MPLCASHUSDT, issued by Maple International Operations SPC acting on behalf of Maple USDT Segregated Portfolio 1, is tokenized exposure to a Maple Finance institutional lending pool that accrues yield against its underlying U.S. dollar (USD) stablecoin [S1][S2].

Each token is an ERC-20 share of a Maple lending pool and represents a proportional, fractional interest whose value accrues against Tether (USDT) as crypto-native institutional borrowers repay loan interest [S1][S2]. Holders earn a variable annual percentage yield drawn from a blend of Maple's High Yield Secured and Blue Chip Secured lending pools plus supporting futures basis trading and DeFi liquidity strategies, with the exchange rate equal to lendingBalance divided by totalShares [S1][S3].

The token is issued by Maple International Operations SPC acting on behalf of Maple USDT Segregated Portfolio 1, a segregated portfolio providing legal separation from other products, while the interface is operated by Syrup Ltd, incorporated in the British Virgin Islands, which is not registered in any capacity with any regulatory body in any jurisdiction [S1][S4][S2]. The holder's claim is a permissionless ERC-20 token, and no securities or brokerage services are offered [S5]. Access is gated by a Prohibited Person definition restricting U.S. persons and sanctioned parties [S6][S5]. Loans are overcollateralized above 100%, and lender funds remain in non-custodial smart contracts redeemable at the spot exchange rate [S1].

The token follows the ERC-20 standard, and pool contracts inherit the ERC-4626 tokenized vault standard on Ethereum, with supporting strategies deploying capital across Ethereum, Solana, Plasma and other chains [S2][S3][S7]. Lenders deposit by calling the smart contract Deposit function, receiving share tokens that accrue value from borrower repayments; settlement occurs onchain and spot rates publish via a GraphQL API [S1][S7].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.maple.finance/syrupusdc-usdt-for-lenders/faq" },
    { id: "S2", url: "https://docs.maple.finance/syrupusdc-usdt-for-lenders/introduction" },
    { id: "S3", url: "https://docs.maple.finance/syrupusdc-usdt-for-lenders/introduction" },
    { id: "S4", url: "https://docs.maple.finance/legal/interface-terms-of-use-syrupusdc-and-syrupusdt" },
    { id: "S5", url: "https://docs.maple.finance/legal/interface-terms-of-use-syrupusdc-and-syrupusdt" },
    { id: "S6", url: "https://docs.maple.finance/legal/syrupusdc-and-syrupusdt-available-jurisdictions" },
    { id: "S7", url: "https://docs.maple.finance/syrupusdc-usdt-for-lenders/lending" },
  ]}
/>


# Asset transfer count methodology

## 1. Overview

Asset transfer count is defined as the number of user transactions that move assets between addresses. It is utilized to reflect how frequently assets are used for payments, trading, or other onchain activity. The metric is calculated daily for each tracked asset across all supported blockchains. By aggregating these transfer events, a comprehensive view of onchain utility and transactional velocity is provided.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token transfers
- **Other blockchain events**: Token transfers, withdrawals, and mint events across non-EVM chains (Solana, Aptos, Near, Polkadot Asset Hub, Stellar, and others)
- **Asset metadata**: Token addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract and count raw transfer events

- **Purpose**: Identify and count individual token transfer events on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, ERC-20 token transfers are parsed and counted. On Solana, SPL token transfers are parsed and counted. On Aptos, Near, and Ripple, token transfers and withdrawals are parsed and counted. On Stellar, classic token withdrawals and Soroban token transfers are aggregated. On Sui, token withdrawals and token mint events are aggregated. On Cardano, UTXO withdrawals and token mint events are aggregated. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed.
- **Key fields**: `token_address`: The unique identifier of the token contract or asset. `block_timestamp`: The timestamp of the transaction block.

### Component B: Daily aggregation and zero-filling

- **Purpose**: Aggregate the daily transfer counts per asset and ensure continuous time-series data.
- **Logic**: The extracted transfer counts are aggregated daily for each token address on its respective chain. For days where no transfer activity is recorded for a tracked asset, the time series is filled with zero values to ensure a continuous daily record.
- **Key fields**: `timestamp`: The day of the activity. `asset_transfer_count`: The daily count of transfers per token on a specific chain.

### Component C: Final aggregation

- **Purpose**: Combine the daily transfer counts across all supported chains for each asset.
- **Logic**: The daily transfer counts from all individual chains are combined. Token addresses are mapped to unique asset identifiers using asset metadata. The final daily asset transfer count is then aggregated across all chains for each asset.
- **Key fields**: `timestamp`: The day of the activity. `asset_transfer_count`: The total aggregated daily transfer count for the asset.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Number of transfer transactions involving the asset.

Asset transfer count

Tokenized funds

Pool delegates create a pool and attract funding, from which they receive a portion of the establishment fee and the interest accrued. Liquidity providers add liquidity to the pool and receive a portion of the interest (supply-side fees).

Maple is a non-custodial lending protocol built on Ethereum offering undercollateralized loans for institutional borrowers. Maple was founded by Sid Powell and Joe Flanagan and launched in 2021.

MPL token holders govern and own the protocol. They currently take a cut of the establishment fee (revenue). Maple’s investors include Framework Ventures, One Block Capital, Stani Kulechov etc.

governance

github

twitter

discord

etherscan

website

Lending

Maple Finance

Cash Management Pool (USDT) (MPLCASHUSDT) is a token providing exposure to a tokenized fund issued by Maple Finance.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The fund is open-ended, invests in U.S. government debt, locks up subscriptions for 0 months, and charges a 0.5% annual management fee.

Accredited investors can mint and redeem directly with Maple Finance in USDT after completing KYC, and holders have a right to redeem at net asset value with same- or next-business-day settlement.

The issuer is offered under an SEC Regulation S exemption.

MPLCASHUSDT has been issued on Ethereum as an ERC-4626 token since July 2023.

Cash Management Pool (USDT)MPLCASHUSDT