Curve goes live on Stellar, its first launch outside EVM chains, but no pool, volume or audit is disclosed

Curve Finance has put its StableSwap exchange live on the Stellar mainnet, Curve’s first native deployment outside the family of Ethereum-compatible (EVM) chains, according to a report by The Block published on Thursday 29 October at 07:00 EDT (11:00 UTC). The report describes a joint announcement by Curve and the Stellar Development Foundation (SDF). Anyone can now create a blockchain that runs exactly as written when it is called, holding and moving funds according to its code, without an intermediary able to change the outcome.">smart contract holding reserves of two or more tokens, supplied by users, that a decentralized exchange uses to execute trades automatically at a price set by a formula.">pool, find existing ones, swap and supply liquidity, The Block says. Curve’s second pool design, FXSwap, will follow only after an audit, with no date given.

Coindaro could not open Curve’s or the SDF’s own posts on the launch, at a first try and again at about 11:55 UTC. Curve’s news page lists nothing after 22 October, its governance forum refused access (HTTP 403), and neither the SDF press page nor the Stellar blog carried an item on Curve. The facts below therefore come from The Block, confirmed by Crypto Briefing and by TechFlow, which says its own account traces back to The Block. None of the three names a single pool, a token pair, a trading volume, the team that wrote the Stellar code or an audit of StableSwap.

Curve Finance on Stellar: what is reported as live

StableSwap is the pool type that made Curve’s name in 2020. It is built for assets that should trade at nearly the same price: stablecoins pegged to the same currency, wrapped bitcoin tokens, synthetic versions of a crypto asset. The pricing curve stays flat around the peg, so a large swap between two dollar tokens moves the price far less than it would in a classic constant-product pool.

On Stellar, the reports say the deployment is permissionless. A token issuer or a user does not need Curve’s approval to open a pool; they deploy one and others can add liquidity to it. That is the same model Curve runs on Ethereum, and it is explained in more depth in our page on how the Curve stablecoin exchange works. Newcomers who want the basic mechanics of depositing two tokens and earning fees can start with our glossary entry on liquidity pools.

Permissionless also means empty at the start. A new pool holds only what its first depositors put in, and nothing in the three reports says any pool had been seeded when the news broke.

FXSwap waits for an audit, and no source says StableSwap had one

The other half of the plan is FXSwap. Curve designed it for pairs whose prices move against each other: volatile crypto pairs, but also foreign-exchange pairs and real-world assets with lower volatility, such as a dollar token against a euro token or a tokenized fund against a stablecoin. All three outlets say FXSwap will reach Stellar after its audit. None gives a timeline.

The reports say little about the code that is already live. None says whether the StableSwap contracts deployed on Stellar were audited, or by whom. Crypto Briefing writes that Curve had to build a native version instead of copying its existing setup, which fits the technical picture: Stellar does not run the Ethereum virtual machine, so Curve’s Ethereum contracts cannot be moved over as they are. Who wrote that native version is not stated. A first search of Curve’s public GitHub organisation (the first ten of its 107 repositories) showed no Stellar project.

What Michael Egorov and Denelle Dixon said

Curve founder Michael Egorov framed the move as a response to demand. “At Curve, we started exploring possibilities of launching beyond EVM chains if there is demand,” he said in a statement quoted by The Block. He called Stellar “a good fit” because “it’s closer to the familiar EVM world than many other chains”, and said demand for Curve “comes from institutions”.

SDF chief executive Denelle Dixon linked it to the assets Stellar already carries. “Stablecoins and tokenized assets only deliver real value when people can move between them efficiently,” she said in the same report, adding that Curve’s arrival gives developers on Stellar the tools to build those markets.

Curve itself put a condition on the launch, according to The Block: liquidity on Stellar has to grow, and applications have to integrate the new pools, before they are of much use.

Pools, assets, audit, authors: what the launch does not disclose

Several basic facts are missing from every account we found on 29 October. Readers looking at the new deployment should treat them as open until Curve or the SDF publishes them.

