Curve DAO backs $60 million crvUSD credit line for new protocol

 Curve DAO has approved a proposal to provide a $60 million crvUSD stablecoin credit line before the launch of the new protocol Yield Basis developed by Curve founder Michael Egorov. Under the plan, three pools - WBTC, cbBTC, and tBTC - will go live on Ethereum based on Yield Basis' automated market maker (AMM) framework. Curve Finance stated that the initial cap for these pools is $10 million each.

The plan aims to expand Curve's ecosystem by further integrating its native stablecoins into DeFi infrastructure. Additionally, it also aims to increase potential fee streams for veCRV token holders. veCRV tokens are the voting escrow version of Curve Finance's governance token CRV.