Reland https://codereview.chromium.org/292153006 with minor changes.

build/common.gypi

Index: build/common.gypi
diff --git a/build/common.gypi b/build/common.gypi
index 97268c669f521bc8dfbc8b46f924cf49db4bc407..f4832a4768a110451d5c99959f0b06d7e18984b1 100644
--- a/build/common.gypi
+++ b/build/common.gypi
@@ -2161,9 +2161,7 @@
         'clang%': 1,
       }],
       ['asan==1 and OS=="mac"', {
-        # TODO(glider): we do not strip ASan binaries until the dynamic ASan
-        # runtime is fully adopted. See http://crbug.com/242503.
-        'mac_strip_release': 0,
+        'mac_strip_release': 1,
       }],
       ['tsan==1', {
         'use_custom_libcxx%': 1,
@@ -5058,16 +5056,6 @@
                 ],
               },
             ],
-            'conditions': [
-              ['asan==1', {
-                'variables': {
-                 'asan_saves_file': 'asan.saves',
-                },
-                'xcode_settings': {
-                  'CHROMIUM_STRIP_SAVE_FILE': '<(asan_saves_file)',
-                },
-              }],
-            ],
             'target_conditions': [
               ['mac_pie==1 and release_valgrind_build==0', {
                 # Turn on position-independence (ASLR) for executables. When
@@ -5107,13 +5095,6 @@
                           # additional flags are added with STRIPFLAGS.
                           'STRIPFLAGS': '-x',
                         }],  # _type=="shared_library" or _type=="loadable_module"
-                        ['_type=="executable"', {
-                          'conditions': [
-                            ['asan==1', {
-                              'STRIPFLAGS': '-s $(CHROMIUM_STRIP_SAVE_FILE)',
-                            }]
-                          ],
-                        }],  # _type=="executable" and asan==1
                       ],  # target_conditions
                     },  # xcode_settings
                   },  # configuration "Release"