SLVLUSD, issued by the Level Protocol smart contracts under the governance of Level tokenholders, is a tokenized yield-bearing stablecoin product that represents a staked position in lvlUSD, a stablecoin the issuer states is backed by USDC and USDT deployed in lending protocols [S1].

The token tracks lvlUSD, a stablecoin backed by USD Coin (USDC) and Tether (USDT) that the issuer deploys into blue-chip lending protocols, with Aave and Morpho shown as backing venues [S1]. Holders of the staked token receive yield generated from this deployment through price appreciation of SLVLUSD relative to lvlUSD, rather than through a distribution [S1].

Level presents as a decentralized stablecoin protocol and is not issued by a single named corporate entity [S1]. The protocol lists Polychain Capital, Dragonfly Capital, and Blockchain Founders Capital as investors [S1]. The product is offered as not available for U.S. persons, an offering restriction stated on the issuer homepage [S1]. The issuer homepage carries a wind-down announcement stating that the Level team is joining a leading DeFi protocol and that the product will be sunset [S1].

SLVLUSD is issued onchain as the staked form of lvlUSD, accruing yield through price appreciation so that holders retain their proportional economic exposure to the underlying lending positions [S1]. Reserve assets backing lvlUSD are deployed into lending protocols including Aave and Morpho, with Pendle and LayerZero appearing among ecosystem partners [S1].

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


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Stablecoin issuers

Level

Staked Level USD (SLVLUSD) is a tokenized fund share issued by Level through Irving Digital Holdings LLC.

Each token is a direct claim on the issuer and has being wound down issuance.

The fund is closed-ended and invests in crypto assets.

Retail investors can mint and redeem directly with Level in lvlUSD, and holders have a right to redeem at net asset value with instant settlement.

Irving Digital Holdings LLC is incorporated in the United States.

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

SLVLUSD has been issued on Ethereum as an ERC-4626 token since November 2024.

Staked Level USDSLVLUSD

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