# Maple Finance: syrupUSDC, syrupUSDT and the Loan Book

> Maple Finance's syrupUSDC and syrupUSDT: pool assets by chain, active loans and their collateral, realized APY from share price and the withdrawal queue.

Markdown copy of https://voltfincrypto.com/apps/maple-finance-syrupusdc-loans

**Question:** How much is lent through Maple's Syrup pools and against what collateral, and what have depositors earned?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Tokenized assets](https://voltfincrypto.com/topics/rwa)
- Chains: Ethereum, Solana, Arbitrum, Base, Plasma
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Maple Finance lends to institutions, and its Syrup pools let anyone fund those loans. Depositors put USDC or USDT into a pool and receive syrupUSDC or syrupUSDT, whose value in the underlying stablecoin rises as borrowers pay interest. This dashboard reads each pool's assets, the loans it has funded, the collateral behind them and what one share has actually grown by.

Most loans are fixed-rate and overcollateralized with BTC, ETH or other liquid assets, a structure Maple moved to after borrower defaults in 2022. The pool delegate can call or impair a loan, and an impairment lowers the pool's value before any loss is final, so calls, impairments and repayments are listed with their transactions.

Withdrawals are not instant: a holder requests one, and the pool processes the queue as cash becomes available from repayments and new deposits. The dashboard shows the queue's size and how long recent requests waited. syrupUSDC and syrupUSDT also circulate on other chains, where they are shown per chain and never counted twice.

## Blueprint

### Pools

Pool assets, realized yield and syrup token supply by chain.

- **Pool assets** (USD): Assets held by the selected Syrup pools, from totalAssets() at the latest day-end block.
- **Realized APY, 30 days** (%): What one share of the selected pools grew by over the last 30 days, annualized.
- **Unrealized losses** (USD): Losses the selected pools carry on impaired loans, from the pool manager's unrealizedLosses().
- **Holders** (count): Addresses holding syrup tokens at the latest pinned block, summed across chains.
- **Pool assets by chain** (USD): Pool assets by day, split by the chain the syrup tokens are held on.

### Loans and withdrawals

Active loans, their collateral, impairments and the withdrawal queue.

- **Active loans** (USD): Principal outstanding on active loans funded by the selected pools.
- **Withdrawals waiting** (USD): Withdrawals requested and not yet processed, valued in the pool's stablecoin.
- **Collateral behind loans**: Collateral behind active loans by asset, from Maple's dated disclosures, marked issuer-reported.
- **Loan events**: Every loan funded, called, impaired or repaid, with its principal, rate, date and transaction.

Filters: Pool (syrupUSDC, syrupUSDT or both); Period (Last 30, 90 or 365 days).

## How it will be measured

- Pool assets are each Syrup pool's totalAssets(), with unrealized losses from the pool manager's unrealizedLosses() shown beside them, at day-end blocks on Ethereum.
- Realized APY is the growth in the assets one share converts to between two pinned blocks, annualized, so impairments and losses show up in it.
- Loans come from the loan managers' funding, payment, call and impairment events, each with its principal, rate and dates; collateral is taken from Maple's dated loan disclosures where it is held off-chain.
- The withdrawal queue is read from request and processing events on each pool's withdrawal manager, which give the shares waiting and how long each request took.
- syrup tokens on other chains are read from their token contracts and matched to the shares locked or burned to send them there, so cross-chain supply is counted once.

## Data it needs

- `rwa_supply_daily` (to build): Supply and holders of tokenized treasuries, money-market funds, stocks, gold and credit per token and chain per day, with issuer and asset class.
- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- `token_holders_snapshot` (to build): Holder counts, top holders and concentration shares of registry tokens at a pinned block, with contract and exchange labels.
- `protocol_revenue_daily` (to build): Fees users paid to each protocol and the part kept by the protocol or its token holders, per protocol and day, including buybacks.
- Source: Syrup pool totalAssets() and totalSupply(), and the pool manager's unrealizedLosses(), at day-end blocks
- Source: Loan manager events: loans funded, payments made, calls, impairments and repayments
- Source: Withdrawal manager request and processing events
- Source: syrupUSDC and syrupUSDT token contracts on Solana, Arbitrum, Base and Plasma
- Source: Maple's published loan and collateral disclosures, recorded with their date

## Questions

### What is syrupUSDC?

syrupUSDC is the deposit token of Maple's USDC Syrup pool. Depositing USDC mints syrupUSDC, and the USDC each token can be redeemed for grows as the pool's borrowers pay interest. syrupUSDT works the same way for USDT.

### Who borrows from Maple?

Institutions such as trading firms, market makers and crypto lenders, which Maple approves before lending. Loans are typically overcollateralized with liquid crypto assets, and each one has its own rate and term, set when it is funded.

### How long does it take to withdraw from Maple?

Withdrawals go through a queue. A request is filled when the pool has cash from repayments or new deposits, so the wait depends on the pool's cash and on how many holders exit at once. The dashboard shows the current queue and how long recent requests waited.

### What happens if a Maple borrower defaults?

The pool delegate can call or impair the loan. An impairment marks the loan down in the pool's value at once, and any final loss after the collateral is sold is borne by depositors through a lower share value. The dashboard lists each such event.

### Is syrupUSDC a real-world asset?

It is a claim on loans to institutions, which makes it private credit rather than a stablecoin or a treasury token. The collateral is mostly crypto, but borrowers and loan terms are arranged off-chain, so it sits with tokenized credit.

### What is the SYRUP token?

SYRUP is Maple's governance token, which replaced MPL. Holders can stake it, and staking rewards are shown apart from the pools' yield because they come from the protocol rather than from the loans.

## Glossary

- **Pool delegate**: The manager of a Maple pool, who approves borrowers, funds loans and can call or impair them.
- **Impairment**: Marking a loan down in a pool's value before a loss is final, so new depositors do not buy in at an inflated price.
- **Open-term loan**: A loan with no fixed maturity that the lender can call with notice.

## Related apps

- [On-Chain Private Credit: Active Loans by Protocol](https://voltfincrypto.com/apps/onchain-private-credit)
- [Yield-Bearing Stablecoins Compared: APY and Supply](https://voltfincrypto.com/apps/yield-bearing-stablecoins-compared)
- [Centrifuge Tokenized Funds: JTRSY, JAAA and Pools by Chain](https://voltfincrypto.com/apps/centrifuge-tokenized-funds)
- [Tokenized RWA Market Size by Chain](https://voltfincrypto.com/apps/tokenized-rwa-market-size-by-chain)
- [Stablecoin Lending Rates: USDC and USDT APY](https://voltfincrypto.com/apps/stablecoin-lending-rates)
- [Tokenized Gold Supply: XAUT vs PAXG](https://voltfincrypto.com/apps/tokenized-gold-xaut-paxg)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F