Maple (SYRUP): Q3 2025 Activity and Financial Report
October 20, 2025
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Maple’s Q3 2025 report highlights another quarter of important growth, with AUM up 66%, active loans rising 45%, and revenues reaching new highs. Maple continues to solidify its position as the leading on-chain asset manager, driven by syrupUSD’s strong adoption and expanding integrations across DeFi.
This market report was prepared in collaboration with our partners GLC Research.
Key Takeaways
- Maple’s AUM grew 66% in Q3, reaching $4.19B and surpassing its initial 2025 target ahead of schedule.
- Active loans rose 45% to $1.75B, maintaining strong momentum despite slower origination cycles typical of institutional lending.
- Q3 revenue grew 41.5% to $4M, marking six straight months of record highs and supporting a $30M annualized revenue run rate.
- syrupUSDC outperformed peers with a 1.6% Q3 return and delivered ~6% YTD, combining high yield, low volatility, and expanding cross-chain adoption.
- Maple advanced key initiatives including its Plasma partnership, expansion in Asia, launch of Maple Kit, and an enhanced SYRUP token buyback program.
Maple’s Key Metrics Analysis
Assets under management (AUM)
Maple continued to deliver strong growth in the third quarter, consolidating its position as the leading onchain asset manager.
- Q3 AUM growth: +66.4%, increasing from $2.52 billion to $4.19 billion
- Year-to-date AUM growth: +816% (≃29% average MoM growth)
This result builds on an already exceptional trajectory: +54% in Q1 and +257% in Q2. By the end of the third quarter, Maple had already surpassed its initial year-end target of $4 billion AUM. As a result, management has revised the objective to $6 billion AUM by year-end.
To achieve this target, Maple must maintain an average monthly growth rate of 11.4% over the remaining months. Given the protocol’s track record of delivering ~29% monthly growth year-to-date, this new target appears within reach.
It is particularly impressive to observe such growth given that Maple allocates only 5 to 10 million dollars annually in incentives, a fraction of what many other DeFi protocols spend to attract deposits. Maple remains one of the few protocols generating positive cash flows, even after accounting for incentive distributions.
Growth in AUM this quarter was primarily driven by:
- syrupUSDC (+$965M), Maple’s flagship yield-bearing dollar,
- syrupUSDT (+$492M), reintroduced with the launch of Plasma, and
- High Yield Secured (+$151M), Maple’s institutional product.
Active Loans
As an onchain asset manager focused on institutional credit markets, Maple’s revenue model is primarily driven by interest payments from institutional borrowers. Accordingly, the performance of active loans is a critical metric alongside AUM.
- Q3 Active Loans growth: +45.2%, expanding from $1.20 billion to $1.75 billion
As in prior quarters, loan origination growth lags behind AUM expansion. As highlighted in the previous quarterly report by Martin de Rijke, Head of Growth, this lag is both structural and expected.
- Deposits vs. Loans: Capital inflows from depositors can be executed within minutes, while institutional loan originations of comparable scale require extensive due diligence, legal documentation, and negotiation.
- Liquidity Buffer: Maple maintains a liquidity buffer of approximately $200 million to support immediate withdrawals by depositors.
Despite this structural gap, Maple’s active loan book has continued to expand at a strong pace, with an average monthly rate of 28.1% and an impressive year-to-date increase of 695%, supporting revenue growth and strengthening the protocol’s positioning in institutional lending.
Revenue Growth and Monetization Rate
Maple's revenue performance was quite strong in Q3 2025, in line with the metrics observed in previous quarters. The main catalyst was the continued growth in adoption of syrupUSDC. Here are the figures:
- Q3 revenue growth: +41.5%
- YTD revenue growth: +265%
- Average MoM revenue growth: +22%
Revenue for Q3 reached $4 million, or roughly $16 million annualized, with Maple showing no signs of slowing down. The quarter ended with a monthly revenue of $1.5 million, marking the sixth consecutive monthly ATH.
At the current 20% MoM growth rate, Maple would reach approximately $30 million in annualized revenue by year-end, which aligns with the team’s internal target. Based on the current market cap, this would imply a P/S ratio of around 14.
Several catalysts could help sustain or even accelerate this momentum:
- syrupUSDC integrations with AAVE and other DeFi protocols
- Early-stage growth of syrupUSDT
- Expansion into new product lines
At its current growth pace, Maple continues to exceed expectations and strengthen its position as one of the fastest-growing protocols in DeFi.
In addition, Maple’s revenue is tied to market conditions. Revenue is primarily generated through two channels:
- fees collected as a percentage of interest paid by borrowers and,
- yield earned on collateral deployed across DeFi protocols.