No pool address, pair or size is given anywhere, and Crypto Briefing says no on-chain activity or volume had been disclosed. USDC is by far the largest stablecoin on Stellar, yet no source says a USDC pool exists. EURC and other euro tokens are not mentioned at all, so a euro pool should not be assumed.

The people behind the Stellar contracts are not named, and neither is any auditor of StableSwap; only FXSwap is tied to an audit, still to come. No outlet names Soroban, Stellar’s smart-contract platform, live since 2024. A native deployment would almost certainly run on it, but that is our inference, not a reported fact.

We also could not check whether Curve’s DAO voted on the deployment, because its forum was unreachable.

Stellar’s stablecoins total about $394 million, a third of Curve’s TVL

The scale gap explains Curve’s own caution. Stablecoins on Stellar have a combined market value of about $394 million, mostly USDC, according to Crypto Briefing on 29 October. DefiLlama put the total staking or liquidity, measured at current market prices. It is the main size metric in DeFi.">value locked in Stellar’s DeFi applications at $229.55 million at about 11:50 UTC the same day, against $45.9 billion on Ethereum.

Curve alone is several times larger than Stellar’s whole DeFi sector. The Block and other outlets cite about $1.27 billion of total value locked for Curve, per DefiLlama. DefiLlama‘s public API returned $1,158,160,318 for the Curve DEX at about 11:50 UTC on 29 October. The gap between the two numbers comes from timing and from what each count includes; both put Curve near $1.2 billion.

The Block lists two uses the pools could have once they hold money. Lending applications on Stellar could route liquidations through them, selling a borrower’s collateral in a deep pool rather than a thin order book, or use them to let users exit a position. Our guide to how DeFi liquidations work and who carries bad debt shows why pool depth decides how much a forced sale costs. Asset issuers, the second group, could open markets for their own tokens without waiting for a centralised exchange listing.

Stellar already hosts some of the tokenized assets that would need such markets. Franklin Templeton runs its tokenized money market fund on the network and MoneyGram uses it for payments, The Block notes.

Why a non-EVM chain is a first for Curve

Curve launched in 2020 as a stablecoin exchange on Ethereum and later added lending and its own stablecoin, crvUSD. Its expansion since then has followed chains that run Ethereum-style contracts; the latest launch on its own news page, listed among its September 2026 posts, was on Arc, a network built for stablecoins.

Curve had come close to a non-EVM chain once before. In September 2024 it agreed with the TON Foundation to incubate a stablecoin exchange on TON using Curve’s formula, built by an independent team that Egorov would advise, Cointelegraph reported. That was a licensed project, not Curve’s own deployment.

Stellar is a different kind of target. Its contract environment does not match Ethereum’s, which is why the reports call this Curve’s first native deployment outside the EVM world. Egorov’s remark about launching where there is demand suggests further non-EVM chains are possible, but Curve has named none.

A launch timed with Meridian 2026 in Lisbon

The announcement came on the second day of Meridian 2026, the Stellar conference in Lisbon on 28 and 29 October. The SDF used the first day to present Project Thruput, a fee-free payment engine, which we covered in our report on its 7-million-payments-a-second test on one validator. The SDF press page also listed items on 28 October from Securitize, Movantis, Archax (a euro government bond product, EUR GOVY) and Arcane with Predicate.

For euro users, FXSwap is the part to wait for

For readers in France, Italy and the rest of the euro area, StableSwap on its own changes little. It pairs tokens tied to the same currency, and Stellar’s stablecoin supply is mostly dollars. Euro products are appearing on the network, such as the Archax EUR GOVY listing of 28 October, but exchanging them against dollar tokens on Curve would need FXSwap, which is the design meant for currency pairs. Until its audit is done and pools are named, there is no Curve route on Stellar between euros and dollars.

What to watch next

Curve’s and the SDF’s own posts on the launch should name the contracts, any auditor and the first pools; until they appear, every detail rests on press reports. DefiLlama does not yet track a Curve deployment on Stellar. When it does, its value locked will show whether liquidity actually arrives.

The only step with a stated condition is FXSwap. Its audit report, once published, is the date to watch for anyone hoping to swap euro and dollar tokens on Stellar through Curve.