of transactions handled nearly hit $35 billion. This figure is up more than 13% from the first quarter of the previous year.

But what’s more surprising is not just the volume of money—the number of transactions also jumped from around 1.8 million to more than 5.5 million.

Imagine again, for example, you have a coffee shop that initially served 100 customers a day. Suddenly it increases to 300 customers per day. How busy is that? Well, that’s a similar picture to the spike in activity at Curve.

scrvUSD Brings Passive Yield Into the Curve Ecosystem

On the other hand, Curve doesn’t stop at just being a place to exchange assets. They have also created their own products, one of which is ScrvUSD. This is the most recent version of Curve’s stablecoin, which launched on October 31, 2024. The different is that scrvUSD can provide returns for its owners. So you not only own tokens, but you can also receive “bonuses” as a result of using them in the Curve ecosystem.

Furthermore, this product is also designed so that users of veCRV—Curve’s governance token—can get additional income. For those of you who like to explore how to get passive yield from DeFi, scrvUSD could be an interesting alternative.

Interestingly, in September 2024, Curve also collaborated with the TON Foundation to create a stable swap project on the TON blockchain, according to CNF. This collaboration was carried out to open a new path so that stablecoins can be traded more easily outside the Ethereum network.

Specialized DEXs Could Lead the Next DeFi Wave

If we talk about the price of Curve’s native token, CRV, it is still fluctuating. It is currently around $0.4848, slightly corrected by 2.29% in the last 24 hours. But if you look at the past 30 days, CRV has actually increased by 16.08%.

Meanwhile, Curve’s founder, Michael Egorov, has an interesting view of the future. Michael Egorov believes that 2025 may mark the emergence of DEXs with a distinct purpose, particularly those designed for the exchange of stablecoins linked to various fiat currencies. In his view, as users start looking for more specific solutions, platforms that stick to doing one thing well might actually come out on top.