More ways for your capital to earn, held to one standard

Sidney Powell

CEO and Co-Founder

Maple runs the largest institutional lending book onchain, with more than $4.8B of assets under management today. Since 2023, every loan has been underwritten in-house, every position collateralized, and every counterparty assessed against institutional standards. That is where your yield comes from today.

The foundation we have built lets us do more with your capital now. The new allocation strategies are designed to deliver risk-adjusted yield that can endure across market cycles, while also enabling Maple to scale capital allocation conservatively and sustainably as allocations grow.

The new strategies, explained in more detail below, include direct lending secured by institutional credit and rated securities, asset-backed securitization, and the basis trade. Each strategy connects your capital to credit markets that traditional finance measures in the trillions, and each earns under different conditions, so your yield depends less on any single one of them.

Overcollateralized lending remains the core of what we do. Every new strategy is introduced individually and will be capped at 5% of the overall deposit base at launch. Rigorous testing and risk limits are applied to every dollar of your capital, and each strategy expands only once it has a public track record.

This article explains what is changing, why, and how we will roll it out.

What we're adding

We have already started rolling out new structures within digital asset-backed lending. The recent Kraken warehouse deal took a structure that traditional credit has used for decades and brought it onchain for the first time.

What follows extends that same process to new collateral types and to the basis trade, in markets our team has worked in for years.

Three new strategies, one approach

Direct lending secured by institutional credit and rated securities

Maple will lend against portfolios of asset-backed and mortgage-backed securities. The collateral is either rated investment grade, is of equivalent credit quality, or a rated parent guarantees the facility. The borrowers are established institutional firms with public credit facilities and long operating histories.

Members of our team structured facilities like this in traditional finance before Maple existed, and nobody has brought them onchain until now. For you, this is the yield in the set that sits furthest from the crypto cycle, because what it depends on is institutional credit quality rather than the Bitcoin price.

Asset-backed securitization

Maple will lend to SPVs containing loan receivables originated by established fintech lenders. Every facility carries the protections securitization has relied on for decades, including eligibility criteria, borrowing base tests, and reporting covenants.

We start with originators that have performed through a full credit cycle, and we focus on short-duration assets that turn over quickly. It is the same credit discipline applied to a different collateral package, in a market our founding team knows well.

The basis trade

The basis trade earns the spread between spot and futures prices. It is most popular when markets rally, and borrowing rates have not yet caught up, which is the point in the cycle when lending yields are at their weakest.

Maple has already built the capability to run it. A multi-billion-dollar secured loan book demands sourcing liquidity at scale, moving collateral across venues and custodians, and executing without moving the market against us. That work runs across our trading, capital markets, risk, and operations teams every day in service of the loan book.

This is a hedged spot-futures position run within defined risk limits, using CME and a market-leading prime brokerage for execution. Execution runs through those regulated venues because that is where the deepest liquidity and the strongest counterparties are. Your position, your performance, and your reporting stay transparent and visible, just like every other Maple strategy.

These strategies start in syrupUSDT before being added to other pools. As each comes to market, you will get full details on the counterparties, structures, and assets involved. Each launch is capped at 5% of the overall Maple deposit base and expands only as it builds a track record.

Why now: User demand

Lenders, partners, and allocators already trust Maple with billions in institutional lending and are asking us to do more with that capital. You want the same standard, transparency, and accountability applied across a broader range of strategies. Assembling that exposure yourself means piecing it together across a fragmented market of varying quality, when what you need is a single trusted allocator to manage it and be accountable for it all.

If you are holding capital through full cycles, different strategies will deliver different risk-adjusted yields at different points in the cycle. A single strategy will only ever give you one cycle’s worth of yield. The industry has already shown what that costs. Capital arrives faster than one strategy can responsibly absorb, and then either yield durability suffers, or the manager pushes out the risk curve and hands that risk to you, the lenders. Meeting that demand means widening the allocation engine so capital can reach a wider range of strategies.

