> For the complete documentation index, see [llms.txt](https://docs.coinshift.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.coinshift.xyz/comms/csusdl-faqs.md).

# csUSDL FAQs

<details>

<summary>What is csUSDL?</summary>

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](https://docsend.com/v/stwnz/csusdl) about csUSDL and [explore csUSDL](https://app.morpho.org/vault?vault=0xbEeFc011e94f43b8B7b455eBaB290C7Ab4E216f1\&network=mainnet) on Morpho.

</details>

<details>

<summary>What is Coinshift USDL Vault?</summary>

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.

</details>

<details>

<summary>Who backs csUSDL?</summary>

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.

</details>

<details>

<summary>How does csUSDL maintain its peg and stability?</summary>

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.

</details>

<details>

<summary>How is the APR for airdrops calculated?</summary>

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.

</details>

<details>

<summary>Is csUSDL a hard lock?</summary>

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.

</details>

<details>

<summary>How to obtain csUSDL?</summary>

We recommend acquiring csUSDL either directly through the [**Coinshift UI**](https://coinshift.global/dashboard/deposit), or by simply swapping via the [Balancer B-csUSDC-csUSDL Pool](https://balancer.fi/pools/ethereum/v3/0x10A04efbA5B880e169920Fd4348527C64FB29d4D).&#x20;

</details>