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Written by Tiger Research Summary of key points As institutional investors increasingly enter the cryptocurrency market, the demand for asset management solutions that meet traditional financial standards is on the rise. Maple Finance came into being to fill this gap and establish itself as an on-chain asset management platform. Maple does more than just connect lenders and debits. It structures the assessment of borrowers and strategically manages collateral to make it operate more like a traditional asset manager. Recently, Maple also expanded its product line with the launch of a Bitcoin yield product that transforms Bitcoin from a passively held asset to a yield-generating asset. As institutions increasingly enter the crypto space, a well-prepared asset management platform like Maple Finance promises to build early-stage institutional relationships – an advantage that could translate into long-term market leadership. 1. The demand for asset management in the crypto market In traditional finance, investors who hold large amounts of assets often rely on brokerage firms to provide professional asset management services – a widely adopted strategy. But consider another scenario: let's say you're Michael Saylor, CEO of Strategy, and you've bought a large Bitcoin holding. How do you manage these assets effectively? At first, options such as staking or direct borrowing and lending may seem viable. But in practice, managing large-scale crypto assets is complex and error-prone. It usually requires professionals and sound operational control. People may instead consider professional asset management, similar to traditional finance. However, there is another challenge here: structured and reliable asset managers are very scarce in the crypto market. 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 need is becoming more and more evident as institutional participation in the crypto space accelerates. A key illustration of this is Strategy's massive Bitcoin purchases, which began in 2020. This momentum has been further strengthened after the approval of spot Bitcoin ETFs in the US and Hong Kong 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 the needs of institutions. 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. 2. On-chain asset management: Maple Finance The structure of Maple Finance is simple and straightforward. It facilitates credit-based on-chain lending by connecting funding providers (LPs) with institutional borrowers. This begs a key question: in traditional finance, asset management typically involves diversifying a client's portfolio of assets into equities, bonds, real estate, and other instruments to manage risk and achieve long-term value growth. In this context, can a platform specializing in lending intermediaries be considered a true asset manager? Source: Maple Finance Looking at how Maple Finance actually works, the answer becomes clearer. The platform employs professional asset management practices that go beyond simple loan matching. It conducts a thorough credit assessment of institutional borrowers and makes strategic decisions on fund allocation and loan terms. Throughout the lending process, Maple also engages in active money management, employing mechanisms such as collateral pledge and re-lending. This operating model clearly goes beyond the basic lending intermediary and is closer to the functions of a modern asset manager. 3. Maple Finance's core participants and operating mechanisms Maple Finance's ability to operate as an on-chain asset manager, rather than just a lending intermediary, stems from its well-defined participant structure and systematic operating framework. Maple's products are built around three key player personas: Maple Finance's role as an on-chain asset manager, rather than a simple lending intermediary, stems from its clear participant structure and systematic operational framework. Its product model is built around three core actor personas: Source: Tiger Research This structure reflects the existing safeguard mechanisms in traditional finance. In the bank's corporate lending business, depositors provide funds, companies apply for loans, and an in-house credit team assesses their financial health. Shareholders, on the other hand, are involved in governance decisions that influence the direction of the institution. Maple Finance works in a similar way. When a borrower applies for a loan, Maple's credit team sets terms based on collateral ratio and asset quality. Lenders provide funds and function like depositors, while $SYRUP holders assume a shareholder-like governance role and participate in decision-making at the protocol level. One key difference is that $SYRUP holders also receive staking rewards funded by protocol revenue. Notably, 20% of the revenue is allocated to buybacks to support these rewards. Source: Tiger Research Consider a specific example. Major market maker TIGER 77 requires $10 million in working capital to expand its trading positions in times of heightened market volatility. However, traditional banks rejected the request, citing limited trust in the cryptocurrency space – resulting in TIGER 77 not being able to access the required funds. Maple Finance's in-house lending and advisory arm, Maple Direct, bridges this gap with its High-Yield Corporate Product. Accredited investors who recognize Maple Direct's performance deposit 10 million USDC into the lending pool. When TIGER 77 applies for a loan, Maple Direct conducts a comprehensive credit assessment, reviewing the company's financial health, operating history, and risk profile. After the evaluation, it approved a loan of 10 million USDC, secured by Ethereum, with an interest rate of 12.5%. After the loan is executed, the distribution of income begins. TIGER 77 pays monthly interest, of which Maple Direct retains 12% as an administration fee. The remaining interest is distributed to accredited investors. This is where the differentiation of Maple becomes clear. It goes beyond basic loan intermediation to actively manage collateral – including through secondary lending and collateral pledges to improve capital efficiency. In some cases, Maple also structures loans based on corporate guarantees from the parent company rather than traditional collateral. In fact, the services offered by Maple are comparable to those of traditional financial institutions. It actively manages funds and not just connects lenders and borrowers. This approach reinforces Maple's position as a trusted institutional asset manager, rather than just another DeFi lending platform. 