csUSDL, issued by Coinshift Limited, is a yield-bearing ERC-4626 vault token representing a proportional claim on USDL stablecoin assets supplied to an overcollateralized Morpho lending vault curated by Steakhouse Financial. [S1][S2][S3]

Holders gain economic exposure to USDL, a U.S. dollar (USD) stablecoin issued by Paxos International and fully backed 1:1 by U.S. Treasury bills and cash. [S1][S4] Yield derives from real-world T-Bill interest captured through wUSDL plus variable Morpho lending interest paid by borrowers, accruing automatically into an up-only csUSDL share price with no rebases. [S2][S5] USDL base yield is cited at up to approximately 5% APY. [S6] Holders bear a 0% mint fee, 0% redemption fee, and a 0.2% annualized AUM fee. [S7]

Coinshift Limited is a British Virgin Islands company whose terms of use are governed by BVI law with arbitration in Road Town. [S8] The vault tokens are presented as permissionless DeFi infrastructure rather than regulated instruments; the holder's claim is a proportional ERC-4626 vault share enforced via non-custodial, immutable Morpho smart contracts. [S1][S6] Access is permissionless, requiring no KYC, no KYB, no staking, and no lockup. [S1][S6] Holders may withdraw their share of vault assets at any time subject to available liquidity. [S6] Funds are self-custodial; underlying USDL reserves are legally segregated for tokenholders with 1:1 USD redemption priority under FSRA insolvency rules. [S6][S4]

csUSDL is an ERC-4626 vault token deployed on Ethereum mainnet. [S1][S3] Users mint by depositing USDL, with other assets swapped to USDL via CowSwap, receiving shares representing the vault's wUSDL supplied to Morpho Blue markets. [S2][S1] Redemption returns the holder's share of vault assets. [S6] Reserves are attested monthly by Withum and Crowe Mak LLP, with liquidations driven by Chainlink oracles. [S4]

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.coinshift.xyz/coinshift-assets/csusdl" },
    { id: "S2", url: "https://docs.coinshift.xyz/coinshift-assets/csusdl/how-csusdl-works" },
    { id: "S3", url: "https://docs.coinshift.xyz/resources/trusted-links-and-audits" },
    { id: "S4", url: "https://docs.coinshift.xyz/q-and-a-reserves-lending-and-risk-framework" },
    { id: "S5", url: "https://docs.coinshift.xyz/coinshift-assets/csusdl/yield-mechanics" },
    { id: "S6", url: "https://docs.coinshift.xyz/coinshift-assets/csusdl/coinshift-usdl-vault/characteristics" },
    { id: "S7", url: "https://docs.coinshift.xyz/coinshift-assets/csusdl/fees-and-revenue" },
    { id: "S8", url: "https://www.coinshift.xyz/terms-of-use" },
  ]}
/>


# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

Tokenized funds

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Stablecoin issuers

Coinshift

Coinshift USDL Morpho Vault (csUSDL) is a tokenized fund share issued by Coinshift and managed by Steakhouse Financial.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in U.S. government debt and private credit, locks up subscriptions for 0 months, and charges a 0.2% annual management fee.

Retail investors and institutions can subscribe and redeem in wUSDL, and holders have a right to redeem at net asset value with instant settlement.

csUSDL has been issued on Ethereum as an ERC-4626 token since December 2024.

Coinshift USDL Morpho VaultcsUSDL