[GIP-216] Onboarding csUSDL as Collateral
AI summary
This proposal, initiated by Chaos Labs, suggests adding csUSDL as an accepted collateral asset within Gearbox's existing USDC, USDT, DAI, DOLA, and GHO lending pools. csUSDL is a yield-bearing stablecoin, meaning it generates returns for holders, issued by Paxos Issuance MENA Ltd. and regulated in Abu Dhabi. It's designed to always be redeemable 1:1 for US dollars and its reserves are held in highly liquid assets.
If passed, users will be able to deposit csUSDL as collateral to borrow other stablecoins on Gearbox, potentially increasing the protocol's liquidity and attracting new users interested in leveraging a yield-bearing stablecoin. This could benefit csUSDL holders by providing more utility for their asset, and Gearbox by expanding its collateral options. The direct financial impact on the Gearbox treasury is not specified, but it could indirectly increase protocol revenue through higher utilization.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
Author
Chaos Labs
Overview
Chaos Labs recommends listing csUSDL within Gearbox’s USDC, USDT, DAI, DOLA, and GHO pools.
USDL
Lift Dollar (USDL) is a yield-bearing ERC-20 stablecoin centrally minted and burned by Paxos Issuance MENA Ltd., which is regulated by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). It can always be redeemed at a fixed rate of 1 USDL = 1 US dollar.
This jurisdiction and the Paxos company differ from Paxos Trust Company LLC, which issues USDP and PYUSD. It was chosen because, unlike the stricter U.S. regulations, A…