Curve Finance Launches StableSwap on Stellar

Curve Finance, a decentralised exchange for stablecoin trading that launched in 2020, has launched on the Stellar network. It is Curve’s first native deployment outside the family of blockchains built around the Ethereum Virtual Machine (EVM), the software that runs Ethereum-style smart contracts.

The Stellar Development Foundation announced the launch on 29 October during Meridian 2026, its annual conference in Lisbon. “Now live: @CurveFinance,” the foundation posted on X. A Curve-run interface for the Stellar deployment is up at stellar.curve.finance.

What is live, and what comes later

The first release brings StableSwap, Curve’s original exchange design, to Stellar. According to the foundation’s release, users can create pools without asking permission, find existing pools, swap assets and provide liquidity. StableSwap is designed for low-slippage trading between assets whose prices should stay close together, such as two stablecoins pegged to the US dollar. The release describes the implementation as audited, and says it was built specifically for Stellar’s smart-contract environment with the foundation’s support.

A second product is planned but not live. Curve intends to bring FXSwap to Stellar “once its audit is complete”. FXSwap is meant for assets whose relative prices move, including stablecoins pegged to different currencies, such as a dollar token against a euro token. No date was given.

Curve has grown well beyond its first exchange. According to the release, its ecosystem now includes liquidity pools, lending markets, its own crvUSD stablecoin and governance by a DAO, a body of token holders who vote on changes. Until now its contracts have run on Ethereum and other EVM-compatible networks. Stellar, which has handled payments since 2014, also supports smart contracts, and the foundation says its assets can be configured for identity checks, clawbacks and sanctions compliance. Franklin Templeton runs a tokenised money market fund on it, and MoneyGram uses it to move money.

Michael Egorov, Curve’s founder, said the move followed demand. “At Curve, we started exploring possibilities of launching beyond EVM chains if there is demand,” he said in the release. “Stellar looks like a good fit: it’s closer to the familiar EVM world than many other chains. And at the same time, the demand for Curve is there, and it comes from institutions.”

Denelle Dixon, the foundation’s chief executive, said stablecoins and tokenised assets “only deliver real value when people can move between them efficiently”. She called Curve “one of DeFi’s most trusted liquidity protocols”.

Curve had about $1.26bn in total value locked, the measure of assets deposited in its contracts, at midday on 29 October, according to the data site DeFiLlama, which does not yet list any Curve deposits on Stellar. Curve’s own X account and news blog had not posted about the launch by midday UK time.

Stellar has the assets, now it needs the markets

Several tokenised-fund announcements have landed on Stellar in recent days. Janus Henderson launched its tokenised Nasdaq-100 fund JQQQ only on Stellar this week, and Securitize said it plans to add Stellar as its 17th supported network, though it has named no assets yet. What a network like that also needs is somewhere to trade those tokens cheaply, so holders can switch between a fund token, a stablecoin and cash without large price gaps.

That is the job the release sets out for Curve. As liquidity builds, it says, other applications could use Curve pools to sell collateral during liquidations and to let users exit lending positions, and asset issuers could use them to build markets for their tokens. Where tokenised funds can trade is a live question elsewhere too: Hong Kong’s SFC this week approved 24/7 secondary trading for two tokenised money funds.

The release states the condition plainly: these uses depend on liquidity developing and other apps integrating the pools. Until DeFiLlama and the pools themselves show real deposits on Stellar, the deployment is infrastructure waiting for users. FXSwap, the product aimed at currency pairs, matters most for Stellar’s payments business and is the part still awaiting an audit.