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      • How csUSDL works
      • Yield Mechanics
      • Why we need csUSDL?
      • Opportunity Size
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        • Characteristics
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      • Token Specification
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On this page
  • Introduction
  • 1. USDL Yield (T-Bill Rebases)
  • 2. Lending Yield on Morpho
  • 3. SHIFT Token Rewards
  • Yield Breakdown (Example)
  • Summary
  1. Coinshift Assets
  2. csUSDL

Yield Mechanics

Understand how csUSDL generates, compounds, and distributes yield across real-world assets, lending markets, and token incentives.

Introduction

csUSDL generates yield from three sources: real-world interest (T-Bills), DeFi lending, and token rewards. These yields are either auto-compounded into the token’s price or claimable by users.


1. USDL Yield (T-Bill Rebases)

The base yield comes from USDL — a fully backed, regulated stablecoin issued by Paxos. USDL earns interest from a portfolio of U.S. Treasury bills and cash equivalents.

  • Yield is distributed via daily rebases by Paxos.

  • wUSDL (wrapped USDL) converts this into an accrual model.

  • Since csUSDL holds wUSDL, the daily T-Bill yield from USDL accrues automatically and is reflected in csUSDL’s share price.

This yield is auto-compounded into csUSDL and reflected in the convertToAssets() share price.


2. Lending Yield on Morpho

Coinshift deploys deposited wUSDL into Morpho Blue, where borrowers can take loans against overcollateralized assets like wstETH or cbETH.

  • csUSDL earns interest paid by borrowers in real time.

  • Lending rates are variable and depend on market utilization.

  • If utilization is high, lending APR increases.

This yield is auto-compounded and also reflected in csUSDL’s increasing share price.


3. SHIFT Token Rewards

In addition to interest, csUSDL holders earn SHIFT rewards:

  • Coinshift’s native governance token

  • 5% of total supply reserved for early csUSDL users

  • Accrues over time and will be claimable at token launch and per vesting schedule

  • Speculative value until trading begins

These rewards are not auto-compounded and must be claimed manually.


Yield Breakdown (Example)

Yield Source
Compounding
Estimated APR
Notes

USDL (T-Bill yield)

Auto

~4.0%

Rebased daily by Paxos, via wUSDL

Morpho Lending

Auto

up to 2%

Variable, borrower demand-dependent

SHIFT Rewards

Manual

up to speculation

Accrues pre-launch, claimable later

APRs are indicative and fluctuate over time.


Summary

  • csUSDL grows in value automatically as both T-Bill and lending yields accrue inside the vault.

  • Users don’t need to stake, claim, or manage positions — holding csUSDL is enough to earn yield.

  • SHIFT tokens are separate, and claimable via external interfaces.

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Last updated 7 days ago