We believe that the last quarter wasn’t the most favorable for Maple to fully capitalize on its TVL. Indeed, in past market expansion phases, Maple has tended to struggle as more capital flows into riskier assets. During Q3, rising prices also meant that the value of collateral held by Maple increased, causing TVL to appear “inflated” relative to active loans which give them the possibility to issue more loans too. This quarter reflected that dynamic, with active loans growing by 45% while TVL rose by 60%. That said, it’s a major achievement for Maple, as historically this hasn’t been the most favorable seasonality for them.
Another factor contributing to the slight decline in the monetization rate is the decrease in Maple’s risk premium. As confidence in the protocol continues to grow, investors are associating less risk with Maple. Moreover, syrupUSDC’s integrations with money markets have encouraged some users to adopt looping strategies to further enhance returns. As a result, TVL growth is outpacing active loan growth, which impacts the monetization rate since Maple primarily earns from interest payments on active loans.
Looking at the monetization ratio based on active loans, which are Maple’s primary source of revenue, the ratio has remained relatively stable, except in July when active loans declined. The median stands around 135 bps, with Maple ending the quarter at 126 bps.
Maple Product Performance
As discussed many times before, Maple’s flagship product is syrupUSDC(T). To recap, it is a yield-bearing synthetic dollar available in two versions (USDT and USDC), allowing holders to earn attractive returns while maintaining liquidity across multiple markets and blockchains.
The yield originates from interest payments made by institutional borrowers via Maple Institutional. These loans, typically short-term and higher-yielding, provide a steady and substantial source of income to both syrupUSDC(T) products.
SyrupUSDC
Since the beginning of 2025, Maple has focused heavily on scaling syrupUSDC. The product has experienced remarkable growth, rising from approximately 155 million dollars in AUM to over 2.9 billion dollars at the time of writing. This positions syrupUSDC as the third-largest yield-bearing stablecoin in the market, behind Ethena’s sUSDe and Spark’s sUSDs.
This expansion is driven by deep integrations with Morpho, Pendle, and Euler, as well as Maple’s ongoing multi-chain deployment. syrupUSDC is now live on Ethereum, Solana (since Q2), and Arbitrum (since Q3). This multi-network presence expands institutional-grade yield access to new users while enabling existing ones to capture the best cross-chain opportunities.
As of this report, total syrupUSDC supply stands at 1.29 billion units, distributed across three blockchains: 78.32% on Ethereum, 15.67% on Solana, and 6.01% on Arbitrum.
- syrupUSDC on Ethereum:
During the quarter, syrupUSDC allocations across Morpho, Pendle, and Euler declined slightly, while Spark increased its exposure by an additional 200 million dollars. Spark’s total allocation now reaches 630 million dollars, making syrupUSDC account for 18.79% of the Spark Liquidity Layer, its second-largest position.
Spark also fully withdrew its exposure to Ethena’s sUSDe and increased its allocation to syrupUSDC, signaling growing confidence and credibility for Maple’s institutional DeFi product.
- syrupUSDC on Solana:
Launched in June, syrupUSDC experienced strong acceleration on Solana in Q3, growing from around 50 million dollars to over 200 million dollars. This means that 14.26% of the total syrupUSDC supply is now held on Solana. The main driver has been Jupiter Lend, which alone attracted more than 100 million dollars in syrupUSDC deposits.
Notably, syrupUSDC is now the largest yield-bearing stablecoin on Solana. The enthusiasm is well-founded, as Solana currently offers some of the most attractive DeFi yield opportunities for syrupUSDC holders; with maximum APYs exceeding 30% on platforms such as Jupiter Lend and Kamino.
- syrupUSDC on Arbitrum:
Deployed in Q3 2025, syrupUSDC on Arbitrum reached 85 million dollars in supply, representing roughly 6.83% of the total. Its momentum is largely supported by The DRIP (DeFi Renaissance Incentive Program), a major initiative to boost DeFi activity on Arbitrum by distributing 80 million ARB tokens across four seasons.
The campaign has already brought in around 111.5 million dollars in TVL through DRIP-related incentives across several lending markets, notably Morpho and Fluid.
- syrupUSDC Yield Performance:
syrupUSDC delivered a 1.68% yield in Q3 2025, up from 1.63% the previous quarter. It remains the highest-yielding stablecoin among its peers: Aave (1%), Fluid (1.2%), Sky (1.15%), cUSDC (1.2%), and Ethena (1.5%).
Volatility remained relatively low at 0.24% this quarter, especially when compared with Ethena’s sUSDe (1.81%). This balance of high yield and low volatility remains one of syrupUSDC’s key advantages, contributing to its appeal as a stable, yield-efficient DeFi asset.
