Pendle Emerges as Core RWA Yield Hub as Apollo, Paxos, Ethena, and Strategy Integrate

Gate News message, April 29 — Pendle is increasingly becoming the core infrastructure for on-chain fixed-income markets as the stablecoin market exceeds $310 billion and real-world assets (RWA) accelerate their on-chain adoption. Large volumes of RWA yields are now flowing into Pendle, including U.S. Treasury bonds, private credit, corporate debt, and dividend payouts from Nasdaq-listed companies. Through its PT/YT yield-splitting mechanism, Pendle converts floating yields into fixed-rate products, addressing institutional demand for predictable returns.

Multiple leading TradFi and DeFi projects have integrated with Pendle. Apollo Global Management's credit fund, managing over $840 billion, has connected via the Ember protocol. Strategy's STRC dividend yields have been tokenized by Saturn and Apyx and launched on Pendle. Paxos' U.S. Treasury stablecoin USDG surpassed $120 million TVL within two months of launch. Ethena previously contributed over $4.7 billion in TVL to Pendle, making it one of its largest yield sources.

From a regulatory perspective, the U.S. GENIUS Act and CLARITY Act may restrict centralized platforms from directly paying interest to stablecoin users. However, as Pendle functions as an on-chain market mechanism rather than a yield issuer, it is positioned to become the primary on-chain venue for dollar stablecoin yield trading under these frameworks.

To date, Pendle has cumulatively settled over $69.8 billion in yields.