Solution

Discover csUSDL, a liquid lending token leveraging transparent yields from DeFi lending markets and yield-bearing stablecoins.

csUSDL

Backed by real-world assets, csUSDL distributes earnings from over-secured loans and fully regulated USDL, a high-yield, next-generation stablecoin.

csUSDL brings security, transparency, and control to individual and institutional investors, while leveraging DeFi lending markets and real-world asset yields.

csUSDL is an LLT.

1. Transparent Yield Distribution

csUSDL ensures complete transparency in yield generation derived from:

• USDL Base Yield: Up to 5% APY, sourced from cash equivalents and US Treasury Bills

• DeFi Lending Yield: Returns from lending USDL against blue-chip assets, including wstETH and WBTC, in Morpho markets

• Incentives: Additional rewards via MORPHO and SHIFT tokens awarded for holding csUSDL

Unlike traditional stablecoins, csUSDL’s value appreciates over time through the automatic accrual of dual yields. All yield components are transparently reported using Morpho's innovative platform, ensuring that Coinshift has no control over yield allocation.

2. RWA Backing and Stability Benefits

csUSDL’s yield is underpinned by USDL, an RWA-backed stablecoin issued by Paxos International. USDL's stand-out features include:

• Daily Yield Payouts: Up to 5% APY for eligible holders – delivered directly to users, without staking contracts or token programs

• Regulatory Oversight: Issued by Paxos International and regulated by the Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM)

• Transparency: Monthly audited reports and reserves held solely in US Treasury Bills, ensuring stability and eliminating exposure to fractional reserve banking

Paxos’ proven compliance and expertise—established through projects like PayPal’s PYUSD—bring additional assurance and credibility to csUSDL.

3. Efficient Lending Yield and User Control

Coinshift’s csUSDL is built on Morpho's permissionless, non-custodial lending protocol, which supplies over $2 billion in assets. This integration supports:

• Over-Collateralized Lending: Lending against blue-chip assets such as wstETH and WBTC

• Direct Benefits: Increased lending yields and better borrowing rates – without passing through DAO governance

4. Transparent Asset Management and Selection

csUSDL vaults are curated by Steakhouse Financial, experts in stablecoin and RWA strategies. Known for managing programs including MakerDAO’s $2 billion RWA initiative, Steakhouse ensures:

• Institutional-Grade Management: Only regulated real-world assets and blue-chip crypto-collateral (e.g., wstETH and WBTC) are onboarded.

• Institutional-Grade Collateral: Assets include wstETH, anETH liquid staking token issued by Lido DAO and a leader in staking with 28% market share; and WBTC, a bridged version of BTC on the Ethereum network and the clear leader since its launch in early 2020.

• User Control: Unlike tokens such as sDAI or sUSDe, csUSDL allows holders to influence asset allocation and challenge curator decisions, ensuring their holdings align with their preferences.

5. Self Custody and Accessibility

csUSDL empowers users with full self custody, providing autonomy and instant access to liquidity. Built on Morpho’s non-custodial and immutable smart contracts, Coinshift Vaults offer:

• Dynamic Allocation: Curators can adjust capital allocation, add or remove markets, and modify fees. These changes are subject to a time delay (ranging from 1 to 14 days), giving users ample opportunity to withdraw their funds if desired. Currently, performance fees are set at 0%, with a planned maximum fee of 5% on future borrowing rates.

• Curators have no ability to access or seize funds, ensuring that control remains with the user at all times.

6. Composability and Integration

csUSDL is seamlessly integrated with complex DeFi strategies, allowing investors to maximize yields and leverage DeFi’s composability for strategic gains.

csUSDL's Unique Proposition

Combining the stability of a regulated stablecoin, the yield potential of DeFi lending against blue-chip assets, unparalleled transparency, and superior user control, csUSDL is an optimal choice for both institutional and individual investors. With real native yield and the strategic advantages of DeFi, csUSDL stands out among all other stablecoins and liquid staking tokens (LSTs).