Maple Risk Management: October 10th, 2025 Volatility Event

Maple Risk Management: October 10th, 2025 Volatility Event
2m · Oct 14, 2025

October 10th, 2025: Crypto markets faced the largest liquidation event in history, with more than $19B in positions unwound across exchanges.

Despite the record volatility, Maple’s institutional loan book remained fully overcollateralized and performing. There were zero liquidations and zero losses, highlighting the resilience in Maple’s underwriting and risk management processes.

Key Performance Data

  • Zero losses or liquidations across the loan book
  • All margin calls cured within 3 hours
  • $67 million in lender redemptions processed amidst market turbulence
  • 2 consecutive days of inflows following the event, restoring deposits to all time highs
  • Loan book quality improved as borrowers proactively swapped altcoin collateral to BTC

Risk Management

Maple entered the event with collateral levels above 150% and approximately 84% of total collateral held in BTC, minimizing exposure to altcoin volatility.

Through Friday evening, Maple’s credit team worked directly with borrowers to top up collateral, repay loans early, and upgrade collateral to BTC where appropriate. Of the nine margin calls issued, only three were BTC-backed, with the rest resolved promptly across diversified collateral types.

As a result, Maple’s collateral composition has become even stronger, with a higher concentration in BTC and overall collateral quality improving after the event. Utilization remains unchanged, demonstrating borrower quality and sustained capital deployment.

Operationally, Maple’s systems and pool operations functioned smoothly. Margin calls, repayments, and redemptions were processed in real time with zero disruption.

syrupUSDC and syrupUSDT

Maple’s yield bearing dollar assets maintained full collateral integrity throughout the volatility window:

  • syrupUSDC: 136% overcollateralized at lowest (currently 156%)
  • syrupUSDT: 140% overcollateralized at lowest (currently 148%)

Across syrupUSDC and syrupUSDT, $67 million in cumulative withdrawals were processed instantly on Friday and throughout the weekend. With net inflows over the past 48 hours, the pools approach all time highs in deposits.

Conclusion

While nearly $20B in leverage was erased across the market, Maple emerged stronger.

The result is a more robust loan book, increased BTC collateralization, and consistent utilization across pools. Maple’s ability to restore inflows and maintain capital efficiency amid record volatility underscores its disciplined underwriting, borrower engagement, and real-time risk management, the foundation of asset management onchain.



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