Maple confirmed his departure the same day, calling it an “agreed and orderly transition” and saying “our direction remains the same.” Neither statement named a successor chairman or explained how his responsibilities would be divided.
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Maple manages lending pools that give depositors exposure to institutional loans. Its syrupUSDC token, for example, represents a depositor’s share in a pool of loans, with yield coming from interest paid by borrowers, according to its product disclosures.
The platform’s transparency dashboard displayed about $4.24 billion in assets under management on Nov. 11. That measure includes borrower collateral alongside loans, pool assets and assets deployed in other strategies, according to Maple’s technical documentation. It is not simply a tally of lender deposits. DefiLlama separately reported about $1.77 billion in active loans.
A Broader Lending Strategy
In a Sept. 2 strategy note, Powell outlined plans to expand into lending against rated securities, financing fintech loan receivables and hedged positions that earn the difference between spot and futures prices.
He said overcollateralized lending—loans backed by assets worth more than the amount borrowed—would remain the core business. Each new strategy would be capped at 5% of Maple’s overall deposit base at launch, he said.
Flanagan did not identify the particular strategies or decisions he opposed in his departure letter. He said he would remain in onchain finance and share more about his plans soon.