Maple Finance said on Nov. 13 that an out-of-cycle check verified $1.89 billion in collateral backing its three syrup lending pools. The disclosure came after a CEO update addressing two executive departures and withdrawal processing.
The onchain lender said it asked The Network Firm to conduct an additional proof-of-reserves check. It reported collateralization of 156.2% for syrupUSDC, 137.7% for syrupUSDT and 150.8% for syrupUSDG as of 12:11 p.m. ET. Maple said withdrawal requests were being processed according to each pool’s standard process, “as designed.”
The provider’s public dashboard describes the check as a technology service, not an audit or assurance engagement. It is provided by The Network Firm Tech & Services, LLC, which says it is not a licensed CPA firm. The provider relies on data from Maple and third parties, and says it has not independently confirmed the data’s accuracy or completeness. The dashboard reports collateral dollar amounts by pool, while Maple reported the ratios. It timestamps the $USDC and USDT checks at 12:11 p.m. ET and the USDG check at 12:12 p.m. ET on Nov. 13.
For holders, collateral backing loans is distinct from cash available for withdrawals. Maple’s syrup tokens represent shares in pools that invest in institutional loans and other yield strategies, not dollar balances guaranteed to be redeemable on demand.
Earlier that day, CEO Sidney Powell said co-founder Joe Flanagan and the chief operating officer, identified as Ryan, were leaving. Powell attributed the departures to differing views on strategy, “not to the loan book or the health of the business,” and described a push toward traditional finance, fintechs and neobanks. He said day-to-day operations continued normally and withdrawals followed standard pool processes.
Collateralization Does Not Determine Withdrawal Speed
Maple’s technical documentation defines the collateral ratio as the value of collateral divided by the value of loans. Its assets under management (AUM) calculation adds borrower collateral to loans and other pool assets, so AUM is not the same as the depositor balance.
Maple’s syrupUSDC, syrupUSDT and syrupUSDG product pages list bitcoin, ether, XRP, wrapped bitcoin and $USDC among their collateral assets. The pages also distinguish AUM, deposits and instantly available liquidity:
These figures from the live product pages are separate from the Nov. 13 collateral-verification snapshot.
The displayed syrupUSDC AUM is below the $2.36 billion The Defiant reported on Nov. 10. That decline alone does not show net withdrawals, because Maple’s AUM definition includes collateral values.
All three product pages showed zero pending withdrawals in a snapshot labeled 12:40 a.m. ET on Nov. 14. The snapshot does not establish how long earlier withdrawal requests took to complete.
Maple’s withdrawal guide says syrupUSDC and syrupUSDT requests are processed first-in, first-out as liquidity becomes available. Most are completed in under 24 hours, but processing could take 30 days. Maple’s legal risk disclosure, which covers all three products, warns that liquidating collateral may still leave lenders with losses and states: “There is no guaranteed maximum withdrawal period.”
