Summary
This proposal announces the submission of csUSDC as collateral on csUSDL for Ethereum.
Rationale
csUSDC is a Morpho vault v1.1 curated by Steakhouse for Coinshift. Its underlying is USDC which is rated B+ by Bluechip, 2 (strong) by S&P and is partially supervised under MiCA. Both USDL and USDC are hardcoded as they are supervised stablecoins (partially for USDC).
Market details
The market id 0xa9d6a0caea685bb0099ba2d52a58fb7ed33a6447616c25df93bdb8330337a9c3 and is using 96.5% LLTV. You can find all the information on the market here. Most importantly, bith USDC and USDL are hardcoded to $1.
We are using 96.5% LLTV which is consistent with the strong correlation of assets and on-chain liquidity and the fast liquidity that is available from Paxos at the Dashboard for KYCed users. Markets are deep and rates at utilization target are significant to incentivize some borrowers to replay should there be a liquidity issue.
Supply Cap: 10M wUSDL
Next steps
Please feel free to comment or ask any question in this thread or via DMs.
As always, Steakhouse vault holders can easily veto any change using the Aragon guardian over the next 7 days, which follows the best-in-class risk standard for lenders.
For reference, here is the Aragon DAO links where users can wrap their vault token and create a vote: