gShift community Snapshot alert: Season 1 of Coinshift’s public airdrop ends on July 31. As promised, 5% of the total SHIFT supply is allocated to Season 1 participants. We are honoring the earliest users and contributors who believed in csUSDL. For Season 2, an additional 3% has been allocated. It begins on August 1 and is open to both new participants and existing users. Before we dive into what’s ahead, let’s take a moment to reflect on how far we’ve come. We started with a simple vision that every human and business in the world deserves access to low-risk yield. Today, we’re proud to share: - Over $100M in csUSDL TVL - 15+ DeFi integrations (including @pendle_fi , @MorphoLabs , @spectra_finance , @Contango_xyz , @GearboxProtocol and more) - 20bps in protocol revenue earned on idle wUSD capital - 4th largest Morpho Vault with A+ rated risk profile (via Credora, through Morpho) What’s next for csUSDL? It’s evolving into a low-risk, yield-bearing primitive - an onchain buffer layer that protocols can hold in reserve. And this is just the beginning. Over the past month, we’ve been building a regulated product designed to deliver performance across market cycles combining DeFi, CeFi, and TradFi yield strategies. csUSDL will remain at the core of this architecture - powering minting buffers, earning on idle capital, and serving as the settlement layer that bridges onchain liquidity with real-world infrastructure. Thank you to our early partners @Paxos ,@MorphoLabs and @SteakhouseFi and to the ecosystem builders helping bring this vision to life. To our users: Season 1 ends July 31. Season 2 begins August 1. It’s time to SHIFT.

After 9 years on Medium, I am now officially on Substack. My new post examines the often-made comparisons between stablecoins and "wildcat" banks (link in next tweet)

From tokenized treasuries to institutional onchain credit, we are bringing the world to DeFi

Some like steaks. Good week everyone.

the @SteakhouseFi USDC Prime vault on @KaminoFinance is now a shade under $30m AUM and has generated a steady $175k of interest for depositors I love depositing in the Lending Vaults as it means I don't need to micro manage which market my stables go into

Study the history of Scottish Banking

infiniFi Ecosystem Vault is available on @MorphoLabs for USDC Boosted points are available for users supporting liquidity in the infiniFi ecosystem

Broader adoption of Steakhouse products across the institutional space USDT users of Anchorage can now also enjoy Steakhouse USDT in qualified custodian environments

Levered RWAs: A Structured Path to Double-Digit Yield @MerlinEgalite, Co-Founder @MorphoLabs @rahulios1, Head of Partnerships @gauntlet_xyz @sonyasunkim, Chef @SteakhouseFi @TomMurphyTweets, Head of Comms @Securitize

People are seriously underestimating how big this is. @grovedotfinance is bringing tokenized private credit to the @SkyEcosystem. That’s a game-changer. Why does it matter? It opens up a new source of yield that isn’t tied to crypto or U.S. Treasuries. It’s built to scale. Big time. You’ve probably heard of BlackRock’s BUIDL ETF. Its yield comes from U.S. Treasuries, which move with Fed interest rates. That’s fine until rates drop. Now picture something similar, but instead of public debt, it taps into private credit. Even better? It doesn’t take on that risk directly. Instead, it invests in AAA-rated CLOs — high-grade, diversified bundles of corporate loans. AAA means they get paid first and carry the lowest risk. These aren’t niche products either. Grove is going to allocate into $JAAA, an ETF from Janus Henderson that executes the strategy above. Today It has $21.65 billion in AUM. What it means for @Sky? Massive potential. And the yield? 2024: 7.41% 2023: 8.58% 2022: 0.49% 2021: 1.35% Pretty attractive. But remember: Sky/Grove isn’t tied to this one strategy only, they can lean into private credit when markets are strong, and shift to other strategies when they’re not. If there’s one KPI that matters for Sky right now, it’s the number of unique yield opportunities it can access. That’s what drives competitive, risk-adjusted returns at scale.