Pendle Emerges as RWA Yield Core: Inflows of Funds and Yield from Apollo, Paxos, Ethena, Strategy, and More

BlockBeats News, April 29th. According to DeFi researcher Stacy Muur (@stacy_muur), as the stablecoin market cap surpasses $310 billion and the on-chainization of RWAs (Real-World Assets) accelerates, Pendle is gradually becoming the core infrastructure of the on-chain "fixed income market."

The article states that a large amount of RWA revenue is currently flowing into Pendle, including traditional financial revenue assets such as U.S. Treasury bonds, private credit, corporate bonds, and dividends from Nasdaq-listed companies. Through the PT/YT revenue split mechanism, Pendle can transform floating income into fixed-rate products, meeting institutional demand for "predictable returns."

Several top TradFi and DeFi projects have already integrated with Pendle:

A credit fund of over $840 billion under Apollo Global Management has integrated through the Ember protocol;

The STRC dividend income from Strategy has been tokenized by Saturn and Apyx and listed on Pendle;

The U.S. Treasury bond stablecoin USDG launched by Paxos saw its TVL surpass $120 million within two months;

Ethena has brought in over $4.7 billion TVL for Pendle, becoming one of its largest revenue sources.

The article also points out that the U.S. "GENIUS Act" and "CLARITY Act" regulatory frameworks may restrict centralized platforms from directly paying interest to stablecoin users. However, as Pendle is part of the "on-chain market mechanism" rather than the interest-paying party, it may become the primary on-chain venue for future USD stablecoin interest trading.

Data shows that as of now, Pendle has settled over $69.8 billion in revenue cumulatively.