Maple Finance launches pool for US Treasury yields
Crypto lender Maple Finance has rolled out a United States Treasury pool for non-U.S. accredited investors and entities.
According to an Apr. 19 post, Maple Finance has launched a new Cash Management Pool for institutional Web3 investors to access U.S. Treasury Bills directly. The offering is not available to U.S. individuals or entities. The pool will source yield from one-month U.S. Treasury bills and reverse purchase agreements, less fees, to lenders, with crypto hedge fund Room40 Capital serving as the sole borrower via a special purpose vehicle (SPV). Maple developers wrote:
Maple claims that all pool assets are held in a standalone SPV "custodied by a regulated prime broker and Lenders have full recourse over all assets." The firm also says that onboarding "takes between 10-15 minutes to complete," and that interest accrues immediately from the time of deposit with no lock-up period.
Maple Finance is currently available on the Ethereum and Solana blockchains, with around $1.9 billion in loans originated since inception. U.S. Treasury bills are classified as securities. As a result, derivatives containing such instruments as the underlying asset cannot be sold to U.S. investors without registration or an exemption from the Securities and Exchange Commission.
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