The Cardano Stable Index (CSI) is a decentralized, fully collateralized index token composed of the four main native stablecoins on Cardano: Djed, USDM, USDA, and iUSD. The CSI will be launched on the already live MAYZ protocol, using its audited index infrastructure—currently powering products like gMAYZ on mainnet. The goal of CSI is to offer a diversified, algorithmic stablecoin basket that:

• Mitigates the risk of individual stablecoin depegs.
• Boosts liquidity by concentrating user demand into a single, fungible index token.
• Increases the usability of stablecoins as a composable financial primitive for the Cardano DeFi ecosystem.

Each CSI token will represent equal parts of Djed, USDM, USDA, and iUSD and will be mintable and redeemable trustlessly through the MAYZ smart contract suite. The logic follows the same architecture as gMAYZ, with adjustments for stablecoin pricing, oracle feeds, and optional future rebalancing mechanisms. This proposal requests 2,040,000 ADA to fund:

• 2,000,000 ADA in stablecoin reserves (to be converted into Djed, USDM, and iUSD) and used to collateralize the initial minting of CSI tokens.
• 40,000 ADA to cover infrastructure costs (servers, oracle automation, and UI maintenance).
• All code, contracts, and tooling will be released open-source and accessible via GitHub. A user-facing dashboard will allow anyone to view CSI composition, price, volume, and interact with the protocol.

The CSI will serve as a liquidity primitive, enabling new use cases such as:

• A stable, DeFi-native unit of account.
• DAO treasury diversification without manual rebalancing.
• LP token base for AMMs and lending markets.
• On-chain payroll or savings instruments.

By leveraging the existing MAYZ infrastructure, this proposal ensures fast, cost-effective deployment without requiring new audits, protocol tokens, or governance systems. CSI will be a pure utility layer focused on solving stablecoin fragmentation and lack of liquidity—two of the most urgent issues in Cardano DeFi today.

Cardano’s ecosystem now offers several native stablecoins—Djed, USDM, iUSD and USDA—but no decentralized way to combine them into a diversified asset. Each stablecoin carries its own model and risk profile, and users must choose one over another without tools to hedge, diversify, or reduce exposure to a potential depeg. This fragmentation reduces:

• User confidence in using stablecoins as a reliable store of value
• Liquidity across the ecosystem
• Composability for DeFi protocols

The Cardano Stable Index (CSI) introduces a decentralized, algorithmic basket of native stablecoins. The index will be fully collateralized and transparently managed on-chain. Initial basket:

• 25% DJED
• 25% USDM
• 25% iUSD
• 25% USDA

Users will be able to mint or redeem the index token 1:1 based on basket value, ensuring composability, simplicity, and resistance to volatility in any single stablecoin.

Milestone 1: Index Design Finalized (CSI formula, stablecoin weights, rebalance logic) Milestone 2: Smart contract deployment using MAYZ architecture. Milestone 3: Oracle integration for Djed, USDM, USDA, and iUSD price feeds. Milestone 4: Frontend launch (CSI dashboard with mint/redeem functions) Milestone 5: Treasury seeded with 1M ADA worth of stablecoins. Milestone 6: The CSI token goes live on Mainnet. Milestone 7: Documentation, GitHub release, and community launch campaign.

The community receives:

• A fully working decentralized stablecoin index token.
• Open-source contracts and tooling
• A new index stable, DeFi-native unit of account for the Cardano ecosystem
• Continued support and upgrade path via the MAYZ framework

• 1,000,000 USD will be allocated to the CSI treasury and converted into Djed, USDA, USDM, and iUSD in equal parts. These assets will back the initial minting of CSI tokens, providing users with diversified stablecoin exposure and reducing depegg risk.

• 20,000 USD will cover operational infrastructure for the first 12 months, including server hosting, Oracle automation, index monitoring scripts, and front-end updates to the CSI dashboard.

All funds will be transparently managed with no team fees or token incentives included. CSI is designed as a pure utility protocol built on the live MAYZ infrastructure.

The project will be delivered by a lean but experienced team. We will work with the existing MAYZ infrastructure, allowing us to move quickly without building from scratch.

Team Composition:

• 1 Smart contract developer (deploy mint/redeem/rebalance logic)
• 1 Frontend developer (integrate with the existing MAYZ UI and oracle feeds)
• 1 DevOps/infra specialist (server setup, oracle automation)
• 1 Product/Project coordinator (documentation, reporting, community updates)

Estimated duration: The entire project can be delivered within 4 weeks since:

• The core contracts already exist within MAYZ (used in gMAYZ).
• UI elements are reusable with minor updates.
• The Oracle feeds for stablecoins are public and ready to integrate.
• No audits, governance votes, or token launches are required.

Previous Experience: The team behind this proposal has extensive experience delivering production-ready infrastructure in the Cardano ecosystem, including:

• gMAYZ Index: Live on Cardano mainnet via MAYZ protocol. The team was responsible for strategy, smart contract deployment, and UI integration.
• Catalyst-funded projects: The team has received multiple Catalyst grants (Fund 11) and successfully delivered educational, technical, and DeFi infrastructure projects.
• Additionally, team members are active in Cardano working groups, have contributed to CIP discussions, and regularly support community education through Discord, X (Twitter), and GitHub.

Diego Macchi – Team Lead Diego Mac is a true Cardano OG with vast DeFi experience. As the team lead, Diego will provide strategic guidance for the project and ensure alignment between the project’s technical and operational goals. His experience in leading Cardano-based projects will help streamline decision-making and collaboration across teams.

Manuel Padilla – Smart Contracts Architect Manuel is a highly skilled computer scientist specializing in Plutus smart contract development on the Cardano blockchain. As a versatile Smart Contracts Architect, Manuel has been a funded proposer in Cardano Catalyst rounds F10, F11, and F12.

Alfred Vilsmeier - Development Team Alfred is a highly skilled tech enthusiast with over 22 years of experience in the IT field. He is well-versed in various areas, including scripting, Database Administration, Networking, Security, and Cardano node management. With his extensive experience, proficiency in various domains, and keen interest in blockchain development, Alfred is well-equipped to tackle complex challenges and contribute to the advancement of technology in the ever-evolving IT industry landscape. He is a true OG of the Cardano community and operates the TOPO stake pool.

CSI will be maintained by the same team currently operating MAYZ index deployments. Maintenance includes:

• Regular Oracle feed updates
• Rebalancing logic (if triggered by governance or predefined thresholds)
• UI hosting and updates
• Community support via Discord/X
• Ongoing updates to documentation and GitHub repositories

The budget (40,000 ADA) covers server and infra costs, ensuring continuous uptime. CSI is designed to be autonomous and governance-neutral, with optional future upgrades if the community approves.

The need for a diversified and decentralized stablecoin index on Cardano has been echoed across multiple community-driven discussions and initiatives:

• MAYZ mainnet is already live, with successful deployment of indexes like gMAYZ, proving that the infrastructure for CSI is fully operational and ready to be extended to stablecoins.

• $gMAYZ launch generated wide engagement on X (Twitter) and Discord, with dozens of governance participants minting and interacting with the index token in its first week.

• Community members on X Spaces, Catalyst channels, and Intersect working groups have raised concerns about the depeg risk, the lack of liquidity of individual stablecoins, and the need for aggregated exposure.

No dependencies.