LVLUSD, issued by the Level Protocol smart contracts under the governance of Level tokenholders, is a stablecoin that references the U.S. dollar (USD) and is backed by the fiat-backed stablecoins USD Coin (USDC) and Tether (USDT) deployed into lending protocols [S1].

Holders receive a token referencing the U.S. dollar (USD), with reserves consisting of USD Coin (USDC) and Tether (USDT) deployed into lending protocols including Aave and Morpho to generate yield [S1]. A separate staked token, slvlUSD, exists for yield distribution, appreciating as yield accrues so that economic return passes to stakers rather than to holders of the base token [S1].

LVLUSD presents as a decentralized stablecoin protocol rather than a single named corporate issuer, and is not issued by a single corporate entity [S1]. The protocol lists Polychain Capital, Dragonfly Capital, and Blockchain Founders Capital as investors [S1]. The product is not available to U.S. persons [S1]. The Level team has announced that it is joining a leading DeFi protocol and that the product is being sunset [S1]. The base token references a value of one U.S. dollar (USD), and reserve assets are held in USD Coin (USDC) and Tether (USDT) deployed across the named lending venues [S1].

Reserves are deployed into the lending protocols Aave and Morpho, with Pendle and LayerZero appearing among ecosystem partners [S1]. The base token holds a value referencing one U.S. dollar (USD), while the staked token slvlUSD appreciates in value as yield accrues to stakers [S1].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://www.level.money/" },
  ]}
/>


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Level

Level USD (LVLUSD) is a U.S. dollar stablecoin issued by Level.

Each token is redeemable one-for-one for U.S. dollars and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Level in USDC, and holders have a contractual right to redeem at par.

Holder terms are governed by the law of Wyoming in the United States.

LVLUSD has been issued on Ethereum as an ERC-20 token since October 2024.

Level USDLVLUSD

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