The brief

Analyst view

• Managed $4.6B at the end of H1 2026 (up 81% in a year), with a record $1.9B in loans outstanding.
• Has originated more than $26B of loans since 2022; $11.27B in 2025 alone.
• Rebuilt in Dec 2022 after a $36M default by an FTX-hit borrower; its Syrup pools now lend only against collateral.

Technical approach

As reported

Pools

Stablecoin pools lent to institutions

Depositors put USDC or USDT into a pool and get a token back. Maple lends the pool to vetted borrowers such as trading firms and market makers.

Collateral

Loans backed by more than they lend

Borrowers post bitcoin, ether or other large coins worth more than the loan, held by outside custodians; if prices fall they must top up.

Syrup tokens

Yield tokens other apps can use

syrupUSDC and syrupUSDT grow in value as interest comes in, and can be used as collateral or traded in other DeFi apps such as Aave and Morpho.

Structures

Bank-style credit structures on-chain

Newer deals borrow tools from traditional credit, e.g. a Kraken warehouse facility where Maple funds the safer senior slice and Kraken keeps a junior stake.

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