syrupUSDG, issued by Maple International Operations SPC acting for Maple USDG Segregated Portfolio 1 [S1], is a tokenized lending strategy providing overcollateralized exposure to Maple's institutional credit engine denominated in the Paxos-issued Global Dollar (USDG) stablecoin [S2].

Holders deposit Global Dollar (USDG), a regulated stablecoin issued by Paxos [S2], and receive syrupUSDG representing a proportional claim on the segregated portfolio [S1]. Returns derive from borrower interest on fixed-rate loans to institutional borrowers, each secured by digital-asset collateral worth more than the loan [S2]. Value accrues to the token through price appreciation rather than rebasing, computed onchain via the vault's convertToAssets function [S3]. Loan and collateral data are published through Maple's Proof of Reserves [S2].

The issuing entity is Maple International Operations SPC, a segregated portfolio company, with the interface operated by Syrup Ltd under the laws of the British Virgin Islands [S1]. The token constitutes a claim on the assets of Maple USDG Segregated Portfolio 1 [S1]. Access is restricted to persons who are 18 or older and not Prohibited Persons, excluding sanctioned parties and residents of jurisdictions including Afghanistan, Belarus, Cuba, Iran, North Korea, Russia, Syria, and Venezuela [S1]. Maple Labs Pty Ltd maintains the software as service provider [S1]. The issuer may require additional identity documentation for AML and CFT compliance [S1].

syrupUSDG is an ERC-4626 vault token deployed on Ethereum and Robinhood Chain [S3][S2]. Deposits mint tokens instantly, while withdrawals follow a queue with expected processing typically under two days and a maximum of 30 days during periods of low liquidity [S3]. Share value is read onchain through the convertToAssets function, which increases as underlying loan assets accrue interest [S3].

<Sources
  retrievedAt="2026-07-07"
  items={[
    { id: "S1", url: "https://docs.maple.finance/legal/interface-terms-of-use-syrupusdc-and-syrupusdt" },
    { id: "S2", url: "https://maple.finance/insights/syrupusdg" },
    { id: "S3", url: "https://docs.maple.finance/llms-full.txt" },
  ]}
/>


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

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Lending

Maple Finance

Maple Finance syrupUSDG (syrupUSDG) is a tokenized fund share issued by Maple Finance through Maple International Operations SPC and managed by Maple International Operations SPC.

The fund is open-ended, invests in private credit and crypto assets, keeps its assets in accounts segregated within a bankruptcy-remote structure, and locks up subscriptions for 0 months.

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

Maple International Operations SPC is incorporated in the Cayman Islands.

syrupUSDG has been issued on Ethereum as an ERC-4626 and ERC-20 token since May 2026, with a bridged version on one more network.

Maple Finance syrupUSDGsyrupUSDG

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