Maple Co-Founder Flanagan Exits Over Strategy Split

Maple confirmed his departure the same day, describing it as an “agreed and orderly transition” and stating that “our direction remains the same.” Neither statement named a replacement chairman or explained how his duties would be redistributed.

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Maple runs lending pools that give depositors exposure to institutional loans. Its syrupUSDC token, for instance, represents a depositor's share of a loan pool, with returns coming from interest paid by borrowers, according to its product disclosures.

Maple's transparency dashboard showed roughly $4.24 billion in assets under management on November 11. That figure includes borrower collateral alongside loans, pool assets and assets deployed in other strategies, according to Maple's technical documentation, and is not simply a total of lender deposits. Separately, DefiLlama reported about $1.77 billion in active loans.

A Broader Lending Strategy

In a September 2 strategy note, Powell laid out plans to expand into lending against rated securities, financing fintech loan receivables, and hedged positions that profit from the gap between spot and futures prices.

He said overcollateralized lending, meaning loans secured by assets worth more than the amount borrowed, would remain the core business. He said each new strategy would initially be capped at 5% of Maple's total deposit base.

Flanagan did not specify which strategies or decisions he objected to in his departure letter. He said he would stay in onchain finance and would share more about his plans soon.