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Maple introduced a Cash Management Pool (MPLcashUSDC) to the Aave community, which has attracted over 60M USDC in deposits and generated over 500k USDC in interest. However, the community's reaction is mixed due to concerns about the lack of necessary information for a TEMP CHECK, potentially delaying its implementation and adoption.
This discussion revolves around the introduction of a Cash Management Pool (MPLcashUSDC) by Maple to the Aave community. Since its inception in May 2023, the pool has garnered over 60M USDC in total deposits and generated over 500k USDC in accrued interest for lenders. The pool is permissioned and accessible to accredited investors who have completed a KYC and AML onboarding process with Maple. The pool is backed by short-term US Treasury bills and overnight repos, targeting a net APY of the current Secured Overnight Financing Rate as reported by the Federal Reserve Bank of New York, less fees and expenses totaling 0.5% annualized. The spot net APY of MPLcashUSDC is approximately 4.8%1.
The community's reaction to the introduction of the Cash Management Pool has been mixed. While some members appreciate the benefits offered by the pool, such as direct asset security, daily liquidity, short duration, yield efficiency, on-chain verifiable position, regulated counterparties, and full ringfencing, others have raised concerns about the lack of necessary information for a TEMP CHECK. EzR3aL, for instance, advised Maple_direct to adhere to the guidelines provided in the ARFC and TEMP CHECK Framework and moved the thread away from governance temporarily2.
The introduction of the Cash Management Pool is a positive development as it has attracted significant deposits and generated substantial interest for lenders. The pool offers several benefits, including direct asset security, daily liquidity, short duration, yield efficiency, on-chain verifiable position, regulated counterparties, and full ringfencing. The pool's prime broker is StoneX, a SEC and FINRA regulated broker dealer, and BNP Paribas, the fifth-largest global custodian with over $10 trillion in assets under custody, is the underlying custodian for the StoneX account1.
The negative aspect of this development is the lack of necessary information for a TEMP CHECK, as pointed out by EzR3aL. This has led to the thread being moved away from governance temporarily, which could potentially delay the implementation and adoption of the Cash Management Pool2.
Posted a month ago
Last reply 25 days ago
Summary updated 25 days ago
Last updated 03/12 14:23