Coinshift's yield-bearing stablecoin csUSDL surpassed a total value locked (TVL) of 100 million USD just four months after its launch, demonstrating growing demand for yield-bearing stablecoins. Based on Ethereum, csUSDL generates yield through on-chain lending and U.S. Treasury yields, and is backed by USDL issued by Paxos International. Recently, Coinshift added Paxos Gold, a gold-backed asset, to expand the use of traditional assets within the decentralized ecosystem. This stablecoin recorded a trading volume of 16 million USD within 30 days on the Pendle platform. Tarun Gupta, founder and CEO of Coinshift, stated that both retail and institutional investors are increasingly seeking secure and transparent real yields. csUSDL competes with sUSDS, USDe, and USDY in the 5.50 billion USD yield-bearing stablecoin market. Since its establishment in 2021, Coinshift has completed multiple funding rounds, manages assets exceeding 1.30 billion USD, and counts clients such as Aave among its users.

Coinshift’s yield-bearing stablecoin, csUSDL, has surpassed $100 million in total value locked (TVL) just four months after its launch in January, according to DeFiLlama data. The milestone reflects rising demand for fiat-pegged assets that offer passive income through decentralized finance protocols.In a statement shared exclusively with The Block, Coinshift said csUSDL also generated $16 million in trading volume within 30 days on Pendle, a DeFi platform that specializes in yield assets.Built on Ethereum, csUSDL earns yield through a combination of onchain lending and exposure to U.S. Treasury bills. It is structured atop USDL, a stablecoin issued by Paxos International and regulated in Abu Dhabi.Following the recent growth, Coinshift has added Paxos Gold — a tokenized version of the precious metal — as supported collateral for csUSDL. The company said the move aims to expand access to traditional assets within permissionless ecosystems and increase the token’s utility.The TVL milestone was achieved following growing demand for fiat-pegged offerings that provide residual income via decentralized finance (DeFi) protocols. Tarun Gupta, Coinshift founder and CEO, said the asset manager has seen a significant interest in stablecoins with yield features.“Retail investors and institutions are increasingly looking for secure, transparent access to real-world yield without the usual friction of onchain strategies,” Gupta stated.csUSDL faces stiff competition in the $5.5 billion yield stablecoin market. Leading players include sUSDS from Sky (formerly MakerDAO), Ethena’s USDe, and Ondo Finance’s USDY, which collectively hold around $5 billion in market capitalization.CoinShift launched its DeFi treasury management startup in June 2021.Two months later, in September, itraised $2.5 million in seed funding. In May 2022, the firm closed a $15 million Series A fundraising round led by Tiger Global. The company said it has over 300 clients, including names like Aave, and manages more than $1.3 billion in assets.

Coinshift's yield-bearing stablecoin csUSDL has surpassed $100 million in total locked value, meeting the growing demand for yield-bearing stablecoins.