TheBlock
Curve Finance has launched its StableSwap exchange on Stellar mainnet, marking the protocol’s first native deployment outside the Ethereum Virtual Machine ecosystem. The launch lets users create permissionless pools, find existing pools, swap assets and provide liquidity. Curve has around $1.27 billion in total value locked, according to DeFiLlama.
Why it matters
StableSwap is designed for assets that trade at closely linked prices, including stablecoins pegged to the same currency, wrapped bitcoin tokens and synthetic crypto assets. Curve founder Michael Egorov said the expansion beyond EVM networks was partly driven by institutional demand, and described Stellar as a good fit for the deployment.
The pools could also support lending and other financial apps on Stellar, which may use them to sell collateral during liquidations or let users exit positions. Asset issuers could use the pools to build markets for supported assets. Stellar hosts stablecoins and tokenized assets, including Franklin Templeton’s tokenized money market fund, and is used by MoneyGram for transfers.
Market impact
The integration gives Stellar developers access to Curve’s liquidity infrastructure, but its practical reach depends on liquidity growth and whether other apps integrate the pools. The launch itself does not establish how much liquidity or trading activity the deployment will attract.
Curve also plans to bring its FXSwap exchange to Stellar after an audit, with no timeline announced. Unlike StableSwap, FXSwap is designed for assets whose prices move relative to one another, including volatile crypto pairs and lower-volatility foreign exchange and real-world asset pairs.
Frequently asked questions
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What can users do with Curve’s StableSwap pools on Stellar?
Users can create permissionless pools, find existing pools, swap assets and provide liquidity.
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Which assets is StableSwap designed to trade?
StableSwap targets assets with closely linked prices, including similarly pegged stablecoins, wrapped bitcoin tokens and synthetic crypto assets.
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Why did Curve expand to Stellar beyond the EVM ecosystem?
Curve founder Michael Egorov said institutional demand was one reason for exploring deployments beyond EVM networks, and described Stellar as a good fit.
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How could Curve’s Stellar pools be used by other financial apps?
Lending and other apps could use the pools to sell collateral during liquidations or help users exit positions. Asset issuers could also build markets for supported assets.
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What is planned for Curve on Stellar after StableSwap?
Curve plans to bring FXSwap to Stellar after an audit, but has not announced a timeline. FXSwap supports pairs whose prices move relative to one another.
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