Maple Finance's Tokenized Treasuries Available to U.S. Investors After Securities Exemption

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.

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.