$25.6M of fresh PegKeeper reserves against only $56.2M minted crvUSD is a serious backstop ratio, especially with borrow rates down to 3.9% and the peg still at $0.9989. Curve flow is concentrating in stablecoin plumbing: USDT/crvUSD and USDC/crvUSD are both top-five stableswap venues while sUSDS/USDT bled $296M of weekly volume. The 5.4T fake vsdCRV mint on Arbitrum and Curve’s asdCRV warning are a good reminder that these yield routes are only as clean as the oracle and wrapper assumptions underneath them.

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