# CDP Stablecoins: GHO, crvUSD and BOLD Supply

> CDP stablecoins compared: GHO, crvUSD, BOLD and Liquity-style forks by supply, collateral ratio, borrow rate, peg and stability mechanism, read on-chain.

Markdown copy of https://voltfincrypto.com/apps/cdp-stablecoins-gho-crvusd-bold

**Question:** How much GHO, crvUSD and BOLD is outstanding, and how well collateralized is each?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Stablecoins](https://voltfincrypto.com/topics/stablecoins)
- Chains: Multi-chain, Ethereum, Arbitrum, Base, Avalanche, HyperEVM, Mezo
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

A CDP stablecoin is minted by borrowers against crypto collateral they lock in a contract, a collateralized debt position, rather than issued by a company that holds dollars. GHO, crvUSD and BOLD are three of the main ones on Ethereum, and Liquity-style forks such as feUSD on HyperEVM and MUSD on Mezo use the same model on other chains. This dashboard compares them on supply, collateral, borrow rate and peg, read from their contracts.

They hold their peg in different ways. GHO's borrow rate is set by Aave governance, and its stability modules swap it one to one with USDC and USDT. crvUSD's rate rises automatically when it trades below a dollar, and peg keepers add or remove crvUSD in Curve pools. BOLD lets each borrower set a rate and relies on redemptions against the lowest-rate loans. Each mechanism's state is shown beside the figures.

Collateral ratio is measured the same way for all of them: collateral value over debt, valued with on-chain oracle prices at the same block. GHO minted by facilitators that hold stablecoins rather than lock crypto collateral is shown as its own line, so a ratio never mixes the two.

## Blueprint

### Compare

Supply, collateral ratio, rate and peg for each CDP stablecoin.

- **CDP stablecoin supply** (USD): Supply of every tracked CDP stablecoin on every covered chain, in dollars of peg.
- **Collateral ratio** (%): Collateral value over collateral-backed debt for the selected coin at the latest day-end block.
- **Borrow rate** (%): The selected coin's borrow rate: governance-set for GHO, automatic for crvUSD, the user-set average for BOLD.
- **Price in pools** (USD): The selected coin's price in its deepest Curve pools against USDC and USDT.
- **CDP stablecoins side by side**: Each coin with supply, the collateral-backed share, collateral ratio, borrow rate, peg, liquidations in the period and chains.
- **Supply by coin** (USD): Supply of each CDP stablecoin by day, with GHO's stablecoin-backed part shown as its own band.

### Peg tools

Stability modules, peg keepers and redemptions over time.

- **GHO stability modules** (USD): USDC and USDT held in GHO's stability modules, which back the GHO they have minted.
- **crvUSD placed by peg keepers** (crvUSD): crvUSD that peg keepers have added to Curve pools, from each peg keeper's debt().
- **BOLD redemptions** (BOLD): BOLD redeemed for collateral by day, the tool Liquity v2 uses when BOLD trades below a dollar.
- **Prices and peg tools by day** (USD): Each coin's daily price in its deepest pools, with stability module swaps, peg keeper moves and redemptions marked.

Filters: Coin (All coins, or one of GHO, crvUSD, BOLD, feUSD and MUSD); Period (Last 30, 90 or 365 days).

## How it will be measured

- GHO supply by source comes from GhoToken's facilitator buckets: the level each facilitator, such as the Aave pool or a stability module, has minted on each chain where GHO is issued.
- crvUSD debt is total_debt() of every controller listed by the controller factory, and peg keeper debt is read from each peg keeper, at day-end blocks.
- BOLD debt and collateral are each Liquity v2 branch's getEntireBranchDebt() and getEntireBranchColl(); forks are read from their own trove managers the same way.
- Collateral ratio is collateral value over debt for collateral-backed supply only, with collateral valued at Chainlink prices at the same block.
- Borrow rates are GHO's rate on the Aave pool, each crvUSD market's rate and BOLD's debt-weighted average user-set rate; the peg is each coin's price in its deepest Curve pools.