This trend also reflects a decrease in syrupUSDC’s risk premium. Compared with USDC on Aave, often considered DeFi’s risk-free benchmark, the narrowing spread indicates that investors perceive syrupUSDC as increasingly low-risk.
SyrupUSDT
For once, it wasn’t syrupUSDC that delivered the strongest performance this quarter, but syrupUSDT. The catalyst was the launch of Plasma, a blockchain purpose-built for stablecoins and primarily focused on Tether’s USDT.
Plasma provides the ideal infrastructure for a product like Maple’s syrupUSDT, the USDT-based version of its yield-bearing stablecoin. As a result, syrupUSDT supply soared by 342% in Q3, from 143.8 million dollars to more than 636.5 million dollars in AUM.
This makes syrupUSDT Maple’s fastest-growing product this quarter. At the time of writing, over 46% of the total syrupUSDT supply is deployed on Plasma.
Maple Institutional
Maple Institutional is the protocol’s permissioned arm, designed to give authorized participants access to overcollateralized lending opportunities. Each borrower undergoes thorough due diligence and collateral evaluation to ensure credit quality and capital preservation.
This segment is a key part of Maple’s ecosystem, as the interest generated by these institutional loans ultimately funds the yields distributed to holders of syrupUSDC(T).
Two strategies are currently offered:
- Blue Chip: Targets a yield premium of 200 to 400 basis points above U.S. Treasuries, with collateral exclusively in ETH and BTC to minimize liquidation risk and maintain conservative exposure.
- High Yield: Offers higher returns in exchange for broader collateral exposure, including weETH (Ether.Fi), HYPE, and mSOL.
Growth within Maple Institutional remains steadier than syrupUSDC(T) but continues at a healthy pace. The platform recorded +28% growth in Q3 and +187% year-to-date, closing the quarter with 721 million dollars in AUM, on track to reach its 1-billion-dollar target by year-end.
SYRUP Token Analysis
Following a third quarter marked by strong growth in both protocol metrics and revenues, it is relevant to examine whether this momentum was also reflected in the performance of Maple’s native token, SYRUP.
Holders and Volume
The number of SYRUP holders rose by 28.9% in Q3, reaching approximately 13,400 addresses by the end of September. Since the beginning of the year, this represents a remarkable +378.6% increase, compared to around 2,800 holders in January.
Trading activity also remained solid, with quarterly trading volume up 23.2% compared to Q2. However, monthly volumes have gradually declined since the July peak, which coincided with SYRUP’s all-time high at $0.67. This gradual slowdown reflects a natural consolidation phase, mirroring the token’s price stabilization.
Price Performance
Q3 2025 marked SYRUP’s weakest quarter of the year in terms of price performance, posting a 27.98% decline over the three-month period. It’s the lowest relative performance among its peer group. However, this short-term correction should be viewed in context rather than as an isolated signal.
Earlier in the year, Maple’s core metrics (AUM, active loans, revenues) expanded rapidly, while the token’s valuation initially lagged behind. It was only in Q2 that the market repriced SYRUP sharply, bringing it closer to a more reasonable valuation range.
This repricing was further supported by listings on major centralized exchanges (CEXs), an essential step in addressing SYRUP’s historical limitations in liquidity and accessibility.
In this context, Q3 can be interpreted as a natural stabilization phase following the exceptional rally of the previous quarter. Meanwhile, Maple’s fundamentals (including AUM, active loans, and revenues) continued to strengthen, creating a new gap between market valuation and underlying protocol performance.
Important Announcements
In this section, we will review the key announcements and developments from Maple during the third quarter that have not yet been covered in this report. As you will see, the team has continued to build relentlessly and execute consistently on its long-term vision.
Token Transparency Framework - July 2
On July 2, Maple joined Blockworks' Token Transparency Framework, a new initiative aimed at enhancing disclosure standards across crypto industry.
Maple was among the first 10 projects (Now 27) to join the framework and has achieved a score of 37/40.
This is a strong transparency initiative by Maple, once again underscoring their commitment to setting industry standards and driving positive change within the space.
Expansion in Asia - July 25
During the third quarter, Maple continued to strengthen its presence in Asia, marked by a July 25 listing on Upbit, the largest cryptocurrency exchange in South Korea.
Maple’s leadership team also maintained an active presence in the region, participating as speakers at several major industry conferences. Sid Powell, Maple’s CEO, spoke at East Point Seoul, while Joe Flanagan represented the company at the Global onchain Asset Summit in Singapore.
Asia remains a high-potential market for Maple, and the company is actively positioning itself to become the leading onchain asset manager in the region.
SYRUP Buyback Program - July 29
Following the significant revenue growth achieved in Q2, Maple decided in early Q3, when annual recurring revenue (ARR) stood at approximately 15 million dollars, to propose an increase in the SYRUP token buyback rate from 20% to 25%.
