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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

52 sources cited on this page. Every public curated value must have one; schema validation fails the build otherwise.

Overview

FieldSourceNoteChecked
access › investor typedocs.maple.finance/legal/interface-terms-of-use-syrupusdc-and-syrupusdtUS, Australia and sanctioned jurisdictions excluded; 18+; no accreditation stated12 Oct 2026
access › transfer restrictedetherscan.io/address/0xbe10adce8b6e3e02db384e7fada5395dd113d8b3#readProxyContractPoolPermissionManager permissionLevels(PoolManager) = 1 (function level) and poolBitmaps for P:transfer = 0, so any address can transfer. Deposits need bitmap 16. The pool delegate can change this.12 Oct 2026
value (AUM)defillama.comOnchain supply × price (tracked chains only)29 Oct 2026

Underlying Asset

FieldSourceNoteChecked
underlying › holdingsgovernance.aave.com/t/syrup-usdc-syrupusdc-on-aave-arc-assessments/25729/2LlamaRisk: loans are 99.3% of $1.00B in assets, 7.4M USDC cash, no balance in the DeFi strategies (2026-09-23).25 Oct 2026
underlying › secured pctstatic-r2.jup.ag/lend/risk-research/maple-risk-report.pdfEvery loan is overcollateralized (150% to 205%) with BTC, XRP, stablecoins and others, held at Anchorage and BitGo (Feb 2026).25 Oct 2026
underlying › largest obligor pctstatic-r2.jup.ag/lend/risk-research/maple-risk-report.pdfLargest position $145M of $831M (17.4%) on 2026-02-14, for Maple's syrupUSD book. Loans have since grown from 37% to 99% of the pool, so this may have changed.25 Oct 2026
underlying › obligorsstatic-r2.jup.ag/lend/risk-research/maple-risk-report.pdf27 institutional borrowers (2026-02-14).25 Oct 2026
underlying › track recordstatic-r2.jup.ag/lend/risk-research/maple-risk-report.pdf'zero losses since inception'; in Feb 2025, 35% of loans got margin calls and every borrower topped up. Maple's 2022 Orthogonal default was in an older, separate pool.25 Oct 2026

Legal Claim

FieldSourceNoteChecked
legal › vehicle typedocs.maple.finance/legal/interface-terms-of-use-syrupusdc-and-syrupusdt—12 Oct 2026
legal › jurisdictionsearch.gleif.org/#/record/984500AEHEB0A6C97D08Registration no. 410607, George Town12 Oct 2026
legal › leisearch.gleif.org/#/record/984500AEHEB0A6C97D08LEI of the SPC. Secured Loan Segregated Portfolio 1 has no LEI of its own.12 Oct 2026
legal › insolvencydocs.maple.finance/legal/syrupusdc-and-syrupusdt-risks—12 Oct 2026

Counterparties

FieldSourceNoteChecked
counterparties › affiliatedapp.rwa.xyz/assets/syrupUSDCNo providers are named.25 Oct 2026
counterparties › settlement railsdocs.maple.finance/legal/syrupusdc-and-syrupusdt-risksA USDC lending pool.25 Oct 2026
counterparties › operatorsgovernance.aave.com/t/syrup-usdc-syrupusdc-on-aave-arc-assessments/25729/2—25 Oct 2026
counterparties › operatorsstatic-r2.jup.ag/lend/risk-research/maple-risk-report.pdf—25 Oct 2026

Control

FieldSourceNoteChecked
control › auditsdocs.maple.finance/technical-resources/security/security18 reports across 8 release cycles by 7 firms; WithdrawalManager upgrade by Spearbit and Sherlock in 2025-11.25 Oct 2026
control › bug bountygovernance.aave.com/t/syrup-usdc-syrupusdc-on-aave-arc-assessments/25729/2—25 Oct 2026
control › powers documenteddocs.maple.finance/technical-resources/admin-functions/governor-admin-actionsGovernor, Security Admin, Operational Admin and pool delegate powers are documented.25 Oct 2026
control › chainsdocs.maple.finance/integrate/crosschain/syrupusd-crosschainThe pool itself; copies elsewhere are backed by tokens locked here.25 Oct 2026
control › chainsdocs.maple.finance/integrate/crosschain/syrupusd-crosschain—25 Oct 2026
MapleWithdrawalManager contractetherscan.io/address/0x1bc47a0Dd0FdaB96E9eF982fdf1F34DC6207cfE3Read at block 2617658712 Oct 2026
LoanManager contractetherscan.io/address/0x4A1c3F0D9aD0b3f9dA085bEBfc22dEA54263371bRead at block 2617658712 Oct 2026
MapleAaveStrategy contractetherscan.io/address/0x560B3A85Af1cEF113BB60105d0Cf21e1d05F91d4Read at block 2617658712 Oct 2026
LoanManager contractetherscan.io/address/0x6ACEb4cAbA81Fa6a8065059f3A944fb066A10fAcRead at block 2617658712 Oct 2026
MaplePoolManager contractetherscan.io/address/0x7aD5fFa5fdF509E30186F4609c2f6269f4B6158FRead at block 2617658712 Oct 2026
MapleGlobals contractetherscan.io/address/0x804a6F5F667170F545Bf14e5DDB48C70B788390CRead at block 2617658712 Oct 2026
MaplePool contractetherscan.io/address/0x80ac24aA929eaF5013f6436cdA2a7ba190f5Cc0bRead at block 2617658712 Oct 2026
MapleSkyStrategy contractetherscan.io/address/0x859C9980931fa0A63765fD8EF2e29918Af5b038CRead at block 2617658712 Oct 2026
MaplePoolPermissionManager contractetherscan.io/address/0xBe10aDcE8B6E3E02Db384E7FaDA5395DD113D8b3Read at block 2617658712 Oct 2026
PoolManagerFactory contractetherscan.io/address/0xE463cD473EcC1d1A4ecF20b62624D84DD20a8339Read at block 2617658712 Oct 2026