The size of the opportunity

Each of these strategies opens a market traditional finance has already built at scale. Direct lending manages more than $2T globally. US asset-backed securitization issuance has run above $320B year to date, inside a global securitization market of $8T. Fintech-originated lending, the receivables our second strategy finances, is a $700B market projected to triple within the decade.

The capital looking for that yield is growing just as quickly. Stablecoin circulation has surpassed $300B, nearly triple what it was two years ago. Payment stablecoin issuers are typically restricted from paying yield themselves, so every dollar that moves onchain has to find a credit layer it can trust. That layer is what Maple is building.

The standard we hold for your capital

Before a strategy reaches your capital, it has to meet four criteria:

It must absorb capital at scale
It must fit within defined risk and duration parameters
It must be a direct allocation that Maple deploys and manages itself
It must sit within Maple's risk management expertise

What you can allocate to today already reflects that bar, with secured institutional lending as the backbone. The strategies extending beyond it carry the same collateralization and asset backing you already rely on.

Why your capital sits with one platform

Most of DeFi outsources the allocation decision to third-party curators who select the strategies, while external managers hold the risk. Accountability diffuses across the parties until no one owns the outcome, reducing trust in the space.

Your capital works differently here. Maple underwrites, structures, and manages every strategy itself, with transparent accountability.

Concentrating those decisions only works if the firm holding them has the expertise to carry them. Our founders and wider team come from both institutional credit and digital assets, so we know how facilities are structured, how risk is priced, and how credit behaves through a full cycle. That experience is why you have had consistent institutional-grade yield for three years, and why we can keep bringing institutional strategies onchain as traditional finance and DeFi converge.

The market has moved towards that discipline. We closed the first half of 2026 with $4.6B in assets under management, up 81% year-over-year, and loans outstanding at an all-time high of $1.9B, up 123%. Over the same period, DeFi lending as a whole contracted 31%, while Maple grew around 22%.

Real-time monitoring and a central risk function sit behind every strategy, and onchain visibility into loan positions and collateral shows you where your capital is deployed and what it is doing. It’s institutional rigor, provable onchain.

Why we scale capital instead of splitting it

The usual way to add products onchain is to spin up a new vault for each one. Headline numbers grow, but the capital behind each product thins out, and every vault ends up subscale against someone who does only that thing.

We aggregate instead of splitting. Every new strategy can draw on an enlarged capital base, so each addition makes the others deeper rather than thinner. That depth buys larger facilities, counterparties who only deal at size, and at a duration a thinner base could never support. The effect compounds, because a wider set of strategies makes yield more durable.

This durability brings in more capital, and more capital deepens every strategy again, all without loosening the standards that built the base. That is how a $4.8B asset base can grow tenfold, by adding markets rather than stretching any single strategy past what it can absorb.

What it delivers for you

For lenders

Institutional, overcollateralized digital asset-backed lending remains the backbone of your yield. These new allocation strategies diversify your yield sources across different market conditions, so less of your return depends on Bitcoin price movements. Each allocation strategy will report its risk, caps, and yield onchain under central risk oversight.

For partners and allocators

This opens something that has not existed onchain. An upgrade to our allocation engine is expected later this year, which will enable you to access a specific yield strategy directly, rather than taking the blended profile. That is only possible because Maple underwrites, structures, and manages every strategy itself. We will share more with partners in dedicated communications.

Onchain capital, activated.

Onchain capital markets are maturing into their own financial system, and the firms that define how capital is managed inside it will decide what it becomes. Maple is building to be that firm, the allocator that institutional capital trusts, with room to grow that a single strategy cannot sustain.

We’re adding new allocation strategies because you asked for risk-adjusted yield that holds up across market cycles, room to scale as your deployments grow, and the same discipline that has allocated capital for years, applied to every strategy.

That’s the standard we believe your capital deserves.