Pendle’s bet on yield-bearing stablecoin expansion
- Pendle holds $3.4B of stablecoin TVL, capturing about 30% of the $11B yield-bearing stablecoin market after 60x growth in 18 months.
- The thesis sees Pendle as both a customer-acquisition engine and yield marketplace; 75% of TVL is estimated to be recurring Core, while ex-Ethena TVL grew nearly 50x to about $1B.
- Author projects 5x+ protocol-fee growth to $200M as stablecoin supply reaches $500B, yield-bearing penetration rises to 15%, and Pendle maintains roughly 25% share.