Maple Memo, September 2026

Sidney Powell

CEO and Co-Founder

To the Maple community,

Welcome to the Maple Memo, our monthly update. Below, we capture what happened this month inside Maple and across the market, and where we are headed next.

Maple highlights

Widening the allocation engine. Lenders and partners already trust Maple with billions in institutional lending, and they are asking us to do more with that capital. Meeting that demand means widening the allocation engine so it can reach a wider range of strategies. Maple is adding three new allocation strategies to its institutional lending book: Direct lending secured by rated securities, asset-backed securitization, and the basis trade. Read the full breakdown.

A busy summer of launches. Between Robinhood Earn's launch in July, syrupUSDG scaling alongside it, the Kraken warehouse facility, Zodia, and syrupUSDC going live on Arc this week, Maple has kept finding new distribution for syrupUSD assets all summer. Good to see Solana teams building new primitives with syrupUSDC too: Reflect's tranched market is built and operated by Reflect. syrupUSDG is also now live as collateral on Arrow, on Robinhood Chain, continuing to reflect yield from Maple's institutional lending while it backs the vault position. Yields are variable and not guaranteed. More integrations, and the co-marketing that comes with them, are already in motion for the months ahead.

August buybacks. Maple purchased 676,294 SYRUP in August under the MIP-021 framework, funded by 10% of the month's protocol revenue. Every purchase is visible on the Transparency page.

AMA highlights. August in numbers. AUM reached $4.8B, up 47% year over year, with $1.9B in total deposits (+39%) and $1.7B in loans outstanding (+44%). Year to date, Maple has originated $7.4B (+88%) and generated $13.7M in revenue, double the same period last year. Net interest margin held at 98bps, and syrupUSD yield ran 130bps ahead of comparable peers. Watch a replay of the AMA here.

Maple in the media

Sid Powell joined the Station 70 podcast in person this month to discuss where Maple sits in the broader market.
On the MetaMarkets podcast, Sid told host Joppe Fritsche that DeFi's "death" in December meant the 2021 version of it, not onchain credit.
On Stable Dash Live, Joe Flanagan walked through how AI and agents are moving into Maple's underwriting, from real-time collateral monitoring today toward agent-run, cash flow-based lending further out.
Joe also sat down with StockMarketTV to discuss Maple's position in the market.

Insight: One allocator, more ways for capital to earn

Maple runs the largest institutional lending book onchain, with more than $4.8B in assets under management today, built on loans underwritten in-house, collateralized, and assessed against institutional standards since 2023. We're adding three new allocation strategies on top of that foundation, each designed to deliver risk-adjusted yield that can endure across market cycles: Direct lending secured by institutional credit and rated securities, asset-backed securitization, and the basis trade. Each earns under different conditions, so your yield depends less on any single one, and every new strategy launches capped at 5% of the deposit base until it builds a public track record.

Direct lending opens up a market traditional finance runs at more than $2T, and sits furthest from the crypto cycle since it depends on institutional credit quality rather than the Bitcoin price. Asset-backed securitization applies the same discipline to fintech loan receivables, a market projected to triple to $700B within the decade, within an $8T global securitization market. The basis trade earns the spread between spot and futures prices, most valuable exactly when lending yields are weakest, and Maple already runs its own funds using CME and a market-leading prime brokerage for execution.

Read more about our new allocation strategies.

What we're watching in the industry

Markets stay cautious into mid-September. Bitcoin has traded in a tighter range this month as investors weigh the pace of Fed rate cuts against inflation data still working through the system.
CLARITY Act. The digital asset market-structure bill fell short in its Senate cloture vote on September 15, and looks unlikely to advance from here. That was the probable outcome, given where earlier attempts landed. The focus within the U.S. market now shifts to the agencies, with the SEC and CFTC drawing the perimeter through rulemaking and guidance under existing law. The framework of existing law is the one we already operate within, and our footprint is unchanged. We continue to closely monitor developments at the agency level, and are encouraged by the innovation-forward approach of recent proposed rules by both the SEC and CFTC.
Institutional Bitcoin rails deepen. Standard Chartered has built institutional Bitcoin execution into its existing UAE banking interfaces, another sign that digital asset access is moving inside the infrastructure banks already run rather than bolting on beside it.
TOKEN2049. Our team is looking forward to the biggest conference of the year, expecting deals closed and acceleration into year-end. Hit reply if you’ll be on the ground and book some time in with our team.

What's next

We'll keep sharing more on the allocation strategies rollout as and when it happens across the quarter.

It’s also shaping up to be a busy couple of months with the team on the ground at:

European Blockchain Convention, September 16-17
Finosummit Mexico, September 23-24
Token2049, October 7-8
Money20/20 US, October 18-21

The quarterly ecosystem call follows on October 13 with Sid and Joe covering Q3 results and what’s next for Maple.

Sid and Joe, Maple