Jack Paul 
Maple Finance dashboards show about 225 million XRP pledged as collateral for $151.8 million in stablecoin loans. At reported values, that XRP is worth around $281 million. The collateral supports two syrupUSDC positions and one syrupUSDT position, with repayment dates split between December and January 2027.
How the loans are structured
The syrupUSDC side accounts for 142.77 million XRP and about $96.61 million in USDC borrowing. The syrupUSDT side has 82.31 million XRP backing roughly $55.19 million in USDT debt. Maple reports collateralization between 179% and 189%, so borrowers pledged more XRP value than they borrowed in stablecoins. The loans originate from Ethereum-based liquidity pools, while the XRP sits in native custody on the XRP Ledger. That setup lets institutions borrow dollars without immediately selling the asset.
December deadlines do not force sales
The approaching maturities do not mean the XRP will be sold. Borrowers can repay and release collateral, refinance, or negotiate new terms that keep the XRP pledged. That matters because collateral can remain committed for months, not just briefly during settlement. Ripple has explored similar institutional credit models, and RippleX has described XRP collateral as a possible lending use case. Still, refinancing is not assured. A sharp XRP price drop could trigger margin requirements. If a margin call is not resolved, Maple’s procedures allow collateral liquidation, which could turn pledged XRP into market sales. There is no confirmed sign that these three positions face liquidation right now.
Why the size matters
The arrangement also affects XRP Ledger DeFi numbers. DefiLlama attributed about $281 million of XRPL DeFi value to Maple, compared with roughly $318 million across the network. That is around 88% of the reported total, even though the financing originated on Ethereum. Other projects are testing similar models. Flare has introduced XRP-backed borrowing using RLUSD, and more than 145 million FXRP had been minted through its network by late September. Ripple and Clearpool are also developing credit infrastructure. The key question for December is not whether the XRP will be sold, but how much collateral stays committed to lending.