The proposal was announced on July 23 and subsequently approved by Maple’s governance on July 29. During the third quarter, Maple generated 3.96 million dollars in revenue, allocating nearly 1 million dollars to the repurchase of its native token, SYRUP.
Given the continued growth in revenue, there is a possibility that Maple will further raise the buyback percentage in the coming quarters, reinforcing its long-term commitment to value creation for token holders.
Maple Kit launch - August 22
To further accelerate the expansion of syrupUSDC, Maple launched the “Maple Kit” on August 22. This integration toolkit allows crypto builders to onboard Maple’s yielding dollar in just a few minutes or hours, a process that previously could take several days or even weeks when done manually.
This is a major step forward. To incentivize adoption, Maple has also introduced $250K in matched rewards for builders who integrate syrupUSDC using the Kit.
syrupUSDC’s expansion continues at a rapid pace, and yield sourced from the institutional credit markets via Maple will soon be available across the entire ecosystem
Maple partners with Plasma - Sept 25
On September 25, Maple expanded to one of the most talked-about chains of the moment: Plasma. Plasma is an EVM-compatible Layer 1 blockchain designed specifically for the rapidly growing stablecoin market. Its goal is to replace centralized and costly networks like Tron by offering lower transaction fees, higher scalability, deeper liquidity, and stronger security.
As a strategic partner, Maple will help Plasma strengthen its onchain credit layer.
At the time of writing, approximately 348 million dollars of syrupUSDT are deployed on Plasma, accounting for 46% of syrupUSDT’s total supply.
Interview with the Maple Team
As part of this quarterly report, we spoke with Martin de Rijke, Head of Growth at Maple, to discuss the protocol’s exceptional Q3 performance, recent developments, and strategic outlook for the months ahead.
Below is a summary of the key takeaways from our conversation. The full interview will be published in the coming days.
- Exceptional performance driven by multi-chain expansion
Despite a generally bullish market environment that tends to weigh on DeFi activity, Maple delivered strong growth across all of its key metrics during the third quarter.
The protocol’s multi-chain strategy has proven highly effective, with strong traction on Solana, where syrupUSDC has become the leading yield-bearing dollar asset in the ecosystem.
Expansion to Arbitrum and Plasma also helped attract new users and further strengthen AUM growth. As a result, Maple’s perception has evolved from a solid DeFi brand to a leading name in onchain finance.
- A more stable and resilient capital base
Martin emphasized that Maple’s deposit base has become significantly more stable compared to previous cycles. Capital outflows are now minimal - only 3% during the most recent market correction, which were quickly offset by new inflows.
This stability reflects growing user confidence, supported by new integrations such as Pendle pools, DeFi looping strategies on money markets (Kamino, Jupiter), and collateral use for perpetual markets on Drift, all of which expand use cases and offer returns of up to 30%.
- syrupUSDT poised to surpass syrupUSDC
One of the most notable developments heading into Q4 is the rapid growth of syrupUSDT, which Martin expects will soon overtake syrupUSDC. The partnership with Plasma has been a major catalyst, unlocking large pools of idle USDT liquidity on the network.
In addition, the upcoming integration with Aave is expected to accelerate this trend, as USDT remains the most widely used stablecoin in DeFi.
- A lower monetization rate reflecting confidence and capital efficiency
The slight decline in Maple’s monetization rate observed in Q3 is primarily due to asset appreciation and overcollateralization, rather than weaker performance.
According to Martin, this shift actually highlights a more mature and stable lending environment, supported by growing investor confidence and improved capital efficiency. The monetization ratio based on active loans remains strong and consistent, confirming the resilience of Maple’s business model.
Conclusion
The third quarter of 2025 once again highlights Maple’s upward trajectory as it continues to strengthen its position as a leader in onchain asset management. AUM grew by 66%, active loans increased by 45%, and revenues reached record highs clear evidence of the long-term sustainability of Maple’s value proposition.
The combined success of syrupUSDC and syrupUSDT, supported by the steady expansion of Maple Institutional, reinforces this momentum. Beyond the numbers, Maple continues to execute strategically through its expansion in Asia, deeper integrations across Ethereum, Solana, and Arbitrum, and key partnerships such as Plasma.
Heading into Q4, Maple approaches the next period with strong momentum and solid fundamentals. With several catalysts on the horizon, including the upcoming Aave integration and new product initiatives, the protocol appears well positioned to reach its target of 6 billion dollars in AUM by year-end and to consolidate its status as a leading onchain asset manager.
In a market that is still taking shape, Maple continues to move forward with a clear ambition: to bridge institutional finance and decentralized markets through transparency, discipline, and innovation.