ZUG, Switzerland, Nov. 11, 2025 /PRNewswire/ -- Curve Finance has entered the second half of 2025 with steady momentum, driven by rising demand for stablecoin trading and deeper liquidity. Against a market backdrop where users are becoming more selective about where they allocate capital, the company nonetheless managed to secure growth across all core metrics in Q3 2025.
Starting with trading activity, the platform recorded $29 billion in trading volume, up from $25.5 billion in the previous quarter. At the same time, total value locked (TVL) climbed to $2.3 billion compared to $2.1 billion in Q2.
Meanwhile, Curve's revenue has more than doubled, increasing from $3.9 million to $7.3 million, fully redistributed to veCRV holders — marking one of the strongest quarters for fee generation to date.
The market cap of the platform's native crvUSD stablecoin has remained steady at around $124M. It demonstrates consistent adoption and usage of the stablecoin ahead of the broader integration with Yield Basis.
Another notable metric is related to Curve's liquidation protection mechanism — in Q3, the platform saved $33.97M in client funds, covering 97.7% of TVL. In comparison, Q2 saw $46.18M with 88.6% coverage, indicating a higher share of capital being safeguarded relative to total liquidity.
Growth in larger liquidity pools also continued: 16 new pools exceeding $1M TVL went live, compared to 13 last quarter, marking ongoing interest from institutional and high-volume liquidity providers.
Commenting on the results, Curve Finance's team highlighted growing stablecoin demand as the main driver behind Q3 performance. Ecosystem-wise, the deployment of Yield Basis — a new protocol by Michael Egorov — was named as the most notable governance and protocol milestone of the quarter.
Aside from that, several other notable ecosystem updates took place in Q3 that further strengthened Curve's positioning. Curve expanded its multi-chain presence with new deployments on Plasma and Etherlink, both launched with immediate liquidity incentives. The PYUSD/USDS pool, launched through Spark's liquidity layer partnership, quickly exceeded $90M in TVL, reflecting strong stablecoin trading demand.
On the governance side, the Curve DAO marked its five-year anniversary, underscoring the protocol's longevity in the DeFi space. In line with its long-term sustainability roadmap, CRV emissions were reduced from 137M to 115M per year, continuing the scheduled reduction in token inflation. And at the same time, CRV was listed on Robinhood, opening access to a broader U.S. retail audience.
In the next few months, Curve plans to focus on FX trading as the next major product direction. With stablecoin adoption continuing to accelerate across networks and use cases, the team expects rising demand for efficient on-chain FX markets. And Curve aims to be the liquidity backbone powering that shift.
About Curve Finance
Curve Finance is one of the largest DeFi protocols, specializing in stablecoin trading with minimal fees and slippage. Launched in 2020, it has grown into a full ecosystem with liquidity pools, lending markets, its own stablecoin (crvUSD), and DAO governance, becoming a key infrastructure layer for Ethereum and other EVM networks.