## Data it needs

- `stablecoin_supply_daily` (published): Native supply of each USD and EUR stablecoin on each covered chain at the chain's last block of each day, from totalSupply() reads, with bridged copies kept apart.
- `lending_markets_daily` (to build): Supply, borrow, utilization and rates per lending market (Aave, Morpho, Spark, Compound, Euler and others) at day end.
- `stablecoin_pegs_daily` (to build): How far each stablecoin trades from its peg, from DEX pool prices and on-chain oracle feeds, with the deepest deviation of each day.
- `liquidations` (to build): Every liquidation on major lending markets and perp venues: collateral seized, debt repaid, liquidator, and the price at the time.
- `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- Source: GhoToken getFacilitatorsList() and each facilitator's bucket capacity and level, on Ethereum and every chain with GHO
- Source: GHO stability module balances and swap events
- Source: crvUSD controller factory controllers, each controller's total_debt() and rate, and peg keeper debt()
- Source: Liquity v2 and fork trove managers: branch debt and collateral
- Source: Curve pool prices for GHO, crvUSD and BOLD against USDC and USDT
- Source: Chainlink latestRoundData for collateral values at the same block

## Questions

### What is a CDP stablecoin?

A stablecoin created when a borrower locks crypto collateral and mints coins against it. The debt has to be repaid with interest to unlock the collateral, and positions that fall below a minimum collateral ratio are liquidated, which keeps every coin backed by more than a dollar of collateral.

### How do GHO, crvUSD and BOLD differ?

GHO is minted through Aave and its rate is set by governance. crvUSD is minted through Curve markets that liquidate gradually through a special AMM, at a rate that adjusts on its own. BOLD is minted through Liquity v2, where borrowers choose their own rate and redemptions keep the peg.

### What is soft liquidation in crvUSD?

crvUSD markets hold collateral in an AMM called LLAMMA, which converts it into crvUSD gradually as the price falls through the borrower's price bands, and back as it recovers. A position is liquidated outright only if its health falls to zero.

### Is DAI a CDP stablecoin?

DAI started as one, minted against ETH in Maker vaults. Today DAI and USDS are backed by stablecoins and other assets as well as crypto loans, so they are covered on the Sky page rather than here.

### What keeps a CDP stablecoin at a dollar?

Two forces. Above a dollar, borrowers mint more and sell it; below a dollar, they buy it back cheaply to repay debt. Each coin adds its own tool on top: stability modules for GHO, peg keepers and automatic rates for crvUSD, redemptions for BOLD.

## Glossary

- **Collateralized debt position**: A loan in which crypto collateral is locked in a contract to mint a stablecoin, repaid to unlock it.
- **Facilitator**: An entity the Aave DAO allows to mint GHO up to a limit, such as the Aave pool or a stability module.
- **Peg keeper**: A crvUSD contract that adds crvUSD to Curve pools when it trades above a dollar and withdraws it when below.
- **LLAMMA**: The AMM crvUSD markets use to convert collateral gradually during soft liquidation.

## Related apps

- [Liquity v2: BOLD Supply, Stability Pools and Borrow Rates](https://voltfincrypto.com/apps/liquity-v2-bold-stability-pool)
- [Sky Savings Rate, USDS and DAI Supply](https://voltfincrypto.com/apps/sky-savings-rate-usds-dai)
- [Stablecoin Peg Tracker and Depeg History](https://voltfincrypto.com/apps/stablecoin-peg-depeg-tracker)
- [Synthetic Dollars: Supply, Peg and Backing](https://voltfincrypto.com/apps/synthetic-dollars-supply-peg)
- [Stablecoin List Ranked by Circulating Supply](https://voltfincrypto.com/apps/stablecoin-list-by-circulating-supply)
- [Stablecoin Market Cap and Total Supply](https://voltfincrypto.com/apps/stablecoin-market-cap)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F