Coinshift’s csUSDL Reaches $100M in TVL Amid Rising Interest for Secure Yield-Bearing Stablecoins
Dubai, UAE, May 16th, 2025, Chainwire
Coinshift today announced that csUSDL, its institutional-grade stablecoin delivering real-world yield onchain, has surpassed $100 million in total value locked (TVL) in under four months since launch.
The growth reflects rising demand for compliant, yield-structured assets in DeFi, particularly among institutions and active funds. Leading liquidity in csUSDL now comes from market participants including GSR, Dialectic, Amber Group, SCB Limited, and Edge Capita, among others.
csUSDL integrates returns from U.S. Treasury bills with onchain lending activity facilitated through the Morpho lending protocol. It is built on USDL, a fully backed, FSRA-regulated stablecoin issued by Paxos International. On the Morpho Vault, csUSDL has received an A+ risk rating from Credora—representing the lowest risk category under that framework—and offers a competitive APY, with performance tracked through real-time onchain accrual and daily update mechanisms. csUSDL’s asset allocation is managed by risk management leaders Steakhouse Financial.
csUSDL is non-custodial, permissionless, and accrues yield with no lockups, staking, or KYC required—making it ideal for institutions seeking a regulated yet flexible stablecoin. The launch of csUSDL builds on Coinshift’s track record as a treasury infrastructure provider, with over $1 billion in assets managed through the Coinshift Business platform to date.
“Institutions are looking for secure, transparent access to real-world yield without the usual friction of onchain strategies,” said Tarun Gupta, CEO and founder of Coinshift. “csUSDL delivers that by combining high-quality yield with the lowest possible risk rating. Surpassing $100 million in TVL shows that real-world yield, without compromising on reliability, is becoming a core element of institutional DeFi, aligning with our mission to bring treasury management fully onchain.”
csUSDL Powers Trading Volume for RWA Yield Strategies on Pendle
As real-world assets and tokenized interest rates gain traction in DeFi, csUSDL has been positioned among a growing category of yield-structured stablecoins designed to support fixed-income strategies within decentralized ecosystems.
csUSDL has also been integrated into the DeFi protocol Pendle. The integration allows users to access fixed and variable yields and trade interest rate exposure using tokenized T-bills. Early adoption points to a shift in how sophisticated participants interact with onchain yield – not just holding for passive income, but actively expressing macro views through programmable assets.
Paxos Gold (PAXG) Now Live as Collateral Asset for csUSDL
Coinshift has added Paxos Gold (PAXG) as an additional collateral type for csUSDL, allowing users to access gold-backed leverage while earning passive returns. This development supports the integration of traditional asset exposure, such as tokenized gold, into decentralized financial infrastructure.
As csUSDL adoption accelerates, Coinshift remains focused on expanding collateral types, deepening protocol integrations, and bridging traditional capital into onchain finance. Upcoming initiatives include deploying csUSDL into stablecoin reserve strategies and working with family offices, one of the most traditional capital sources, highlighting growing institutional interest in yield-bearing, risk-conscious stablecoins.
“This is just the beginning,” said Gupta. “People are waking up to what yield this competitive, in a risk class this conservative, can do for their treasuries.”
For more information, users can visit https://www.coinshift.xyz/
About Coinshift
Coinshift is a trusted onchain business management platform used by 300+ organizations, including Aave, Starknet, Gitcoin, UMA, and Zapper. It simplifies treasury operations by combining asset management, payments, and accounting tools into one platform. Coinshift’s products include csUSDL, a Paxos-backed, yield-bearing stablecoin, and SHIFT, its native token. In 2022, Coinshift raised $15M in a Series A round with support from Tiger Global, Sequoia, ConsenSys, and Polygon, solidifying its role in modernising web3 treasury management. For more information, users can visit coinshift.xyz
About csUSDL
csUSDL is a stablecoin issued by Coinshift. It represents the tokenized position of USDL, a stablecoin pegged to the US dollar and managed by Paxos International, in the Coinshift USDL Vault. It is additionally backed by real-world, blue-chip assets, including treasury bills and cash equivalents. csUSDL stablecoin is built to help businesses to grow their treasuries and individuals to grow their portfolios, combining the composability and rewards of DeFi with the confidence of institutional-grade real-world assets.
