Pendle becomes the core hub for RWA yield: funds and yield flows from Apollo, Paxos, Ethena, Strategy, and others continue to pour in

BlockBeats reported on April 29, according to a post by Defi researcher Stacy Muur (@stacy_muur), as the stablecoin market size surpasses $310 billion and the on-chain transformation of RWA (Real-World Assets) accelerates, Pendle is gradually becoming the core infrastructure of the on-chain "fixed income market".

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

At present, several leading TradFi and DeFi projects have integrated with Pendle:

Apollo Global Management's credit fund with over $840 billion has integrated via the Ember protocol;

The STRC dividend returns from Strategy have been tokenized by Saturn and Apyx and listed on Pendle;

After launch, TVL for Paxos' U.S. Treasury stablecoin USDG exceeded $120 million in two months;

Ethena once brought more than $4.7 billion TVL to Pendle, making it one of its largest sources of yield.

The article also points out that the U.S. "GENIUS Act" and "CLARITY Act" regulatory frameworks may restrict centralized platforms from paying interest directly to stablecoin users, but as Pendle is an "on-chain market mechanism" rather than a yield distributor, it may become the primary on-chain venue for U.S. dollar stablecoin yield trading in the future.

Data shows that, to date, Pendle has settled over $69.8 billion in returns.