Syrup USDC

US, Australia and sanctioned jurisdictions excluded; 18+; no accreditation stated

PoolPermissionManager permissionLevels(PoolManager) = 1 (function level) and poolBitmaps for P:transfer = 0, so any address can transfer. Deposits need bitmap 16. The pool delegate can change this.

Onchain supply × price (tracked chains only)

LlamaRisk: loans are 99.3% of $1.00B in assets, 7.4M USDC cash, no balance in the DeFi strategies (2026-09-23).

Every loan is overcollateralized (150% to 205%) with BTC, XRP, stablecoins and others, held at Anchorage and BitGo (Feb 2026).

Largest position $145M of $831M (17.4%) on 2026-02-14, for Maple's syrupUSD book. Loans have since grown from 37% to 99% of the pool, so this may have changed.

27 institutional borrowers (2026-02-14).

'zero losses since inception'; in Feb 2025, 35% of loans got margin calls and every borrower topped up. Maple's 2022 Orthogonal default was in an older, separate pool.

Registration no. 410607, George Town

LEI of the SPC. Secured Loan Segregated Portfolio 1 has no LEI of its own.

No providers are named.

A USDC lending pool.

18 reports across 8 release cycles by 7 firms; WithdrawalManager upgrade by Spearbit and Sherlock in 2025-11.

Governor, Security Admin, Operational Admin and pool delegate powers are documented.

The pool itself; copies elsewhere are backed by tokens locked here.

Read at block 26176587

Read at block 26176587

Read at block 26176587

Read at block 26176587

Read at block 26176587

Read at block 26176587

Read at block 26176587

Read at block 26176587

Read at block 26176587

Read at block 26176587

Open-term, overcollateralized loans that borrowers can be asked to repay within 2 to 30 days.

Collateral value and custodian confirmation for each loan, sourced from the custodians. Cadence 'every cycle', not stated.

Loan accounting and impairments are onchain; collateral details are self-reported.

impairLoan and triggerDefault are onchain events that move the exit rate at once.

LoanManager.impairLoan can be called by the pool delegate (an EOA) or the governor and writes the NAV down at once. Interest accrues per second from Maple's own loan accounting.

The vault computes its rate every block.

convertToExitAssets nets out impairments at once, but Morpho's oracles read convertToAssets, which ignores unrealized losses until a default is realized.

Mean discount about 9 bps; widest 22 bps on 2026-04-20.

FIFO queue in WithdrawalManagerQueue 0x1bc47a0Dd0FdaB96E9eF982fdf1F34DC6207cfE3

poolBitmaps for P:requestRedeem and P:redeem = 0 at block 26,176,570, so any holder (including a liquidator) can queue a redemption. The pool delegate can change this.

'There is no guaranteed maximum withdrawal period.' Requests only settle when the pool delegate, OperationalAdmin or a Maple-registered redeemer calls processRedemptions (WithdrawalManagerQueue source).

FIFO queue: 'Most withdrawals are processed in under 24 hours, but could take up to 30 days.'

No cap, but 'no guaranteed maximum withdrawal period'.

Transfers are open today (bitmap 0); the pool delegate could restrict them.

Top 10 wallets on Ethereum

$1M, $5M and $10M sells into USDC, against NAV

Morpho API, Aave pools onchain