Asset manager Maple Finance’s launch of syrupUSDT on Plasma got off to a fast start, with the pre-deposit vault hosted by Midas almost full just after opening at 9 am EST on Tuesday.
Prior to the website accepting deposits, the $200 million vault had already pulled in $199.91 million, or 99.95% of its cap, as users piled in directly through the smart contracts. Deposits are locked for two months with a minimum size of $125,000, per Maple’s website.
syrupUSDT Pre-deposit vault
The solid demand is likely due to the vault offering rewards connected to Plasma’s upcoming mainnet launch and token generation event (TGE), giving participants an allocation of XPL tokens. Plasma is a highly anticipated blockchain launched by Tether, the issuer of USDT, the largest stablecoin with a market capitalization of over $170 billion. Its XPL token is trading at a $7 billion valuation on Hyperliquid pre-markets, more than 1300% above its ICO price.
“Deploying dollar yield products across various blockchain ecosystems demonstrates Maple’s reach and distribution as an on-chain asset manager,” said Sid Powell, CEO of Maple, according to a press release. “Plasma’s high performance and focus on USDT align naturally with Maple’s mission to deliver sustainable, curated and high-quality dollar yield at scale.”
Powell added that he believes this expansion will enhance liquidity across the ecosystem while supporting Maple’s target of $5 billion in assets under management (AUM) for this year. Maple currently oversees more than $3.5 billion, according to its website.
The launch also aligns with a broader DeFi trend of projects increasingly operating across multiple chains. Less than two weeks ago, Maple rolled out syrupUSDC on Arbitrum, an Ethereum Layer 2 network with nearly $3.7 billion in TVL, according to DeFiLlama.
The expansion adds to Maple’s existing presence on Ethereum and Solana, and follows the launch of Arbitrum’s new DRIP rewards program, which lets users earn ARB tokens when borrowing against syrupUSDC.
Maple’s native SYRUP token is currently changing hands at $0.43, flat on the day. The asset manager, which launched in 2021, has experienced major TVL growth this year, surging to around $2.5 billion currently from $298 million at the start of 2025, per DeFiLlama.