maple Finance Expands into Tether’s Plasma with syrupUSDT
Maple Finance has unveiled syrupUSDT on Tether’s Plasma chain. This marks Maple’s first significant step away from Ethereum, targeting the milestone of $5 billion in assets under management.
The decision follows a press release on September 15,announcing the deployment. It connects Maple’s Midas vaults with Plasma’s forthcoming mainnet, offering yield opportunities. This alliance boosts the credibility of both parties.
- First deployment outside Ethereum
- Supports $5 billion AUM goal
- Strengthens stablecoin yield on Plasma
Sid Powell, Maple’s CEO, sees this as vital for diversifying stablecoin yields. “Plasma aligns perfectly with our vision to deliver enduring dollar yields at scale,” he stated.
Unlike Ethereum or Solana, Plasma is built specifically for payments and stablecoins.This makes it an ideal settlement layer for high-speed, low-cost transactions.
Maple’s expansion strategy includes ventures like Solana and Arbitrum. Though, the Plasma move holds unique significance. It positions Maple at the forefront of stablecoin-native yield products.
