Curve Finance, a decentralized exchange platform specializing in stablecoin trading and automated market-making, has launched its StableSwap protocol on Stellar mainnet. The rollout, announced by Curve Finance and the Stellar Development Foundation on October 29, 2026, represents the protocol’s first native deployment on a blockchain that does not use the Ethereum Virtual Machine (EVM).
Curve StableSwap arrives on Stellar
With the launch, Curve’s StableSwap product is now live on Stellar, enabling users to create pools without permission, conduct swaps, and provide liquidity for stablecoins and synthetic crypto assets. This move allows Curve to serve assets whose prices should remain closely linked, such as stablecoins of the same denomination or wrapped tokens.
According to the team, future plans include bringing FXSwap—Curve’s trading product for stablecoins pegged to different fiat currencies—to Stellar, once a third-party security audit is complete. No specific activation date for FXSwap on Stellar has been set.
Curve Finance founder Michael Egorov noted that “the demand for Curve on Stellar comes from institutions,” and emphasized that exploring non-EVM chains only made sense “if there is demand.” He described Stellar as “closer to the familiar EVM world than many other chains.”
Currently, no official trading volume or on-chain activity figures for the new pools on Stellar have been released. Research from Crypto Briefing reports that the stablecoin market on Stellar is valued at approximately $394 million, most of which consists of USDC.
Mini dictionary: Stellar is an open-source, decentralized payment protocol designed to enable fast and low-cost transfers between fiat currencies and digital assets, often partnering with financial institutions and fintech companies for cross-border payments.
The path to Stellar and Curve’s expansion
Curve had already launched FXSwap on Ethereum in December 2025, using it to facilitate automated market-making for foreign exchange and low-volatility pairs. The product supports stablecoins pegged to major currencies as well as synthetic assets. Curve expanded FXSwap to Polygon in May 2026, partnering with Polygon Labs, Frax, Frax Finance, and DFB to introduce pools pairing frxUSD with currencies including BRZ, IDRX, tGBP, AUDF, KRWQ, and USDT.
Subsequent governance votes in May and June 2026 led Curve to approve upgraded FXSwap pool mechanisms that help minimize arbitrage-driven value loss during rebalances. By September 17, 2026, Curve went live on Arc, a stablecoin-focused network, and claimed to operate more than 20 FX pools spanning 10 currency corridors across five networks.
Curve’s deployment on Stellar marks its first move beyond EVM-compatible chains, reflecting the protocol’s ongoing adaptation to varying blockchain standards and institutional demand.
| Key FXSwap/StableSwap Expansion Milestones | Date |
|---|---|
| FXSwap launch on Ethereum | December 11, 2025 |
| FX pools on Polygon | May 21, 2026 |
| Arc network launch | September 17, 2026 |
| StableSwap live on Stellar | October 29, 2026 |
At the time of the Stellar deployment, Curve’s total value locked stood at $1.27 billion, according to data cited by TechFlow. This figure has not been independently verified and is based on third-party reporting.
Technical aspects and market environment
While Curve has not detailed how its contracts were adapted for Stellar, the launch shows its continued focus on expanding beyond EVM chains. StableSwap’s initial phase is live now on Stellar, while FXSwap will follow after audit completion. Technical specifics regarding the differences between Stellar and EVM implementations have not been disclosed.
The market environment at launch was subdued. On October 29, 2026, Bitcoin traded at $80,021 after slipping 1.16% over 24 hours and 4.67% in 30 days. Ethereum and Solana posted larger 30-day declines, each dropping between 14% and 16% over the same period. The Crypto Fear & Greed Index read 51, or “Neutral.” There was no immediate data on trading activity in the new Stellar pools.
| Asset | Price (USD) | 24h Change | 30d Change |
|---|---|---|---|
| Bitcoin (BTC) | $80,021 | -1.16% | -4.67% |
| Ethereum (ETH) | $2,320.09 | -1.11% | -14.4% |
| Solana (SOL) | $100.11 | -1.87% | -15.99% |
New deployments carry inherent risks. Aside from general market volatility, users and liquidity providers face potential smart contract bugs and stablecoin depegs. These risks can lead to total loss of funds, especially on non-EVM chains with less battle-tested code. Additionally, stablecoin regulation remains fluid and varies by jurisdiction.
What’s next for Curve on Stellar?
The next key milestone is the completion and activation of the FXSwap audit, after which the protocol may offer cross-currency stablecoin trading on Stellar. Institutions are expected to play a significant role once FXSwap goes live, though their identities have not been disclosed. Trading volumes and liquidity statistics for Stellar pools are expected in the coming months.
Crypto Briefing described the Stellar deployment as “Curve’s first move beyond EVM chains,” noting that the protocol will further expand its stablecoin and FX trading functionality once FXSwap arrives, and that Stellar’s stablecoin market is valued at $394 million, led by USDC.
