syrupUSDC, issued by Maple International Operations SPC acting on behalf of Secured Loan Segregated Portfolio 1, is a yield-bearing tokenized lending fund that represents a proportional share of Maple's institutional credit pools and accrues value as borrowers repay interest [S1][S2].

Each token gives the holder economic exposure to a blend of Maple's High Yield Secured and Blue Chip Secured lending pools, comprising overcollateralized loans to crypto-native institutions, plus supporting strategies including futures basis trading and DeFi liquidity provision [S1][S2][S3]. Holders earn a variable APY reflecting current institutional lending conditions; each token accrues value against U.S. dollar coin (USDC) as interest is paid, with the exchange rate equal to lendingBalance divided by totalShares [S1][S3].

The interface is operated by Syrup Ltd, incorporated in the British Virgin Islands, which is not registered with any regulatory body in any jurisdiction and does not broker orders or offer products for sale [S4][S5]. The tokens form a proportional ERC-20 share of a lending pool, with a MiCA Whitepaper referenced among Maple's legal materials [S6][S2][S7]. Access is gated by a Prohibited Person definition; users must be 18 or older and not sanctioned, and U.S. persons and other restricted jurisdictions are excluded via IP geofencing [S6]. Funds remain in non-custodial smart contracts, collateral is held at institutional-grade custodians, and redemptions occur at the contract exchange rate with no slippage [S1].

syrupUSDC is an ERC-20 token whose pool contracts inherit the ERC-4626 Tokenized Vault standard, with core lending pools on Ethereum and supporting strategies deploying across Ethereum, Solana, Plasma and other chains [S2][S3][S8]. Lenders deposit by calling the smart contract Deposit function and receive share tokens; settlement occurs onchain, and exchange rates publish via a GraphQL API [S1][S4][S8].

<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://maple.finance/insights/one-maple" },
    { id: "S8", url: "https://docs.maple.finance/syrupusdc-usdt-for-lenders/lending" },
  ]}
/>


# Maple Finance syrupUSDC Active loans Methodology

## 1. Overview

Active loans for Maple Finance syrupUSDC is calculated as the total value of user deposits that are lent out to borrowers. The portion of deposits that borrowers have to pay interest on is tracked, which correlates with the lending project's ability to generate revenue. Only loans that have been successfully funded and drawn on-chain are included, while internal capital allocations and strategy deployments are excluded to ensure an accurate representation of active credit.

## 2. Data sources

- **Blockchain events**: `LoanFunded` events from `Pool` contracts, `ClaimedFundsDistributed` events from `LoanManager` contracts, and `FundsDistributed` events from `FTLoanManager` contracts, alongside on-chain loan state records and borrower metadata on Ethereum
- **External data**: Asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: Loan principal and metadata extraction

- **Purpose**: To extract daily outstanding loan principals and associate them with borrower and lender metadata.
- **Logic**: Daily outstanding principal balances are extracted from on-chain loan state records. Loan metadata is joined to identify the borrower and lender addresses associated with each loan contract. Only loans with a valid funding date or an on-chain record of being drawn are retained.

### Component B: Drawn loan verification

- **Purpose**: To ensure only active, drawn loans are included in the calculation.
- **Logic**: Loans are verified as drawn by checking for the presence of `LoanFunded` events from V1 `Pool` contracts, or `ClaimedFundsDistributed` and `FundsDistributed` events from V2 `LoanManager` and `FTLoanManager` contracts. Loans that have never been drawn are excluded from the active loans calculation.

### Component C: Strategy and internal allocation filtering

- **Purpose**: To exclude non-real loans such as strategy deployments, DeFi allocations, AMM positions, and intercompany transfers.
- **Logic**: Loans associated with known internal capital allocation and strategy borrower addresses (`0x2570faf7c8a0da87d3f123b35cc722ec3fcc3e08`, `0xb32dd55d4ff63e39c304b00e069fbaefe885f0fb`, and `0xa1ca50c6adf6579e26f70b0f9c16b062f5f618ca`) are filtered out using a predefined denylist. This ensures only external commercial loans are represented.

### Component D: Product mapping and decimal normalization

- **Purpose**: To map loans to Maple Finance syrupUSDC and normalize the principal values.
- **Logic**: Loans are mapped to Maple Finance syrupUSDC by filtering for lender addresses that match the designated Loan Manager contract (`0x6aceb4caba81fa6a8065059f3a944fb066a10fac`). Raw principal amounts are normalized by decimal precision, applying 18 decimals for WETH and 6 decimals for USDC and other assets, to calculate the final active loans value.

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

Value of loans currently outstanding to borrowers.

Active loans

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

Maple Finance syrupUSDC (syrupUSDC) is a token providing exposure to a tokenized fund issued by Maple Finance and managed by Maple International Operations SPC.

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

The fund is open-ended, invests in private credit, and keeps its assets in accounts segregated from the issuer's own funds.

Holders can mint and redeem directly with Maple Finance in USDC after completing KYC, and have a right to redeem at net asset value with monthly settlement.

syrupUSDC has been issued on Ethereum as an ERC-20, ERC-4626, and SPL Token token since June 2024, with bridged versions on three more.

Maple Finance syrupUSDCsyrupUSDC