Coinshift’s csUSDL Stablecoin Reaches $100 Million in TVL

• csUSDL Surpasses $100 Million in DeFi TVL
• Yield-bearing stablecoins gain traction among investors
• Coinshift Adds Paxos Gold as New Collateral

The csUSDL stablecoin, issued by digital asset manager Coinshift, has surpassed the $100 million total value locked (TVL) mark, just four months after its launch in January. data from DeFiLlama indicate that the accelerated growth accompanies the growing demand from investors for fiat-pegged tokens that offer passive income via DeFi protocols.

According to a statement from Coinshift, csUSDL has seen $16 million in trades over the past 30 days on Pendle, a platform focused on yield-bearing assets. The company said that recent performance has positioned the token among the top three assets in the category on Pendle during that period.

Built on the Ethereum blockchain, csUSDL combines on-chain lending strategies with direct exposure to U.S. Treasuries to generate returns for holders. The token is backed by USDL, a stablecoin issued by Paxos International and regulated in Abu Dhabi.

To diversify its collateral base and increase the attractiveness of the asset, Coinshift has begun accepting Paxos Gold (PAXG), a token backed by physical gold. This addition aims to broaden access to traditional financial instruments within the decentralized environment and expand the utility of csUSDL.

Coinshift CEO Tarun Gupta commented that there is a noticeable shift in investor preferences. “Retail and institutional investors are increasingly seeking secure and transparent access to real-world yield without the friction of onchain strategies,” he said.

csUSDL currently competes with yield-bearing stablecoins that collectively have a combined turnover of around $5,5 billion. Major competitors include Sky’s sUSDS (formerly MakerDAO), Ethena’s USDe, and Ondo Finance’s USDY.

Founded in June 2021, Coinshift began as a decentralized treasury management platform. In September of the same year, it raised $2,5 million in a seed round and in May 2022, it secured $15 million in a Series A led by Tiger Global. The company currently serves over 300 clients and manages around $1,3 billion in assets.