Maple Finance, a blockchain-based credit marketplace, has announced the opening of cash management pools backed by tokenized Treasuries (T-Bills) for U.S. investors. The firm has secured a Rule 506(c) of Regulation D (RegD) exemption from the U.S. Securities and Exchange Commission (SEC). This allows accredited investors, companies, and decentralized autonomous organizations (DAOs) to park their spare USDC and USDT stablecoin stash in one-month U.S. Treasury bills and earn a 4-5% annual yield. Since commencing in April, the facility has attracted $22 million of deposits.
The demand for blockchain-based T-bill offerings has been steadily increasing as the yield on U.S. government debt surpasses yields in decentralized finance (DeFi). Digital asset firms, crypto investment funds, and protocol treasuries often hold substantial amounts of cash in stablecoins. Tokenized Treasuries offer them a shield from inflation and a way to earn some yield. According to real-world asset data platform RWA.wyz, the market size of tokenized T-bills has ballooned six-fold this year to near $700 million.