BlockBeats news, on April 29, DeFi researcher Stacy Muur (@stacy_muur) posted that as the stablecoin market size surpasses $310 billion and the on-chain tokenization of RWA (real-world assets) accelerates, Pendle is gradually becoming the core infrastructure for the on-chain fixed-income market.
The article states that a significant amount of RWA yields are currently flowing into Pendle, including traditional financial yield assets such as U.S. Treasuries, private credit, corporate bonds, and dividends from Nasdaq-listed companies. Through its PT/YT yield-splitting mechanism, Pendle transforms variable yields into fixed-rate products, meeting institutional capital's demand for "predictable returns."
Multiple leading TradFi and DeFi projects have already integrated with Pendle:
Apollo Global Management’s over $840 billion in credit funds have been integrated via the Ember protocol;
The STRC yield from Strategy has been tokenized by Saturn and Apyx and is now live on Pendle;
Paxos's U.S. Treasury-backed stablecoin, USDG, reached a TVL of over $120 million within two months of its launch;
Ethena brought over $4.7 billion in TVL to Pendle, becoming one of its largest sources of yield.
The article also notes that the U.S. GENIUS Act and CLARITY Act regulatory frameworks may restrict centralized platforms from directly paying interest to stablecoin users, but Pendle, as a "on-chain market mechanism" rather than an interest payer, could become the primary on-chain venue for trading yields on USD stablecoins in the future.
Data shows that, as of now, Pendle has settled over $69.8 billion in yields.