4. Maple Finance's core product 4.1. Maple Institutional Maple Finance has established itself as a legitimate on-chain asset manager by offering a diverse, structured product portfolio. Its products are divided into two main categories: lending products and asset management products, each of which is designed to match investors with different risk tolerance and return objectives. 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 concerned about capital preservation. It only accepts established assets such as Bitcoin and Ethereum as collateral and follows strict risk management practices. In contrast, high-yield products are aimed at investors who are looking for higher returns and are willing to take on more risk. Its core strategy involves actively managing overcollateralized assets – through staking or secondary lending – to generate additional yield, rather than just holding collateral. Source: Maple Finance Maple Finance's second category of products – asset management – starts with its BTC Yield product. The product was launched earlier this year, in response to the growing institutional demand for Bitcoin. The value proposition is simple: instead of passively holding Bitcoin, institutions can deposit BTC to earn interest and generate yield from existing assets. This naturally begs the question: if institutions can buy and hold Bitcoin directly, why not manage it themselves? The answer lies in practical constraints – primarily the lack of technical infrastructure or operational expertise to generate benefits for security. Maple Finance's Bitcoin yield product leverages dual staking provided by the Core DAO. In this model, institutions securely store their bitcoins in institutional-grade custodians such as BitGo or Copper, earning staking rewards by promising not to use their assets for a predetermined period. In short, institutions securely lock up their assets and earn yields. However, the actual process is more complicated than it seems. Behind the simple façade of "earn yield on Bitcoin" is a series of technical and operational steps – entering into a contractual arrangement with a custodian, participating in Core DAO staking, and converting $CORE staking rewards into cash. Each step requires specialized knowledge that most organizations don't 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 the job efficiently and securely. In the crypto space, there is a greater need for such expertise – considering additional layers such as technical complexity, regulatory oversight, security, and risk management. Starting with Bitcoin yield products, Maple Finance plans to expand to a wider range of asset management products. This strategy is essential to bridge the gap between institutional investors and the crypto market, addressing a long-standing unmet need. By providing comprehensive, professionally managed services, 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 are primarily geared towards accredited investors, restricting access to general retail participants. To address this issue, Maple Finance has launched syrupUSDC and syrupUSDT – retail pools built on top of Maple's existing lending infrastructure and borrower network. Funds raised through syrupUSDC are lent to institutional borrowers from Maple's blue-chip and high-yield pools, who undergo the same credit rating process as other Maple products. The interest generated on these loans is distributed directly to syrupUSDC depositors. Although the structure is similar to Maple's institutional offerings, the syrup pool is managed independently. This design lowers the barrier to entry for retail users while maintaining operational rigor of institutional products – improving accessibility without compromising structural stability. Source: Dune While yields are slightly lower than those offered to institutional participants, Maple has introduced a "Drips" reward system to enhance long-term engagement. Drips offer additional token rewards, compounded in the form of points every four hours. At the end of each season, points can be converted into SYRUP tokens. Through this incentive mechanism and aggressive fundraising strategy, Maple Finance has attracted about $1.9 billion in USDC and USDT. All in all, 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 the dynamics of Web3 engagement, providing a model that both encourages ongoing engagement and maintains financial discipline. 5. Key differentiators of Maple Finance The core differentiator of Maple Finance is the implementation of its fully on-chain, institutional-grade system. 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 experts in traditional finance This distinction starts with Maple's team composition. Many on-chain financial platforms lack professionals with traditional financial backgrounds. While this type of experience is not absolutely necessary, it is difficult to provide a truly institutional-grade service without a deep understanding of the needs and risk expectations of institutional investors. That's where Maple comes in. Its team includes professionals with decades of experience in traditional finance and credit assessment. Their expertise, enabling rigorous credit assessment and robust risk management, forms the foundation of trust required by institutional clients. Source: Tiger Research The background of Maple's leadership team helps explain why it has earned 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 PricewaterhouseCoopers, focusing on corporate financial analysis, before serving as Chief Financial Officer (CFO) of Axsesstoday. On the technology side, CTO Matt Collum was a senior engineer at Wave HQ and is the founder of fintech startup Every. COO Ryan O'Shea previously led strategy at Kraken, gaining direct experience in the crypto space. The broader team includes professionals with both financial and technical backgrounds. Sid Sheth, Director of Capital Markets, was previously responsible for institutional sales at Deutsche Bank. Steven Liu, Head of Product, has held product management positions at Amazon and led fintech projects at Anchorage Digital. Maple's core strength lies in this blend of traditional finance and blockchain expertise. The team's dual domain knowledge enables them to meet institutional expectations while delivering 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 