This report, written by Tiger Research , analyzes Maple Finance’s positioning as an on-chain asset management platform and its strategic opportunities in the evolving crypto institutional market.
Summary of key points
- As institutional investors increasingly enter the cryptocurrency market, the demand for asset management solutions that meet traditional financial standards is rising. Maple Finance has emerged to fill this gap and establish its position as an on-chain asset management platform.
- Maple does more than just connect lenders and borrowers. It performs structured assessments of borrowers and strategically manages collateral, allowing it to operate more like a traditional asset management company. Recently, Maple also expanded its product line to launch a Bitcoin income product that transforms Bitcoin from a passive holding asset to an asset that can generate income.
- As institutions increasingly enter the crypto space, well-prepared asset management platforms like Maple Finance can expect to establish early institutional relationships — an advantage that could translate into long-term market leadership.
1. The crypto market’s demand for asset management
In the traditional financial sector, investors holding large amounts of assets usually rely on brokerage firms to provide professional asset management services - this is a widely adopted strategy. But consider another scenario: suppose you are Michael Saylor, CEO of Strategy, and you have acquired a large number of Bitcoin positions. How do you manage these assets effectively?
At first, options such as staking or direct lending seem feasible. But in practice, managing large-scale crypto assets is complex and error-prone. It usually requires professionals and sound operational controls. One might turn to professional asset management, similar to traditional finance. However, there is another challenge here: in the crypto market, structured and reliable asset management institutions are very scarce.
This gap presents a clear opportunity for crypto asset management. Applying proven models from traditional finance to digital assets could unlock huge market potential. As institutional involvement in the crypto space deepens, the need for professional, structured asset management is becoming critical.
Source: bitcointreasuries, Tiger Research
This demand is becoming more and more prominent as institutional participation in the crypto space accelerates. A key example is Strategy’s massive Bitcoin purchases starting in 2020. This momentum has further increased after the approval of spot Bitcoin ETFs in the United States and Hong Kong, China in 2024.
As a result, a market once dominated by retail investors is approaching its limits. The current environment requires professional asset management solutions tailored to institutional needs.
Maple Finance was created to meet this need. Founded in 2019, Maple combines traditional financial expertise with blockchain infrastructure and has steadily established itself as a leading on-chain asset management provider.
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2. On-chain asset management: Maple Finance
Maple Finance has a simple and clear structure. It facilitates credit-based on-chain lending by connecting capital providers (LPs) with institutional borrowers.
This brings up a key point: In traditional finance, asset management typically involves diversifying a client’s portfolio across stocks, bonds, real estate, and other instruments to manage risk and achieve long-term growth in value.
In this context, can a platform that specializes in lending intermediation be considered a true asset management company?
Source: Maple Finance
The answer becomes clearer when we examine how Maple Finance actually works. The platform employs professional asset management practices that go beyond simple loan matching. It conducts thorough credit assessments of institutional borrowers and makes strategic decisions on funding allocations and loan terms.
Throughout the loan process, Maple also actively manages funds, using mechanisms such as collateral pledge and re-lending. This operating model obviously goes beyond basic lending intermediaries and is closer to the functions of modern asset management companies.
3. Maple Finance’s core participants and operating mechanisms
Maple Finance is able to operate as an on-chain asset management institution (rather than just a lending intermediary) due to its clear participant structure and systematic operating framework. Maple's products are built around three key participant roles:
Maple Finance's role as an on-chain asset management institution (rather than a simple lending intermediary) stems from its clear participant structure and systematic operating framework. Its product model is built around three core participant roles:
Source: Tiger Research
This structure reflects existing safeguards in traditional finance. In a bank’s corporate lending business, depositors provide funds, companies apply for loans, and internal credit teams assess their financial health. Shareholders participate in governance decisions that influence the direction of the institution.
Maple Finance operates in a similar way. When a borrower applies for a loan, Maple’s credit team sets the terms based on collateral ratios and asset quality. Lenders provide funds and function similarly to depositors, while $SYRUP holders take on a shareholder-like governance role and participate in protocol-level decision-making.
A key difference is that $SYRUP holders also receive staking rewards funded by protocol revenue. Notably, 20% of revenue is allocated for buybacks to support these rewards.
