Maple Finance Surpasses Tether as Second-Largest Institutional Crypto Lender
Maple Finance has become the second-largest institutional crypto lender in the world, surpassed only by Tether. The platform now holds around $1.9 billion in active loans and has a total value locked between $2.4 billion and $5 billion.
This milestone comes after Maple's significant overhaul of its lending strategy following the 2022 crypto credit crisis. The company shifted from uncollateralized lending to secured, overcollateralized positions, which have a better recovery math in case of defaulting borrowers.
Maple has originated between $15 billion and $22 billion in cumulative loans since its launch, with an impressive repayment rate above 99%. This performance is crucial for institutional depositors looking for reliable credit providers.