Merge Tags Configuration

I need the Merge tags on my template to actually supply the email address of the subscriber.

Can I configure PHPList to replace [CUSTOM_EMAIL_TAG] with the actual subscribers email?

“cs_email=[CUSTOM_EMAIL_TAG]”

It needs to instead be: cs_email=test@powerinbox.com

Make sense?

@MsChris Why do you need to use a custom tag? Using simply [EMAIL] will be replaced by the subscribers email address.