Source: Tiger Research
Consider a specific example. Major market maker TIGER 77 needed $10 million in operating funds to expand trading positions during times of heightened market volatility. However, traditional banks rejected the request, citing limited trust in the cryptocurrency space - preventing TIGER 77 from obtaining the funds it needed.
Maple Direct, Maple Finance’s in-house lending and consulting arm, bridges this gap with its High-Yield Corporate Product. Qualified investors who recognize Maple Direct’s performance deposit 10 million USDC into the lending pool.
When TIGER 77 applied for a loan, Maple Direct conducted a comprehensive credit assessment, reviewing the company’s financials, operating history, and risk profile. After the assessment, it approved a loan of 10 million USDC, collateralized by Ethereum, at an interest rate of 12.5%.
After the loan is executed, income distribution begins. TIGER 77 pays monthly interest, of which Maple Direct retains 12% as a management fee. The remaining interest is distributed to qualified investors.
Here, Maple’s differentiation becomes clear. It goes beyond basic loan intermediation to actively manage collateral — including through secondary lending and collateral pledging to improve capital efficiency. In some cases, Maple also structures loans based on corporate guarantees from its parent company rather than traditional collateral.
In fact, the services provided by Maple are comparable to those of traditional financial institutions. It actively manages funds rather than just connecting lenders and borrowers. This approach strengthens Maple's position as a trusted institutional-grade asset management company rather than just another DeFi lending platform.
4. Maple Finance’s core products
4.1. Maple Institutional
Maple Finance has established itself as a legitimate on-chain asset manager by offering a diverse and structured product portfolio. Its products are mainly divided into two categories: lending products and asset management products, each of which is designed to match investors with different risk tolerance and return goals.
Source: Tiger Research
The first category - lending products - includes Maple's Blue Chip and High Yield products. The Blue Chip product line is designed for conservative investors who are focused on capital preservation. It only accepts mature assets such as Bitcoin and Ethereum as collateral and follows strict risk management practices.
In contrast, high-yield products target investors seeking higher returns and willing to take on greater risk. Their core strategy involves actively managing excess collateral assets—through staking or secondary lending—to generate additional income, rather than just holding collateral.
Source: Maple Finance
Maple Finance's second product category - asset management - began with its BTC Yield product. The product was launched earlier this year in response to the growing institutional demand for Bitcoin. Its value proposition is simple: instead of passively holding Bitcoin, institutions can deposit BTC to earn interest and generate income from existing assets.
This naturally begs the question: if institutions can buy and hold Bitcoin directly, why don’t they manage it themselves? The answer lies in practical limitations — primarily the lack of technical infrastructure or operational expertise to generate yield safely.
Maple Finance's Bitcoin yield product utilizes dual staking provided by Core DAO. In this model, institutions store their Bitcoin securely in institutional-grade custodians such as BitGo or Copper, and earn staking returns by promising not to use their assets for a predetermined period. In short, institutions securely lock their assets and earn returns.
However, the actual operation process is more complicated than it seems. Behind the simple appearance of "earning income on Bitcoin" is a series of technical and operational steps - signing a contractual arrangement with a custodian, participating in Core DAO staking, and converting $CORE staking rewards into cash. Each step requires expertise that most institutions do not have in-house.
This reflects a familiar pattern in traditional finance. While companies can manage assets directly, they often rely on professional asset managers to do this efficiently and securely. In the crypto space, the need for such expertise is even greater — given the additional layers of technical complexity, regulatory oversight, security, and risk management.
Starting with the Bitcoin yield product, Maple Finance plans to expand into a wider range of asset management products. This strategy is critical to bridging the gap between institutional investors and the crypto market, addressing a long-standing unmet need.
By providing a comprehensive, professionally managed service, Maple enables institutions to pursue stable returns from digital assets - without deviating from their core business focus.
4.2 syrupUSDC
Source: Maple Finance
The products discussed so far have been primarily targeted at accredited investors, limiting access to general retail participants. To address this, Maple Finance has launched syrupUSDC and syrupUSDT — liquidity pools for retail investors built on top of Maple’s existing lending infrastructure and borrower network.
Funds raised through syrupUSDC are loaned to institutional borrowers from Maple’s blue chip and high yield pools, who undergo the same credit assessment process as other Maple products. The interest generated by these loans is distributed directly to syrupUSDC depositors.