team of professionals and sets it apart from most DeFi protocols. While most protocols rely heavily on automated, decentralized mechanisms, Maple directly applies proven methodologies found in traditional finance on-chain. The first key component is the loan appraisal process. In most DeFi protocols, loans are automatically disbursed once collateral is deposited, with little to no credit assessment. In contrast, Maple Finance has implemented 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 overcollateralized structures, allows Maple to manage risk from the outset. In cases where liquidation is required, most protocols trigger an immediate asset sale as soon as the collateral falls below the threshold. Maple takes a different approach – giving 24-hour notice to give borrowers time to replenish their collateral. This is similar to what traditional banks do, where margin calls precede liquidation. If the borrower does not respond within the window period, liquidation is carried out. Even the liquidation process itself is designed to minimize market impact. While common DeFi protocols conduct liquidations openly on exchanges – with the risk of slippage and price disruption – Maple executes liquidations through pre-arranged over-the-counter (OTC deals) with market makers, ensuring controlled execution and reducing 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 is created. Maple processes withdrawals sequentially or in timed batches, giving users a clear expectation of the availability of funds. This structured approach allows 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 solid growth strategy – prioritizing internal risk management and strategic synergies over rapid expansion. Prior to external collaboration, the team established a robust risk framework. Instead of blindly scaling up, Maple is focused on collaborating with core partners who can generate meaningful value creation. This strategy is clearly reflected in the expansion of the syrupUSDC ecosystem. To expand its presence in the DeFi space, Maple has partnered with leading platforms such as Spark and Pendle to achieve a diversified yield structure and multiple access points for users. The partnership with Spark has yielded concrete results: Spark has allocated $300 million to syrupUSDC as collateral to support USDS. This is not a symbolic partnership – it leads to a real deployment of capital. The integration with Pendle further enhances flexibility. syrupUSDC holders can now customize their yield exposure using Pendle's Principal Token (PT) and Yield Token (YT) mechanisms. This model – leveraging each partner's expertise – has become a consistent strategy across the Maple product line. The same approach is embodied in BTC yield products. The goal is to transform Bitcoin from a passively held asset to a yield-generating asset. Achieving this requires two core components: secure hosting and effective deployment. Maple solves both of these problems by partnering with BitGo and Copper to provide institutional-grade custody while generating yield through Core DAO's dual-staking model. The result is an integrated system where custody and earnings coexist without trade-offs. 6. Maple Finance in 2025 and beyond In December 2024, Maple Finance released its strategic roadmap in a founder's letter, outlining priorities for 2025. About six months later, many of these goals have been achieved: Maple's total value locked (TVL) exceeds $4 billion; The first traditional finance (TradFi) partner to borrow more than $100 million through Maple Institutional; Syrup.fi's first DeFi integration of over $100 million; Agreement revenue exceeded $25 million. Maple's long-term vision is ambitious. By 2030, the platform aims to achieve $100 billion in annual loan volume management – a nearly 45-fold increase from its current portfolio size of $22 billion. Achieving this scale requires more than just expanding existing lending operations. Maple must broaden its suite of asset management products, deepen partnerships with traditional financial institutions, and attract institutional investors on a global scale. The first strategic focus is to expand the adoption of BTC yield products. Institutional interest in Bitcoin has surged, along with a growing demand for solutions that go beyond simple custody and generate returns. Capturing a significant share of this market is crucial. The second strategy involves expanding Maple's range of asset offerings. Currently focused on Bitcoin, Maple plans to expand yield-generating products to a variety of digital assets. Recently, institutional investors have begun to incorporate Ethereum into their portfolios, and this trend of diversifying their holdings of digital assets is expected to accelerate. If Maple can provide effective asset management services that generate additional revenue from these assets, then significant growth opportunities will arise. 7. Maple Finance: Towards greater prominence The cryptocurrency market has historically been driven by retail investors. As of now, the total market capitalization is about $3.29 trillion (CoinMarketCap) – still modest compared to $51 trillion in US Treasuries and $18-27 trillion in gold. These comparisons highlight the growth potential of cryptocurrencies 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, which means that even a small allocation can significantly expand the crypto market. However, the entry of institutions comes with higher expectations – including regulatory compliance, sophisticated risk management, and secure custody solutions. Maple Finance is positioned to serve this institutional segment. Rather than providing 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 an inaugural 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 customers – such as Strategy Firm, which has adopted Bitcoin as a treasury asset – will further accelerate Maple's adoption of its BTC yield product. Timing is especially critical: institutional clients are sticky. Unlike retail clients, institutions rarely change service providers once they have a relationship, preferring to build long-term partnerships for risk and operational continuity. Maple isn't the only company pursuing this market, but its proven institutional track record gives it a strong edge. Ultimately, the next two to three years will be a critical period to decide which platforms will emerge as category leaders in the institutional crypto finance space.