Under active development. We're continuously fixing and improving the metrics and parameters, so scores and ratings may change. See changelog

RWABeat

Syrup USDC

Share in a Maple USDC lending pool (ERC-4626). Its value grows with interest from overcollateralized loans to crypto institutions and from Aave and Sky strategies. It is not a stablecoin.

Private creditNon-US persons onlyOnchain dataIssued by Maple Finance · Platform Maple Finance
JSON
Value
$937.1M
Stage
None
Below Stage 0: key facts not disclosed
Single-key powers
13
Single key holds critical power
Oracle age
Live
NAV computed onchain every block
Used as DeFi collateral
$63.2M· 11 markets

Risk rosette

Seven risks: the real asset, who you have to trust, and whether you can get out in time.

Underlying Asset: Yellow. 99.3% is private credit or other risk assets, so losses depend on borrowers paying back.Legal Claim: Not assessed. Not assessed yet. Bankruptcy remoteness, what the token legally is, and holder rights need a legal review.Counterparties: Red. The custodian isn't disclosed.Control: Red. A single key can change the onchain price.Transparency: Yellow. No update schedule is stated; short-duration credit needs at least weekly.Pricing: Red. A single key can write the NAV down or back up by hand.Exit: Red. The issuer can suspend redemptions at its discretion.

What can go wrong

Red findings first, then facts that aren't public, then yellow. 21 in total.

  1. The custodian isn't disclosed.

    Counterparties

  2. A single key can change the onchain price.

    Control

  3. A single key can write the NAV down or back up by hand.

    Pricing

  4. The issuer can suspend redemptions at its discretion.

    Exit

  5. The fund administrator isn't disclosed.

    Counterparties

  6. A single key can move the assets backing the token.

    Control

+15 more in the category tabs.

Legal Claim: not assessed yet. We don't yet judge bankruptcy remoteness or what the token legally gives holders. What we know →

Below Stage 0

The minimum disclosure for Stage 0 isn't there yet.

About stages

Stage 0 · Disclosed

  • What the token holds is described publicly
  • Issuer, custodian, administrator and auditor are named
  • The legal structure is documented
  • Smart contracts are verified onchain

Stage 1 · Protected

  • Bankruptcy-remote structure · legal, not assessed yet
  • Independent custodian and administrator
  • Holdings independently verified, at a pace that fits the asset
  • Admin powers held by a multisig, with a documented policy
  • A documented redemption path

Stage 2 · Trust-minimized

  • An independent trustee who can act for holders · legal, not assessed yet
  • Holdings data that anyone can verify
  • Admin changes behind a timelock, so holders can exit first
  • An exit that works without the issuer's goodwill, and liquidators can hold the token
  • Pricing from an independent source

Key facts

Vehicle
Segregated portfolio (Secured Loan Segregated Portfolio 1) of a Cayman segregated portfolio company
Jurisdiction
Cayman Islands
LEI
984500AEHEB0A6C97D08 ✓ GLEIF
Min. investment
Not public · searched 12 Oct 2026 Help us find it
Who can hold
Non-US persons
Rated as
Short-duration credit
Token standard
ERC-4626 vault

Service providers

Custodian
Not public · searched 25 Oct 2026 · Pool cash sits in Maple's contracts. Only the borrowers' collateral has named custodians. Help us find it
Fund administrator
Not public · searched 25 Oct 2026 Help us find it
Auditor
Not public · searched 25 Oct 2026 · Smart contract audits only; no financial audit of the segregated portfolio. Help us find it
Transfer agent
Not public · searched 12 Oct 2026 · Not applicable. syrupUSDC is a plain ERC-20 with no transfer agent. Help us find it
Holdings reporting
The Network Firm proof of reserves (The Network Firm)

Deployments

EVM deployments we track, with the worst power found on each.

ChainTokenSupplyControlUpgrade path
Ethereum0x80ac…Cc0b$937.1MRedSafe 3/6 · no delay