Today, Maple is launching Proof of Reserves for syrupUSDC and syrupUSDT. Independent, third-party verification of the collateral backing every loan on Maple, in collaboration with The Network Firm.
Proof of Reserves is a foundational addition to Maple’s transparency stack. Lenders can already see real-time AUM, deposits, and loan collateral on the Maple app. Proof of Reserves goes a step further. It provides external, independent confirmation, sourced directly from the custodians holding the assets, that every syrupUSDC and syrupUSDT loan is fully backed and overcollateralized.
What Proof of Reserves will answer
Each Proof of Reserves report, powered by The Network Firm, will answer three questions:
- Is the loan book fully collateralized? Yes / No. (coming soon)
- What is the USD value of the collateral? Total USD value
- Is the collateral held with approved custodians? Independent confirmation that collateral sits with the institutional custodians Maple has disclosed.
Why The Network Firm
The Network Firm specializes in assurance for digital-asset institutions under AICPA standards, with a track record of serving established firms across the industry, including Bitwise and CoinShares. Engaging an independent third-party, rather than self-reporting, was a deliberate choice. It removes Maple from the verification loop and ensures lenders receive figures validated by a recognized third party.
What this means for lenders
If you hold syrupUSDC or syrupUSDT, you no longer need to take Maple’s word for what backs your position. You can verify directly, every cycle, via an independent firm that every loan is overcollateralized, that the collateral matches our governance-approved asset list, and that those assets are held by the custodians we have disclosed.
For institutional allocators, this is the reporting risk teams expect from any credit venue. For DeFi-native users, it's the same standard, applied to an onchain product.
Cadence and roadmap
Proof of Reserves will launch with regular reports published on a dedicated Proof of Reserves dashboard, accessible from the Maple app. Reports source data directly from onchain activity and custodian feeds, and will be reviewed by The Network Firm.
The solution has been intentionally designed to be extensible. Over time, we plan to increase the cadence of attestations, expand the data points covered, including loan-level breakdowns, and bring in additional attestors, including risk firms and other independent reviewers, as the protocol continues to grow.
Part of a broader transparency stack
Proof of Reserves is the latest in a series of transparency commitments Maple has made to its lenders, alongside the Lend dashboard, real-time AUM tracking, and ongoing disclosures around loan terms and custody arrangements. As Maple scales as the leading onchain asset management platform, with over $15B in overcollateralized loans issued and zero losses recorded, independent verification of what backs our products will only matter more.
Proof of Reserves raises the bar for transparency in onchain credit. More transparency tooling will follow as Maple scales.
Access the dashboard and the latest Proof of Reserves report via our transparency page here.
