csUSDL Stablecoin

csUSDL is an institutional-grade, yield-bearing stablecoin that combines the security of US Treasury bills with the flexibility of DeFi lending. Built in partnership with Paxos International (the entity behind PayPal USD and PAXG), Morpho, and Steakhouse Financial, csUSDL provides users with daily yield posted automatically to their wallets.

How It Works

csUSDL represents a receipt for depositing wrapped USDL (Lift Dollar) into the Coinshift USDL Morpho Vault, curated by Steakhouse Financial. USDL itself is a stablecoin pegged to the US dollar and managed by Paxos International, with holders earning up to 5% APY from US Treasuries and cash equivalents. By wrapping USDL in the Morpho vault, csUSDL holders benefit from additional yield generated through overcollateralized lending against blue-chip assets like csUSDC and Paxos' gold-backed PAXG.

Technical Infrastructure

Morpho is a decentralized protocol enabling overcollateralized lending and borrowing of crypto assets, with over $5 billion in TVL as of June 2025. Steakhouse Financial, a leading crypto-native financial advisory with domain expertise in stablecoins and RWAs, curates the vault parameters and risk management. The permissionless protocol architecture ensures csUSDL benefits from competitive borrowing rates and lending yields without intermediaries.

Integration Ecosystem

csUSDL is integrated across major DeFi protocols including Morpho, Pendle (for yield trading), Gearbox (for leveraged positions), and Contango (for perpetual futures). This allows users to choose their own risk-return profile while maintaining exposure to the underlying yield-bearing asset.

Yield Optimization Strategy

The dual-layer yield structure combines the stability of real-world assets (US Treasury bills) with the capital efficiency of DeFi. The base layer (USDL) provides consistent, low-risk returns from government-backed securities, while the vault layer adds overcollateralized lending yield from institutional-grade collateral. This all-weather asset design ensures sustainable returns across different market conditions.

Security and Compliance

csUSDL maintains self-custody for users while leveraging Paxos International's regulatory framework and Morpho's battle-tested smart contracts. The transparent, auditable structure provides institutional investors with the compliance and reporting capabilities required for treasury management.

Token Rewards

csUSDL holders are eligible for SHIFT token rewards, Coinshift's native incentive token that provides additional upside for early adopters and long-term holders of the stablecoin.