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Maple Finance's Tokenized Treasuries Available to U.S. Investors After Securities Exemption
The platform's cash management facility has attracted $22 million of deposits since opened in April.
Updated Aug 9, 2023, 1:40 p.m. Published Aug 9, 2023, 12:00 p.m.
Blockchain-based credit marketplace Maple Finance has opened its USDC cash management pool backed by tokenized Treasuries (T-bills) for U.S. investors, the firm said Wednesday.
Maple secured a Rule 506(c) of Regulation D (RegD) exemption from the U.S. Securities and Exchange Commission (SEC). Prior to this, only non-U.S. entities could access the Maple pool.
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The cash management pools on Maple allow accredited investors, companies, decentralized autonomous organizations (DAO) to park their spare USDC and USDT stablecoin stash in one-month U.S. Treasury bills and earn a 4-5% annual yield. The facility has attracted $22 million of deposits since commencing in April.
U.S. investors can only deposit USDC, not USDT.
Demand for blockchain-based T-bill offerings has been steadily rising as the yield on U.S. government debt, widely considered as risk-free, surpassed yields in decentralized finance (DeFi). Digital asset firms, crypto investment funds and protocol treasuries often hold substantial amount of cash in stablecoins. Tokenized Treasuries offer them a shield from inflation and a way to earn some yield.
The market size of tokenized T-bills ballooned six-fold this year to near $700 million, according to real-world asset data platform RWA.wyz.
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