syrupUSDC
Maple Finance · Private-credit yield dollar · Ethereum · $2.0B supply · as of 2026-07-11
Yield from undercollateralized institutional lending — real credit risk in a liquid-looking wrapper, at ~$2B scale. Maple's underwriting has matured since its 2022 default cycle, but the asset's risk is borrower solvency, and secondary liquidity is thinner than its integrations suggest.
B-
60.3
draftconf medium
Haircut: 25.0%
base 20% (B-) x 1.25 (medium confidence) + 0pp class + 0pp flags
Illustrative — not a margin requirement.
Backing & reserves55 · 25%
Backing = performing loan book. Historical defaults exist (2022 cycle); current book disclosed at pool level. [1]
Redemption & exit58 · 20%
Withdrawal queues dependent on loan maturities/liquidity buffer; not instant under stress. [1]
Counterparty & custody55 · 15%
Borrower concentration + underwriter discretion; institutional borrowers are the actual risk. [1]
Leverage & rehypothecation60 · 15%
Widely accepted as collateral in curated vaults — private credit as loop collateral is a contagion channel to watch. [1]
Transparency & governance72 · 10%
Named team, pool-level reporting, public token; borrower identities partially disclosed. [1]
What would change this grade: A full credit cycle with sub-1% realized losses would raise Backing; borrower-book opacity increasing (or withdrawal queue growth) would cut it.
Live price
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Model signals
Not yet computedThe quantitative signal layer (stress-tested loss distributions, peg/leverage/backing metrics) is in development — see pivot/08_QUANT_ENGINE_SPEC.md. When live, signals are computed continuously by a model; grades are always signed by the analyst. The two are shown separately and never conflated.
Evidence appendix
As of 2026-07-11 · Methodology v0.2.1