Although similar in structure to Maple’s institutional product, the syrup pools are independently managed. This design lowers the barrier to entry for retail users while maintaining the operational rigor of the institutional product—increasing accessibility without compromising structural stability.
Source: Dune
While the yield is slightly lower than that offered to institutional participants, Maple has introduced a "Drips" reward system to enhance long-term participation. Drips provides additional token rewards, compounded every four hours in the form of points. At the end of each season, the points can be converted into SYRUP tokens. Through this incentive mechanism and an aggressive fundraising strategy, Maple Finance has attracted approximately $1.9 billion in USDC and USDT.
In summary, syrupUSDC/USDT extends institutional-grade products to retail investors, combining accessibility with a structured reward mechanism. By integrating Drips, Maple demonstrates a deep understanding of Web3 participation dynamics, providing a model that encourages continued participation while maintaining financial discipline.
5. Maple Finance’s key differentiating advantages
Maple Finance's core differentiating advantage lies in its implementation of an institutional-grade system that is fully deployed on-chain. Rather than relying solely on algorithmic lending protocols, Maple combines on-chain infrastructure with human expertise to create an environment that meets institutional standards.
5.1. Services developed by traditional financial experts
This difference starts with Maple’s team composition. Many on-chain financial platforms lack professionals with a traditional financial background. While such experience is not absolutely necessary, it is difficult to provide truly institutional-level services without a deep understanding of institutional investors’ needs and risk expectations.
This is where Maple stands out. Its team includes professionals with decades of experience in traditional finance and credit assessment. Their expertise enables rigorous credit assessment and robust risk management, forming the foundation of trust that institutional clients require.
Source: Tiger Research
The background of Maple's leadership team helps explain why it has gained the trust of institutional investors.
CEO Sidney Powell brings asset management experience from National Australia Bank and Angle Finance. Co-founder Joe Flanagan was a consultant at PwC, focusing on corporate financial analysis, before serving as CFO of Axsesstoday.
On the technical side, CTO Matt Collum previously worked as a senior engineer at Wave HQ and is the founder of fintech startup Every, while COO Ryan O'Shea previously worked in strategy at Kraken, gaining direct experience in the crypto space.
The broader team includes professionals with both financial and technology backgrounds. Capital Markets Director Sid Sheth previously ran institutional sales at Deutsche Bank. Product head Steven Liu held product management positions at Amazon and led fintech projects at Anchorage Digital.
Maple’s core strength lies in this fusion of traditional finance and blockchain expertise. The team’s dual domain knowledge enables them to meet institutional expectations while providing on-chain solutions with operational credibility and technical precision.
5.2. Differentiated risk management system
Maple Finance's approach to risk management reflects the expertise of its professional team and distinguishes it from most DeFi protocols. While most protocols rely heavily on automated, decentralized mechanisms, Maple applies proven methodologies from traditional finance directly to the chain.
The first key component is the loan assessment process. In most DeFi protocols, once collateral is deposited, loans are automatically issued with little to no credit assessment.
In contrast, Maple Finance implements a more prudent underwriting model. As mentioned earlier, borrower screening is conducted by its investment advisory arm, Maple Direct. This credit-first approach, coupled with a preference for over-collateralized structures, enables Maple to manage risk from the outset.
In the event of a liquidation, most protocols trigger an immediate asset sale once collateral falls below a threshold. Maple takes a different approach - issuing a 24-hour notice to give borrowers time to replenish collateral. This is similar to how traditional banks do it, where margin calls precede liquidations. If the borrower does not respond within the window period, liquidation occurs.
Even the liquidation process itself is designed to minimize market impact. While common DeFi protocols conduct liquidations publicly on exchanges — with the risk of slippage and price destruction — Maple performs liquidations through pre-arranged over-the-counter (OTC) deals with market makers, ensuring controlled execution and reduced volatility.
Maple’s withdrawal system also stands out. In traditional DeFi, users can withdraw funds instantly if there is available liquidity - but when liquidity is insufficient, uncertainty arises. Maple processes withdrawals sequentially or in timed batches, giving users clear expectations about the availability of funds. This structured approach enables investors to plan effectively, adding certainty and confidence to Maple’s risk management framework.
5.3. Integrated ecosystem structure
Source: Tiger Research
Maple Finance has adopted a steady growth strategy, prioritizing internal risk management and strategic collaboration rather than rapid expansion. Before engaging in external cooperation, the team established a sound risk framework. Instead of blindly expanding its scale, Maple focuses on collaborating with core partners who can generate meaningful value creation.
