Cryptocurrency lending platform Maple Finance has deployed syrupUSDT on Plasma, a payments-focused blockchain backed by Tether, in its first major move to expand the product beyond Ethereum.
Starting tomorrow, users will be able to deposit the token into a Midas-hosted vault that offers yield while distributing rewards tied to Plasma’s upcoming mainnet launch and token generation event. Future integrations with decentralized finance protocols on Plasma are planned as the network builds out.
“This launch underscores our excitement over Plasma and its importance as a payments ecosystem,” Maple CEO Sid Powell said in a statement. He added that distributing yield-bearing dollar products across chains is central to Maple’s push to grow liquidity and hit $5 billion in assets under management by the end of 2025.
Plasma is designed to process transactions quickly while focusing on USDT as its base asset. For Maple, the chain’s infrastructure could provide a natural fit for products like syrupUSDT, which package stablecoins into vaults that generate returns.
The launch continues a year of rapid growth for Maple, which has already expanded to Solana and Arbitrum. Its syrupUSDC recently crossed $1 billion in supply, underscoring the demand for tokenized yield products across blockchain ecosystems.