Syrup lending (syrupUSDC, syrupUSDT) by Maple Finance: status and timeline

Syrup lending (syrupUSDC, syrupUSDT)

Turn institutional crypto lending into a transparent, on-chain product, so anyone holding stablecoins can earn interest from real loans rather than token giveaways.

ScalingStage 5 of 5

$4.6B managed, record $1.9B in loans outstanding (end H1 2026); syrupUSDG launched Jul 2026.

Updated 8 Jul 2026Checked 11 Oct0 updates this week

Milestones

Next · $100B+ in yearly loan volume

Maple 2.0 relaunch after $36M Orthogonal default14 Dec 2022Complete.
SYRUP token replaces MPL13 Nov 2024Complete.
Assets reach $4.59B; syrupUSDC $3.02BDec 2025Complete.
Kraken on-chain warehouse facility closes25 Jun 2026Complete.
syrupUSDG launches on Ethereum and Robinhood Chain1 Jul 2026Complete.
$100B+ in yearly loan volumeTarget 2030Not yet reached.

Most important updates

Upcoming

2030$100B+ in yearly loan volume (next)

Current obstacles

Concentrated borrower baseIn 2025 about 60 borrowers took all the loans, so one large default would hit the pools hard.
Shrinking DeFi marketMaple reported the wider DeFi market contracting about 31% in its Q2 2026 period while its own deposits grew, so new money has to be won from a smaller pool.
Competing with tokenised TreasuriesSavers can also earn yield from tokenised government bonds, so Maple must pay enough extra to justify credit risk.

Physics limits

Yield is the price of riskInterest above the safe government rate exists only because lenders take a chance on losses. No structure can raise yield without adding some risk somewhere.
Collateral can gap downCrypto prices can fall faster than collateral can be sold, especially in thin weekend or overnight markets, so overcollateralised loans can still lose money.
Borrowers' books are off-chainCollateral is visible on-chain, but a borrower's other debts and trading losses are not, so lenders still depend on checks and honest reporting.

How it works

4 parts

Deposit

Stablecoins in, Syrup token out

A saver deposits USDC and receives syrupUSDC. The token's value rises as borrowers pay interest, so yield builds up without new tokens.

Lend

Loans to vetted institutions

Maple lends the pool to trading firms and other institutions at fixed rates, against bitcoin, ether or other large coins worth more than the loan.

Protect

Margin calls before losses

If collateral prices fall, borrowers must add more or the collateral is sold. Loan and collateral data can be checked on-chain.

Exit

Withdraw or trade the token

Holders can usually redeem for stablecoins within a day (up to 30 days if cash is short), or sell the token on DeFi markets.

Spec sheet

Spec	Syrup lending (syrupUSDC, syrupUSDT)
Assets under management (end H1 2026)	$4.6B^R (reported)
Loans outstanding (end H1 2026)	$1.9B^R (reported)
Loans originated in 2025	$11.27B^R (reported)
syrupUSDC size (end 2025)	$3.02B^R (reported)
syrupUSDT size (end 2025)	$1.12B^R (reported)
Unique borrowers (2025)	60^R (reported)

^R reported by the company

Update log

5 updates

About Maple Finance

The team behind Syrup lending (syrupUSDC, syrupUSDT)

Maple Finance

On-chain institutional lending, syrupUSDC

Maple Finance runs an on-chain lending business: savers deposit stablecoins, and Maple lends them to trading firms and other institutions against crypto collateral worth more than the loan. It managed about $4.6B at the end of June 2026, mostly through its syrupUSDC and syrupUSDT yield tokens.

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.

maple.finance (opens maple.finance)Company profile →

Founded: 20197 yrs
Headquarters: Australia
Status: Private
Valuation: private
Raised: $5M1 round
Last round: Strategic round · $5M22 Aug 2023
Works in: CryptoTrading & DeFi
Coverage: 1 program · 5 updateslatest 8 Jul 2026checked 11 Oct
Lead investors: BlockTower CapitalTioga Capital
Partners: Kraken (opens maple.finance)Robinhood (opens maple.finance)Paxos (opens maple.finance)Aave (opens maple.finance)
People: Sidney PowellCEO & co-founderJoe FlanaganCo-founder

Spec

Syrup lending (syrupUSDC, syrupUSDT)

Assets under management (end H1 2026)

$4.6B^R (reported)

Loans outstanding (end H1 2026)

$1.9B^R (reported)

Loans originated in 2025

$11.27B^R (reported)

syrupUSDC size (end 2025)

$3.02B^R (reported)

syrupUSDT size (end 2025)

$1.12B^R (reported)

Unique borrowers (2025)

60^R (reported)

Syrup lending (syrupUSDC, syrupUSDT)

Milestones

Most important updates

Upcoming

Current obstacles

Physics limits

How it works

Stablecoins in, Syrup token out

Loans to vetted institutions

Margin calls before losses

Withdraw or trade the token

Spec sheet

Update log

Wed 8 Jul

Wed 1 Jul

Thu 25 Jun

Fri 23 Jan

Wed 14 Dec 2022

About Maple Finance

Current obstacles

Physics limits

How it works

Stablecoins in, Syrup token out

Loans to vetted institutions

Margin calls before losses

Withdraw or trade the token

Spec sheet

Update log

Wed 8 Jul

Wed 1 Jul

Thu 25 Jun

Fri 23 Jan

Wed 14 Dec 2022

About Maple Finance