This strategy is clearly reflected in the expansion of the syrupUSDC ecosystem. In order to expand its influence in the DeFi field, Maple has cooperated with leading platforms such as Spark and Pendle to achieve a diversified revenue structure and multiple access points for users.
The partnership with Spark has yielded concrete results: Spark allocated $300 million to syrupUSDC to back it as collateral for USDS. This was not a symbolic partnership — it resulted in real capital deployment.
Integration with Pendle further enhances flexibility. SyrupUSDC holders can now use Pendle’s Principal Token (PT) and Yield Token (YT) mechanisms to customize their yield exposure. This model—leveraging the expertise of each partner—has become a consistent strategy across Maple’s product line.
The BTC yield product embodies the same approach. The goal is to transform Bitcoin from a passive holding asset to an asset that can generate yield. Achieving this goal requires two core components: secure custody and efficient deployment. Maple solves both problems by partnering with BitGo and Copper to provide institutional-grade custody while generating yield through Core DAO’s dual-collateral model. The result is an integrated system where custody and yield coexist without trade-offs.
6. Maple Finance in 2025 and Beyond
In December 2024, Maple Finance released its strategic roadmap in a founders letter outlining its priorities for 2025. About six months later, many of these goals have been achieved:
Maple’s total locked value (TVL) exceeds $4 billion;
The first traditional finance (TradFi) partner has lent over $100 million through Maple Institutional;
Syrup.fi’s first DeFi integration of over $100 million;
The agreement revenue exceeded US$25 million.
Maple’s long-term vision is ambitious. By 2030, the platform aims to achieve $100 billion in annual loan volume under management—a nearly 45-fold increase from its current $22 billion portfolio size. Achieving this scale will require more than just expanding its existing lending business. Maple must broaden its suite of asset management products, deepen its partnerships with traditional financial institutions, and attract institutional investors on a global scale.
The first strategic priority is to expand adoption of BTC yield products. Institutional interest in Bitcoin has surged, and with it the need for solutions that go beyond simple custody and can generate returns. Capturing a significant share of this market is critical.
The second strategy involves expanding Maple's asset product range. Currently focused on Bitcoin, Maple plans to expand its yield-generating products to a variety of digital assets. Recently, institutional investors have begun to include Ethereum in their portfolios, and this trend of diversifying digital asset holdings is expected to accelerate. If Maple can provide effective asset management services to generate additional income from these assets, significant growth opportunities will emerge.
7. Maple Finance: Moving towards greater prominence
The cryptocurrency market has historically been driven by retail investors. As of now, the total market cap is around $3.29 trillion (CoinMarketCap) - still small compared to the $51 trillion of U.S. Treasuries and $18-27 trillion of gold. These comparisons highlight the growth potential that cryptocurrencies have if they are fully integrated into traditional asset classes.
Institutional investors will play a central role in driving this growth. Unlike retail participants, institutions manage billions or tens of billions of dollars in assets, meaning that even a tiny allocation can significantly expand the crypto market. However, institutional entry comes with higher expectations — including regulatory compliance, sophisticated risk management, and secure custody solutions.
Maple Finance is positioned to serve this institutional market segment. Rather than offering basic lending tools, Maple has built a comprehensive set of financial services designed to meet institutional standards. Its strategy now includes expanding partnerships and contractual relationships with traditional financial institutions to further enhance credibility.
A recent milestone underscores its positioning: Maple announced its first Bitcoin-backed financing arrangement with Cantor Fitzgerald. Cantor’s Bitcoin financing arm plans to provide up to $2 billion in initial financing, with Maple selected as the first borrower. This underscores Maple’s institutional credibility and leadership in the crypto credit market.
Winning high-profile clients, such as Strategy, which has adopted Bitcoin as a treasury asset, will further accelerate the adoption of Maple’s BTC yield product. Timing is especially critical: institutional clients are sticky. Unlike retail clients, institutions rarely change service providers once they have established a partnership, preferring to establish long-term partnerships for risk and operational continuity.
Maple is not the only company pursuing this market, but its proven institutional track record gives it a strong advantage. Ultimately, the next two to three years will be a critical period in determining which platforms will become category leaders in the institutional crypto finance space.
