Maple Finance secures SEC exemption for on-chain Treasury pools

Blockchain institutional capital marketplace Maple Finance has secured an exemption from the United States Securities and Exchange Commission to offer its one-month U.S. Treasury yields to accredited investors in the United States.

Before the Aug. 9 announcement, the Maple Finance Treasury pools were only available to accredited investors outside the United States. Through the SEC Regulation D Rule 506(c) Exemption, a firm may offer investment products, without prior registration, to individual investors in the U.S. with a net worth exceeding $1 million, excluding the value of their primary residence, or with an annual income exceeding $200,000 per year ($300,000 if their spouse is included). A firm may also sell such investment products to accredited U.S. entities, such as banks. 

Data from Maple Finance shows that over 21 million USD Coin (USDC) has been deposited into its Treasury pool, which currently holds an annualized yield of 4.76%. No inbound or outbound fees are charged, except for an annualized management fee of 0.50% taken from the yield.

Developers wrote that “onboarding takes 15 minutes and Lenders can download monthly interest statements anytime.” The website states that withdrawals are processed within a maximum of 48 hours. Room40 Capital, an institutional crypto hedge fund founded in 2022, is currently the sole borrower from the pool.

Room40 Capital said the “proceeds will be used to purchase and hold short-dated U.S. Treasury bills and reverse repurchase agreements fully collateralized by U.S. Treasury bills only.” The firm has made 46 payments thus far since the Treasury pools launched in April, with no late payments.

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