Transparency

FieldSourceNoteChecked
freshness classgovernance.aave.com/t/syrup-usdc-syrupusdc-on-aave-arc-assessments/25729/2Open-term, overcollateralized loans that borrowers can be asked to repay within 2 to 30 days.25 Oct 2026
transparency › reportsmaple.finance/insights/introducing-proof-of-reservesCollateral value and custodian confirmation for each loan, sourced from the custodians. Cadence 'every cycle', not stated.25 Oct 2026
transparency › reportsdocs.maple.finance/integrate/ethereum-mainnet/asset-integrationLoan accounting and impairments are onchain; collateral details are self-reported.25 Oct 2026
transparency › event reportingdocs.maple.finance/integrate/ethereum-mainnet/asset-integrationimpairLoan and triggerDefault are onchain events that move the exit rate at once.25 Oct 2026

Pricing

FieldSourceNoteChecked
pricing › referenceeth.blockscout.com/address/0xbAD003DA1e107f537Ae2f687f5FE7a7aFFe9B241?tab=contractLoanManager.impairLoan can be called by the pool delegate (an EOA) or the governor and writes the NAV down at once. Interest accrues per second from Maple's own loan accounting.12 Oct 2026
pricing › staleness detectabledocs.maple.finance/integrate/ethereum-mainnet/asset-integrationThe vault computes its rate every block.25 Oct 2026
pricing › loss recognitiondocs.maple.finance/integrate/ethereum-mainnet/asset-integrationconvertToExitAssets nets out impairments at once, but Morpho's oracles read convertToAssets, which ignores unrealized losses until a default is realized.25 Oct 2026
pricing › secondary discountgovernance.aave.com/t/syrup-usdc-syrupusdc-on-aave-arc-assessments/25729/2Mean discount about 9 bps; widest 22 bps on 2026-04-20.25 Oct 2026

Exit

FieldSourceNoteChecked
exit › redemption › availabledocs.maple.finance/legal/syrupusdc-and-syrupusdt-risksFIFO queue in WithdrawalManagerQueue 0x1bc47a0Dd0FdaB96E9eF982fdf1F34DC6207cfE312 Oct 2026
exit › redemption › who can redeemetherscan.io/address/0xbe10adce8b6e3e02db384e7fada5395dd113d8b3#readProxyContractpoolBitmaps for P:requestRedeem and P:redeem = 0 at block 26,176,570, so any holder (including a liquidator) can queue a redemption. The pool delegate can change this.12 Oct 2026
exit › redemption › gates or suspensiondocs.maple.finance/legal/syrupusdc-and-syrupusdt-risks'There is no guaranteed maximum withdrawal period.' Requests only settle when the pool delegate, OperationalAdmin or a Maple-registered redeemer calls processRedemptions (WithdrawalManagerQueue source).12 Oct 2026
exit › dealingapp.rwa.xyz/assets/syrupUSDCFIFO queue: 'Most withdrawals are processed in under 24 hours, but could take up to 30 days.'25 Oct 2026
exit › notice daysapp.rwa.xyz/assets/syrupUSDC—25 Oct 2026
exit › lockup daysapp.rwa.xyz/assets/syrupUSDC—25 Oct 2026
exit › daily cap usddocs.maple.finance/legal/syrupusdc-and-syrupusdt-risksNo cap, but 'no guaranteed maximum withdrawal period'.25 Oct 2026
exit › minimum usdapp.rwa.xyz/assets/syrupUSDC—25 Oct 2026
exit › fee bpsapp.rwa.xyz/assets/syrupUSDC—25 Oct 2026
exit › liquidatorsetherscan.io/address/0xbe10adce8b6e3e02db384e7fada5395dd113d8b3#readProxyContractTransfers are open today (bitmap 0); the pool delegate could restrict them.25 Oct 2026
top holderseth.blockscout.com/token/0x80ac24aA929eaF5013f6436cdA2a7ba190f5Cc0b?tab=holdersTop 10 wallets on Ethereum25 Oct 2026
DEX sell quoteskyberswap.com$1M, $5M and $10M sells into USDC, against NAV25 Oct 2026

DeFi exposure

FieldSourceNoteChecked
lending marketsapp.morpho.orgMorpho API, Aave pools onchain29 Oct 2026