csUSDL FAQs

What is csUSDL?

csUSDL is a yield-bearing, RWA-backed stablecoin powered by Morpho protocol and USDL, a regulated stablecoin issued by Paxos International.

Built for businesses and investors seeking to maximize the potential of their stablecoins, csUSDL is an institutional-grade asset, backed by the confidence of Coinshift’s trusted ecosystem.

• csUSDL represents a tokenized USDL position within Coinshift's vault, which is optimized for blue-chip collateral markets like wstETH and cbBTC, managed by Steakhouse Financial.

• Yields on csUSDL are fully transparent, independently verifiable onchain, and beyond Coinshift’s control.

• csUSDL is permissionless, self-custodial, and adheres to core DeFi principles.

Learn More about csUSDL and explore csUSDL on Morpho.

What is Coinshift USDL Vault?

Coinshift USDL Vault is a low-risk Morpho vault, curated by Steakhouse Financial, where USDL depositors can earn additional borrow interest from cbBTC and wstETH holders, and rewards in SHIFT and MORPHO tokens.

Who backs csUSDL?

csUSDL is backed by institutional-grade security and expertise through partnerships with:

• Paxos International: A regulated bank and issuer of USDL, a stablecoin backed by T-Bills and cash equivalents. Paxos powers trusted projects like PayPal’s PYUSD and Stripe’s Pay, ensuring regulatory compliance and transparent operations.

• Steakhouse Financial: A crypto-native financial advisory specializing in stablecoins and RWAs. They manage MakerDAO’s $2B RWA program and operate vaults with up to $60M TVL on Morpho, delivering low-risk, high-security strategies.

• Morpho Protocol: A highly audited DeFi platform enabling secure, over-collateralized lending. With $4B in supplied assets and 15+ audits, Morpho ensures transparency and efficient asset utilization for csUSDL.

How does csUSDL maintain its peg and stability?

The underlying wUSDL is allocated to blue-chip collaterals like wstETH and cbBTC. This conservative approach ensures value stability (csUSDL ≥ USDL) and includes complete on-chain transparency.

How is the APR for airdrops calculated?

Airdrop APR decreases with higher TVL, and the 25% ROI is calculated based on a $100M csUSDL TVL target. The SHIFT launch is scheduled for 15th July 2025.

Is csUSDL a hard lock?

csUSDL allows withdrawals anytime. Users always retain their yield and rewards calculated on a daily basis:

• Yield from T-bills and lending markets.

• SHIFT rewards from normal airdrop.

• Morpho rewards.

How to obtain csUSDL?

We recommend acquiring csUSDL either directly through the Coinshift UI, or by simply swapping via the Balancer B-csUSDC-csUSDL Pool.